Operating Car Wash on 0.80
For Sale
$675,000
31062 Utica Rd, Fraser, MI 48026
Operating 5-bay coin car wash on a 0.80-acre site.
Property Size2,980 SF
Price / SF$226.51
Days on Market268
Property Features for 31062 Utica Rd
General Information
Standard status
Active
Size
2,980 SF
Property subtype
Retail
Building Details
Building Size
2,980 SF
Year Built
1966
Listing Agency:
(313) 953-0430
Listed By:
Harrison Yaldoo
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 11
Last Checked: Aug 16 at 4:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Harrison Yaldoo
Investment Insights
Based on property information with market context.
This property features an operating 5-bay coin-operated car wash situated on a 0.80-acre site. The location benefits from a large pylon sign and two curb cuts on Utica Road, providing access to Groesbeck and 13 Mile. The property is zoned for general commercial use. Located on 13 Mile Road and Groesbeck, the site experiences a traffic volume of 38,000 vehicles per day on Groesbeck. The property size is 2,980 square feet.
Key Highlights
- High traffic location with 38,000 vehicles per day on Groesbeck.
- Large 0.80 acre site.
- Operating 5 bay coin operated car wash.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,053
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$781,060
$781.1K
Cap Rate 7%
$557,900
$557.9K
Cap Rate 9%
$433,922
$433.9K
Market Conditions
NOI Build-Up for 2,980 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$59.0K $19.80/SF
− Vacancy
−$6.9K −$2.33/SF
EGI
$52.1K $17.47/SF
− OpEx
−$13.0K −$4.37/SF
NOI
$39.1K $13.11/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$781,060
Cap Rate 7%
$557,900
Cap Rate 9%
$433,922
Alternative Uses
Best Use
Specialty Retail
$557.9K
$488.2K – $650.9K
NOI $39,053 @ 7.0% cap · market cap 5.79%
Second Best
Retail
$314.7K
$275.4K – $367.1K
NOI $22,028 @ 7.0% cap · market cap 3.26%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
68k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Dining 41%
Dollar Tree
Shops & Services
18,390 visits/mo
0.5 miles
Valero Energy
Shops & Services
9,706 visits/mo
0.1 miles
Jimmy John's
Dining
9,535 visits/mo
0.2 miles
Family Dollar
Shops & Services
7,638 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
6,919 visits/mo
0.2 miles
Demographics for 48026, MI
14,726
Population
6,778
Households
2.2
Avg Household Size
44
Median Age
21%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,592
Density / Sq Mi
$61,118
Median Household Income
$40,198
Median Earnings
$827
Median Rent
$193,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Car wash - Operating 5-bay coin car wash on a 0.80-acre site.
Where is this car wash located?
The property is located at 31062 Utica Rd Fraser, MI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: High traffic location with 38,000 vehicles per day on Groesbeck.; Large 0.80 acre site.; Operating 5 bay coin operated car wash.
