Established Hand Car
New
For Sale
$990,000
320 Lake St, Maywood, IL 60153
Automotive facility combines customer showroom space with service areas and detailing infrastructure.
Property Size3,706 SF
Price / SF$267.13
Days on Market3
Property Features for 320 Lake St
General Information
Standard status
Active
Size
3,706 SF
Property subtype
Business Opportunity
Additional Details
Business Included
Yes
Amenities
open service areas
high ceilings
multiple overhead garage doors
floor drains
work stations
compressed-air infrastructure
vacuum equipment
storage areas
finished customer showroom
retail area
updated lighting
signage
canopies
Listing Agency:
Alexander Realty LLC
(708) 878-7213
Listed By:
Tony Tinoco · License #475206330
Source:
Grandviewrealtyservices
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 6:57PM
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 Alexander Realty LLC
Investment Insights
Based on property information with market context.
Located at 320 Lake St in Maywood, Illinois, this 3,706 SF automotive property is offered with an operating hand car wash and auto appearance business. The facility includes open service areas, high ceilings, multiple overhead garage doors, floor drains, workstations, storage, compressed-air equipment, vacuum equipment, and a finished showroom with retail space.
The operation has been established at the site for more than 25 years and services approximately 14,000-15,000 vehicles annually. Improvements include a newer roof, upgraded garage doors, updated lighting, signage, canopies, showroom work, compressor equipment, vacuum equipment, and related operating infrastructure. The business and real estate are offered together, along with existing equipment, customer relationships, goodwill, and an experienced staff of approximately six full-time and two part-time employees. Services and capabilities include hand washing, detailing, window tinting, automotive accessories, remote starters, and car audio and sound systems.
The operation has been established at the site for more than 25 years and services approximately 14,000-15,000 vehicles annually. Improvements include a newer roof, upgraded garage doors, updated lighting, signage, canopies, showroom work, compressor equipment, vacuum equipment, and related operating infrastructure. The business and real estate are offered together, along with existing equipment, customer relationships, goodwill, and an experienced staff of approximately six full-time and two part-time employees. Services and capabilities include hand washing, detailing, window tinting, automotive accessories, remote starters, and car audio and sound systems.
Key Highlights
- Real estate and operating hand car wash business offered together
- Business has operated at the location for more than 25 years
- Services approximately 14,000‑15,000 vehicles annually
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
$62,038
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
6.27%
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%
$1,240,760
$1.2M
Cap Rate 7%
$886,257
$886.3K
Cap Rate 9%
$689,311
$689.3K
Market Conditions
NOI Build-Up for 3,706 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
$88.9K $24.00/SF
− Vacancy
−$6.2K −$1.68/SF
EGI
$82.7K $22.32/SF
− OpEx
−$20.7K −$5.58/SF
NOI
$62.0K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /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%
$1,240,760
Cap Rate 7%
$886,257
Cap Rate 9%
$689,311
Alternative Uses
Best Use
Specialty Retail
$886.3K
$775.5K – $1.03M
NOI $62,038 @ 7.0% cap · market cap 6.27%
Second Best
Retail
$734.9K
$643.0K – $857.3K
NOI $51,440 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,566 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
51k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 74%
Shops & Services 25%
Apparel 1%
McDonald's
Dining
29,111 visits/mo
0.2 miles
Church's Chicken
Dining
8,428 visits/mo
0.4 miles
Exxon
Shops & Services
5,851 visits/mo
0.4 miles
AutoZone
Shops & Services
3,606 visits/mo
0.5 miles
CubeSmart Self Storage
Shops & Services
3,302 visits/mo
0.2 miles
Demographics for 60153, IL
23,512
Population
8,385
Households
2.8
Avg Household Size
36
Median Age
17%
College-Educated
79%
High-School Grad
2.8 sq mi
ZIP Area
8,397
Density / Sq Mi
$66,498
Median Household Income
$40,734
Median Earnings
$1,203
Median Rent
$212,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Automotive facility combines customer showroom space with service areas and detailing infrastructure.
Where is this car wash located?
The property is located at 320 Lake St Maywood, IL.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Real estate and operating hand car wash business offered together; Business has operated at the location for more than 25 years; Services approximately 14,000‑15,000 vehicles annually
