Building Details

Year built 1985

Roof type Shingle

Listing Agency: Pilot Property Group - Residential LLC b***@pilotpg.com Show Phone

Listed By: Anthony Rubino · License #6502425251 Show Phone

Added: Jun 23 Changed: Aug 4 Last Checked: Aug 11 at 8:06PM

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MLS# 50212397

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Investment Insights

Based on property information with market context.

This for-sale self service car wash facility includes 2,944 square feet of commercial space on a 0.5-acre lot. The property is presented as an automotive-related asset within the car wash category, with the overall site area supporting a compact, stand-alone operational footprint.

Located at 35141 Division Road in Richmond, Michigan 48062, the property sits within Macomb County. The listing is specifically marketed as a commercial real estate opportunity and is identified under multiple property types, including car washes and self service car washes.

For tenants or buyers looking for an automotive-focused site, this property offers a straightforward fit as a car wash operation. With the size and lot configuration already established in the listing, prospective operators and investors can evaluate whether the available 2,944-square-foot building area and 0.5-acre site align with their intended self service car wash model and operational requirements.

Key Highlights

• Year built: 1985
• Water source: public
• Roof type: shingle

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

$38,581

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

3.09%

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%

$771,620 $771.6K

Cap Rate 7%

$551,157 $551.2K

Cap Rate 9%

$428,678 $428.7K

Market Conditions

NOI Build-Up for 2,944 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

$58.3K $19.80/SF

− Vacancy

−$6.8K −$2.33/SF

EGI

$51.4K $17.47/SF

− OpEx

−$12.9K −$4.37/SF

NOI

$38.6K $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%

$771,620

Cap Rate 7%

$551,157

Cap Rate 9%

$428,678

Alternative Uses

Best Use

Specialty Retail

$551.2K

$482.3K – $643.0K (±1% cap)

NOI $38,581 @ 7.0% cap · market cap 3.09%

Second Best

Retail

$310.9K

$272.0K – $362.7K (±1% cap)

NOI $21,762 @ 7.0% cap · market cap 1.74%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Self service car ...

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Dental Office Building Supply Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

293

Businesses Nearby

13k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

BP Shops & Services

8,398 visits/mo 0.3 miles

Marathon Shops & Services

2,704 visits/mo 0.3 miles

PNC Bank Shops & Services

1,966 visits/mo 0.3 miles

Demographics for 48062, MI

9,375

Population

3,631

Households

2.6

Avg Household Size

43

Median Age

25%

College-Educated

86%

High-School Grad

39.5 sq mi

ZIP Area

237

Density / Sq Mi

$75,763

Median Household Income

$39,181

Median Earnings

$882

Median Rent

$249,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this car washes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Car wash - For-sale self service car wash on a half-acre lot with 2,944 square feet of commercial space in Richmond, Michigan.

Where is this car wash located?

The property is located at 35141 Division Road Richmond, MI.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: Year built: 1985; Water source: public; Roof type: shingle