Established Car Wash with
For Sale
$550,000
3550 South Lafountain Street, Kokomo, IN 46902
Single-story car wash with detailing addition and advertising income.
Property Size4,095 SF
Lot Size0.59 Acres
Price / SF$134.31
Days on Market157
Property Features for 3550 South Lafountain Street
General Information
Standard status
Active
Size
4,095 SF
Lot size
0.59 Acres
Property subtype
Retail
Listing Agency:
CBRE - Indianapolis
(317) 269-1040
Listed By:
Jeff Merritt · License #RB14033827
(317) 269-1040
Source:
Cbre
Added: Mar 25
Changed: Aug 27
Last Checked: Aug 26 at 5:40AM
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 CBRE - Indianapolis
Investment Insights
Based on property information with market context.
The property features a single-story tunnel-type car wash, originally constructed in 1971 with an addition in 1985 used for interior detailing. The building spans 4,095 square feet and is situated on approximately 0.59 acres. The structure is built with wood frame and concrete block construction, complemented by metal and wood siding, and a metal roof. The original north section houses the tunnel-style car wash, a point-of-sale and tunnel control area, an employee lounge, an office with a restroom, an employee restroom, and an equipment and utility room. The 1985 south addition includes two drive-thru bays, a customer lounge, and a customer restroom. The property includes an advertising sign billboard at the west (front) elevation, generating income. It has two access points from Lafountain Street. The property is zoned C-2 Medium to Large Scale Commercial in Howard County. Electrical service is provided by 200 amp and 400 amp with 3-phase power. The parcel number is 34-10-18-101-037.000-002. A Vac trailer is included.
Key Highlights
- Advertising billboard on site provides income
- 4,095 SF Building offers ample space
- Zoning: C‑2 Medium to Large Scale Commercial
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
$43,736
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
7.95%
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%
$874,720
$874.7K
Cap Rate 7%
$624,800
$624.8K
Cap Rate 9%
$485,956
$486.0K
Market Conditions
NOI Build-Up for 4,095 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
$65.4K $15.96/SF
− Vacancy
−$2.9K −$0.70/SF
EGI
$62.5K $15.26/SF
− OpEx
−$18.7K −$4.58/SF
NOI
$43.7K $10.68/SF
Area
Howard County, IN
Vacancy
4.40%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$874,720
Cap Rate 7%
$624,800
Cap Rate 9%
$485,956
Alternative Uses
Best Use
Industrial
$2.66M
$2.32M – $3.10M
NOI $185,901 @ 7.0% cap · market cap 33.80%
Second Best
Retail
$624.8K
$546.7K – $728.9K
NOI $43,736 @ 7.0% cap · market cap 7.95%
Theoretical Best
Warehouse
$3.22M
$2.82M – $3.76M
NOI $225,737 @ 7.0% cap · market cap 41.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
990
Businesses Nearby
264k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 27%
Home Improvements & Furnishings 18%
Electronics 2%
Rural King
Home Improvements & Furnishings
38,493 visits/mo
0.3 miles
McDonald's
Dining
26,824 visits/mo
0.5 miles
Starbucks
Dining
18,345 visits/mo
0.5 miles
Dollar Tree
Shops & Services
16,539 visits/mo
0.4 miles
Applebee's
Dining
14,389 visits/mo
0.4 miles
Demographics for 46902, IN
36,038
Population
18,004
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
50.7 sq mi
ZIP Area
711
Density / Sq Mi
$59,548
Median Household Income
$36,902
Median Earnings
$929
Median Rent
$154,400
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 - Single-story car wash with detailing addition and advertising income.
Where is this car wash located?
The property is located at 3550 South Lafountain Street Kokomo, IN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Advertising billboard on site provides income; 4,095 SF Building offers ample space; Zoning: C‑2 Medium to Large Scale Commercial
