Six-Bay Manually Operated Car
For Sale
Contact for pricing
37521 Green Street, New Baltimore, MI 48047
Six manually operated wash bays with three coin-operated vacuums, quarter and vendor machines, on 1.05 acres.
Property Size3,866 SF
Lot Size1.05 Acres
Price / SF$153.91
Days on Market111
Property Features for 37521 Green Street
General Information
Standard status
Active
Size
3,866 SF
Class
B
Lot size
1.05 Acres
Property subtype
Retail, Special Purpose
Zoning
GC
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$20,719
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Business Included
Yes
Service Bays
6
Amenities
fenced yard
trailer parking
Building Details
Year Built
1984
Year Renovated
2011
Buildings
1
Units
50
Listing Agency:
P.A. Commercial Corporate & Investment Real Estate
Listed By:
John Arthurs · License #MI 6501222941
(248) 663-0506
Source:
Crexi
Added: May 18
Changed: Aug 20
Last Checked: Sep 5 at 1:25AM
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 P.A. Commercial Corporate & Investment Real Estate
Investment Insights
Based on property information with market context.
This property is a six-bay, manually operated car wash that is described as very well maintained, with updated mechanicals. The site includes three coin-operated vacuums, along with a quarter machine and a vendor machine. The wash is listed as fully operational with an existing, consistent customer base.
The property sits on 1.05 acres and includes a fenced yard with trailer parking. The public remarks also note the location near Lake St. Clair, with access via Green Street.
The configuration supports on-site service through the six wash bays and the attached vacuum/coin machines, with fenced outdoor space accommodating trailer parking.
The property sits on 1.05 acres and includes a fenced yard with trailer parking. The public remarks also note the location near Lake St. Clair, with access via Green Street.
The configuration supports on-site service through the six wash bays and the attached vacuum/coin machines, with fenced outdoor space accommodating trailer parking.
Key Highlights
- Six manually operated car wash bays with three coin‑operated vacuums (quarter and vendor machines)
- Fully operational car wash with consistent customer base
- Very well maintained with all mechanicals updated
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
$50,664
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
8.51%
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%
$1,013,280
$1.0M
Cap Rate 7%
$723,771
$723.8K
Cap Rate 9%
$562,933
$562.9K
Market Conditions
NOI Build-Up for 3,866 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
$76.5K $19.80/SF
− Vacancy
−$9.0K −$2.33/SF
EGI
$67.6K $17.47/SF
− OpEx
−$16.9K −$4.37/SF
NOI
$50.7K $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%
$1,013,280
Cap Rate 7%
$723,771
Cap Rate 9%
$562,933
Alternative Uses
Best Use
Specialty Retail
$723.8K
$633.3K – $844.4K
NOI $50,664 @ 7.0% cap · market cap 8.51%
Second Best
Retail
$408.2K
$357.2K – $476.3K
NOI $28,577 @ 7.0% cap · market cap 4.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Service bays
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 93%
Dining 7%
Shell
Shops & Services
8,469 visits/mo
0.1 miles
Dollar General
Shops & Services
6,040 visits/mo
0.4 miles
Hungry Howie's Pizza
Dining
1,107 visits/mo
0.1 miles
Demographics for 48047, MI
39,775
Population
16,765
Households
2.4
Avg Household Size
42
Median Age
29%
College-Educated
94%
High-School Grad
18.0 sq mi
ZIP Area
2,210
Density / Sq Mi
$95,381
Median Household Income
$50,151
Median Earnings
$1,109
Median Rent
$297,600
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?
Self service car wash - Six manually operated wash bays with three coin-operated vacuums, quarter and vendor machines, on 1.05 acres.
Where is this self service car wash located?
The property is located at 37521 Green Street New Baltimore, MI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Six manually operated car wash bays with three coin‑operated vacuums (quarter and vendor machines); Fully operational car wash with consistent customer base; Very well maintained with all mechanicals updated
