Airport Parking and Car Wash
For Sale
$999,000
3950 N Mannheim Road, Franklin Park, IL 60131
For-sale airport parking and 2-bay service facility offering 24/7 operation and car washing and detailing.
Property Size2,000 SF
Days on Market204
Property Features for 3950 N Mannheim Road
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Business Opportunity
Zoning
COMMR
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Service Bays
2
Taxes and HOA fees
Annual Taxes
$51,737
Building Details
Building Size
2,000 SF
Stories
1
Listing Agency:
Century 21 Circle
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(773) 465-4200
Source:
Birdrealtysells
Added: Jan 29
Changed: Aug 7
Last Checked: Aug 20 at 1:25PM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
Pride Airport Parking and Car Detailing Facility is a for-sale automotive and parking property that has been in long-term operation. The facility provides both long-term and short-term airport parking, with shuttle service to and from O’Hare. The property is open 24/7 and includes staff on site and security measures. An additional 2-bay service area supports on-site car washing and detailing, with luggage assistance noted as available depending on booking options.
Located on Mannheim Road at Seymour Avenue in Franklin Park, the facility is positioned very close to O’Hare International Airport. The area is described as primarily commercial and transportation-oriented, with surrounding businesses geared toward travelers, as well as major expressway access nearby.
The site’s existing configuration supports day-and-night parking operations alongside on-site vehicle services through its 2-bay setup, serving travelers using O’Hare.
Located on Mannheim Road at Seymour Avenue in Franklin Park, the facility is positioned very close to O’Hare International Airport. The area is described as primarily commercial and transportation-oriented, with surrounding businesses geared toward travelers, as well as major expressway access nearby.
The site’s existing configuration supports day-and-night parking operations alongside on-site vehicle services through its 2-bay setup, serving travelers using O’Hare.
Key Highlights
- Airport parking and car detailing facility offering long‑term and short‑term parking options
- 24/7 operation with staff on site and security measures
- Shuttle service to/from O'Hare International Airport for airport parking guests
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
$33,480
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
3.35%
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%
$669,600
$669.6K
Cap Rate 7%
$478,286
$478.3K
Cap Rate 9%
$372,000
$372.0K
Market Conditions
NOI Build-Up for 2,000 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
$48.0K $24.00/SF
− Vacancy
−$3.4K −$1.68/SF
EGI
$44.6K $22.32/SF
− OpEx
−$11.2K −$5.58/SF
NOI
$33.5K $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%
$669,600
Cap Rate 7%
$478,286
Cap Rate 9%
$372,000
Alternative Uses
Best Use
Specialty Retail
$478.3K
$418.5K – $558.0K
NOI $33,480 @ 7.0% cap · market cap 3.35%
Second Best
Retail
$396.6K
$347.0K – $462.7K
NOI $27,760 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$690.5K
$604.2K – $805.6K
NOI $48,336 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
49k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 45%
Shops & Services 39%
Dining 16%
7-Eleven
Shops & Services
10,206 visits/mo
0.2 miles
Hampton Inn Chicago-O'Hare International Airport
Hotels & Casinos
8,095 visits/mo
0.1 miles
Mobil
Shops & Services
8,003 visits/mo
0.2 miles
Four Points by Sheraton Chicago O'Hare Airport
Hotels & Casinos
6,916 visits/mo
0.4 miles
QUALITY INN-Chicago OHare Int'l
Hotels & Casinos
6,702 visits/mo
0.3 miles
Demographics for 60131, IL
18,205
Population
6,120
Households
3
Avg Household Size
39
Median Age
19%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
3,371
Density / Sq Mi
$76,404
Median Household Income
$39,117
Median Earnings
$1,092
Median Rent
$261,800
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?
Parking lot & garage - For-sale airport parking and 2-bay service facility offering 24/7 operation and car washing and detailing.
Where is this parking lot & garage located?
The property is located at 3950 N Mannheim Road Franklin Park, IL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Airport parking and car detailing facility offering long‑term and short‑term parking options; 24/7 operation with staff on site and security measures; Shuttle service to/from O'Hare International Airport for airport parking guests
