Two-Bay Car Wash
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For Sale
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4406 W Illinois Ave, Midland, TX 79703
Existing drive-thru structures support car wash or retail and service redevelopment.
Property Size2,140 SF
Price / SF$131.15
Days on Market3
Property Features for 4406 W Illinois Ave
General Information
Standard status
Active
Size
2,140 SF
Property subtype
RETAIL
Listing Agency:
Moriah Brokerage Services
(432) 682-2510
Listed By:
Wes Gotcher
Source:
Moodyscre
Added: Aug 10
Changed: Aug 12
Last Checked: Aug 12 at 4:45AM
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 Moriah Brokerage Services
Investment Insights
Based on property information with market context.
This 2140-square-foot car wash property includes two existing drive-thru bay structures. The improvements can support continued car wash use or be adapted for retail and service operations, subject to the applicable requirements for the proposed use.
The property is located near the signalized intersection of Midland Drive and Illinois Avenue at 4406 W Illinois Ave in Midland, Texas. Its existing bay configuration provides a foundation for renovation or reuse within a retail-oriented setting.
The property is located near the signalized intersection of Midland Drive and Illinois Avenue at 4406 W Illinois Ave in Midland, Texas. Its existing bay configuration provides a foundation for renovation or reuse within a retail-oriented setting.
Key Highlights
- 2140‑square‑foot property at 4406 W Illinois Ave
- Two existing drive‑thru bay structures
- Former car wash configuration
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
$23,411
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
8.34%
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%
$468,220
$468.2K
Cap Rate 7%
$334,443
$334.4K
Cap Rate 9%
$260,122
$260.1K
Market Conditions
NOI Build-Up for 2,140 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
$33.4K $15.60/SF
− Vacancy
−$2.2K −$1.01/SF
EGI
$31.2K $14.59/SF
− OpEx
−$7.8K −$3.65/SF
NOI
$23.4K $10.94/SF
Area
Midland, TX
Vacancy
6.50%
Lease Rate
$15.60 /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%
$468,220
Cap Rate 7%
$334,443
Cap Rate 9%
$260,122
Alternative Uses
Best Use
Specialty Retail
$334.4K
$292.6K – $390.2K
NOI $23,411 @ 7.0% cap · market cap 8.34%
Second Best
Retail
$298.5K
$261.2K – $348.3K
NOI $20,897 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$504.8K
$441.7K – $588.9K
NOI $35,336 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
457
Businesses Nearby
20k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
10,176 visits/mo
0.5 miles
Dollar General
Shops & Services
8,030 visits/mo
0.5 miles
Storage Rentals of America
Shops & Services
2,174 visits/mo
0.4 miles
Demographics for 79703, TX
21,205
Population
8,110
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,262
Density / Sq Mi
$80,281
Median Household Income
$44,977
Median Earnings
$1,466
Median Rent
$220,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Existing drive-thru structures support car wash or retail and service redevelopment.
Where is this car wash located?
The property is located at 4406 W Illinois Ave Midland, TX.
What is the asking price?
The asking price for this property is $280,657.
What are key features of this property?
This property features: 2140‑square‑foot property at 4406 W Illinois Ave; Two existing drive‑thru bay structures; Former car wash configuration
