Car Wash with Leased Pole
New
For Sale
$999,900
508 S Division St, Bristol, IN 46507
Operating wash facility combines automatic and self-service functions with additional leased space.
Property Size2,880 SF
Price / SF$347.19
Days on Market3
Property Features for 508 S Division St
General Information
Standard status
Active
Size
2,880 SF
Additional Details
Business Included
Yes
Car Wash Bays
4
Building Details
Year Built
2004
Buildings
2
Listing Agency:
Myers Trust Real Estate
Listed By:
Andrew Myers · License #RB14031728
(574) 320-1214
Source:
Spencerchildersgroup
Added: Sep 10
Last Checked: Sep 11 at 3:07PM
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 Myers Trust Real Estate
Investment Insights
Based on property information with market context.
This 2,880-square-foot car wash property was built in 2004 and includes multiple customer service components. The site has one automatic wash bay, three self-service bays, and two vacuum stations, providing a mix of automated and customer-operated washing options.
An additional pole building is part of the property and is currently leased, adding a separate income-producing component to the operating car wash. The property is located at 508 S Division St in Bristol, Indiana.
An additional pole building is part of the property and is currently leased, adding a separate income-producing component to the operating car wash. The property is located at 508 S Division St in Bristol, Indiana.
Key Highlights
- One automatic wash bay
- Three self‑service wash bays
- Two vacuum stations
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
$37,325
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
3.73%
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%
$746,500
$746.5K
Cap Rate 7%
$533,214
$533.2K
Cap Rate 9%
$414,722
$414.7K
Market Conditions
NOI Build-Up for 2,880 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
$51.8K $18.00/SF
− Vacancy
−$2.1K −$0.72/SF
EGI
$49.8K $17.28/SF
− OpEx
−$12.4K −$4.32/SF
NOI
$37.3K $12.96/SF
Area
Elkhart County, IN
Vacancy
4.00%
Lease Rate
$18.00 /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%
$746,500
Cap Rate 7%
$533,214
Cap Rate 9%
$414,722
Alternative Uses
Best Use
Specialty Retail
$533.2K
$466.6K – $622.1K
NOI $37,325 @ 7.0% cap · market cap 3.73%
Second Best
Retail
$528.1K
$462.1K – $616.1K
NOI $36,965 @ 7.0% cap · market cap 3.70%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Dining 10%
Marathon
Shops & Services
6,328 visits/mo
0.4 miles
Phillips 66
Shops & Services
5,036 visits/mo
0.4 miles
REBEL Convenience Store
Shops & Services
2,837 visits/mo
0.4 miles
KeyBank
Shops & Services
2,036 visits/mo
0.4 miles
SUBWAY
Dining
1,777 visits/mo
0.4 miles
Demographics for 46507, IN
9,371
Population
3,966
Households
2.4
Avg Household Size
41
Median Age
20%
College-Educated
90%
High-School Grad
40.4 sq mi
ZIP Area
232
Density / Sq Mi
$88,510
Median Household Income
$40,929
Median Earnings
$1,065
Median Rent
$231,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Operating wash facility combines automatic and self-service functions with additional leased space.
Where is this car wash located?
The property is located at 508 S Division St Bristol, IN.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: One automatic wash bay; Three self‑service wash bays; Two vacuum stations
