High-Visibility Car Wash
For Sale
$1,150,000
596 William Latham Drive, Bourbonnais, IL 60914
Operating car wash business with real estate included, positioned for high visibility near State Route 45.
Property Size5,000 SF
Days on Market38
Property Features for 596 William Latham Drive
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$14,987
Building Details
Building Size
5,000 SF
Year Built
1972
Stories
2
Listing Agency:
Green Equities LLC
(630) 689-6446
Listed By:
Nader Shahat · License #471017536
(630) 689-6446
Source:
Cavanaghrealty
Added: Jul 18
Changed: Aug 23
Last Checked: Aug 22 at 10:07AM
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 Green Equities LLC
Investment Insights
Based on property information with market context.
This offering includes an operating car wash business together with the real estate. The property is described as being located just off State Route 45, with visibility from William Latham Drive. The seller notes that the business “Candy and Cake” is not included in the sale.
Public remarks also indicate the site previously received approval for redevelopment as a retail center. Whether continuing the existing use or pursuing the approved redevelopment path, the property is presented as a mixed opportunity with high visibility and a redevelopment history.
The information provided does not include additional building details, site improvements, or configuration beyond the car wash use and prior redevelopment approval.
Public remarks also indicate the site previously received approval for redevelopment as a retail center. Whether continuing the existing use or pursuing the approved redevelopment path, the property is presented as a mixed opportunity with high visibility and a redevelopment history.
The information provided does not include additional building details, site improvements, or configuration beyond the car wash use and prior redevelopment approval.
Key Highlights
- Operating car wash business with real estate included
- High‑visibility location just off State Route 45 on William Latham Drive in Bourbonnais, IL
- Previously approved for redevelopment as a retail center
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
$37,800
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
3.29%
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%
$756,000
$756.0K
Cap Rate 7%
$540,000
$540.0K
Cap Rate 9%
$420,000
$420.0K
Market Conditions
NOI Build-Up for 5,000 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
$60.0K $12.00/SF
− Vacancy
−$6.0K −$1.20/SF
EGI
$54.0K $10.80/SF
− OpEx
−$16.2K −$3.24/SF
NOI
$37.8K $7.56/SF
Area
Kankakee County, IL
Vacancy
10.00%
Lease Rate
$12.00 /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%
$756,000
Cap Rate 7%
$540,000
Cap Rate 9%
$420,000
Alternative Uses
Best Use
Retail
$540.0K
$472.5K – $630.0K
NOI $37,800 @ 7.0% cap · market cap 3.29%
Second Best
Specialty Retail
$492.1K
$430.6K – $574.1K
NOI $34,445 @ 7.0% cap · market cap 3.00%
Theoretical Best
Multifamily LT 5
$4.03M
$3.53M – $4.71M
NOI $282,357 @ 7.0% cap · market cap 24.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
61k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 80%
Dining 20%
Dollar Tree
Shops & Services
16,148 visits/mo
0.1 miles
Casey's
Shops & Services
14,655 visits/mo
0.3 miles
Dollar General
Shops & Services
9,015 visits/mo
0.2 miles
H&R Block
Shops & Services
7,743 visits/mo
0.2 miles
Arby's
Dining
6,791 visits/mo
0.2 miles
Demographics for 60914, IL
28,894
Population
10,763
Households
2.7
Avg Household Size
36
Median Age
32%
College-Educated
95%
High-School Grad
48.9 sq mi
ZIP Area
591
Density / Sq Mi
$88,688
Median Household Income
$42,150
Median Earnings
$1,206
Median Rent
$240,500
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 - Operating car wash business with real estate included, positioned for high visibility near State Route 45.
Where is this car wash located?
The property is located at 596 William Latham Drive Bourbonnais, IL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Operating car wash business with real estate included; High‑visibility location just off State Route 45 on William Latham Drive in Bourbonnais, IL; Previously approved for redevelopment as a retail center
