Improved Five-Bay Car
For Sale
$425,000
623 N Lacrosse, Rapid City, SD 57701
Recently improved, five-bay car wash property operating since 1986, supported by strong nearby roadway traffic counts.
Property Size3,000 SF
Price / SF$141.67
Days on Market67
Property Features for 623 N Lacrosse
General Information
Standard status
Active
Size
3,000 SF
Additional Details
Business Included
Yes
Traffic Count
19,815 vehicles/day
Service Bays
5
Listing Agency:
CINC REALTY LLC
(605) 391-8669
Listed By:
TONY MARSHALL
(605) 391-8669
Source:
Exprealty
Added: Jun 14
Changed: Aug 10
Last Checked: Aug 19 at 11:27AM
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 CINC REALTY LLC
Investment Insights
Based on property information with market context.
This improved car wash has been in operation since 1986 and includes a five-bay configuration for servicing multiple vehicles. The property is described as newly improved, positioning it for operators seeking an established automotive wash business with updated on-site condition.
The property is located at 623 N Lacrosse in Rapid City, with additional traffic information provided for E. North Street. Reported counts include 19,815 vehicles along LaCrosse St. and 15,866 vehicles along E. North Street, supporting visibility and repeat exposure from passing motorists.
For buyers, this is an automotive-focused asset built around a multi-bay wash layout and an ongoing operating history. The combination of recent improvements and readily available roadway traffic data may be useful for underwriting a handoff to a new operator, whether you’re evaluating owner-operator use or an investment strategy aligned with car wash operations.
The property is located at 623 N Lacrosse in Rapid City, with additional traffic information provided for E. North Street. Reported counts include 19,815 vehicles along LaCrosse St. and 15,866 vehicles along E. North Street, supporting visibility and repeat exposure from passing motorists.
For buyers, this is an automotive-focused asset built around a multi-bay wash layout and an ongoing operating history. The combination of recent improvements and readily available roadway traffic data may be useful for underwriting a handoff to a new operator, whether you’re evaluating owner-operator use or an investment strategy aligned with car wash operations.
Key Highlights
- Recently improved, five‑bay car wash property operating since 1986.
- High nearby traffic counts: 19,815 on LaCrosse St. and 15,866 on E. North St.
- Property has potential to support car wash revenue based on surrounding roadway traffic.
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
$38,070
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
8.96%
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%
$761,400
$761.4K
Cap Rate 7%
$543,857
$543.9K
Cap Rate 9%
$423,000
$423.0K
Market Conditions
NOI Build-Up for 3,000 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
$54.0K $18.00/SF
− Vacancy
−$3.2K −$1.08/SF
EGI
$50.8K $16.92/SF
− OpEx
−$12.7K −$4.23/SF
NOI
$38.1K $12.69/SF
Area
Pennington County, SD
Vacancy
6.00%
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%
$761,400
Cap Rate 7%
$543,857
Cap Rate 9%
$423,000
Alternative Uses
Best Use
Specialty Retail
$543.9K
$475.9K – $634.5K
NOI $38,070 @ 7.0% cap · market cap 8.96%
Second Best
Retail
$496.8K
$434.7K – $579.6K
NOI $34,776 @ 7.0% cap · market cap 8.18%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Service bays
19,815 VPD
Traffic count
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
218k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 69%
Shops & Services 30%
Apparel 1%
McDonald's
Dining
44,877 visits/mo
0.2 miles
Taco Bell
Dining
23,343 visits/mo
0.2 miles
Burger King
Dining
15,128 visits/mo
0.3 miles
Little Caesars Pizza
Dining
13,213 visits/mo
0.1 miles
Wendy's
Dining
13,089 visits/mo
0.1 miles
Demographics for 57701, SD
46,258
Population
20,526
Households
2.3
Avg Household Size
36
Median Age
28%
College-Educated
93%
High-School Grad
52.2 sq mi
ZIP Area
886
Density / Sq Mi
$52,733
Median Household Income
$34,971
Median Earnings
$892
Median Rent
$229,900
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 - Recently improved, five-bay car wash property operating since 1986, supported by strong nearby roadway traffic counts.
Where is this car wash located?
The property is located at 623 N Lacrosse Rapid City, SD.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Recently improved, five‑bay car wash property operating since 1986.; High nearby traffic counts: 19,815 on LaCrosse St. and 15,866 on E. North St.; Property has potential to support car wash revenue based on surrounding roadway traffic.
