Car Wash
For Sale
Contact for pricing
660 E Michigan Ave, Saline, MI 48176
Commercial property with SPA-1 zoning and a documented prior car wash identity.
Property Size4,250 SF
Price / SF$282.35
Days on Market82
Property Features for 660 E Michigan Ave
General Information
Standard status
Active
Size
4,250 SF
Total Parking Spaces
43
Property subtype
Retail, Special Purpose
Zoning
SPA-1
Listing Agency:
AQRE Advisors
(248) 776-6001
Listed By:
Jon Kouza · License #MI
Source:
Crexi
Added: Jun 11
Changed: Aug 30
Last Checked: Jun 19 at 3:43AM
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 AQRE Advisors
Investment Insights
Based on property information with market context.
This commercial property is classified within the car wash category and carries SPA-1 zoning. The available information identifies the asset as a former Zax Car Wash, providing a documented connection to automotive service use.
The property is located at 660 E Michigan Ave in Saline, Michigan. It is offered for sale as a car wash property.
The property is located at 660 E Michigan Ave in Saline, Michigan. It is offered for sale as a car wash property.
Key Highlights
- Car wash property offered for sale
- SPA‑1 zoning
- Former Zax Car Wash identity
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
$59,004
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
4.92%
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%
$1,180,080
$1.2M
Cap Rate 7%
$842,914
$842.9K
Cap Rate 9%
$655,600
$655.6K
Market Conditions
NOI Build-Up for 4,250 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
$91.8K $21.60/SF
− Vacancy
−$13.1K −$3.09/SF
EGI
$78.7K $18.51/SF
− OpEx
−$19.7K −$4.63/SF
NOI
$59.0K $13.88/SF
Area
Washtenaw County, MI
Vacancy
14.30%
Lease Rate
$21.60 /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%
$1,180,080
Cap Rate 7%
$842,914
Cap Rate 9%
$655,600
Alternative Uses
Best Use
Specialty Retail
$842.9K
$737.6K – $983.4K
NOI $59,004 @ 7.0% cap · market cap 4.92%
Second Best
Retail
$825.6K
$722.4K – $963.2K
NOI $57,789 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,414 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
138k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 19%
Groceries 17%
Home Improvements & Furnishings 13%
McDonald's
Dining
26,195 visits/mo
0.1 miles
Busch's Fresh Food Market
Groceries
23,993 visits/mo
0.1 miles
Tim Hortons
Dining
14,932 visits/mo
0.1 miles
BP
Shops & Services
12,120 visits/mo
0.2 miles
Wendy's
Dining
10,062 visits/mo
0.1 miles
Demographics for 48176, MI
22,833
Population
9,076
Households
2.5
Avg Household Size
44
Median Age
58%
College-Educated
96%
High-School Grad
70.8 sq mi
ZIP Area
323
Density / Sq Mi
$110,987
Median Household Income
$53,263
Median Earnings
$1,161
Median Rent
$384,700
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 - Commercial property with SPA-1 zoning and a documented prior car wash identity.
Where is this car wash located?
The property is located at 660 E Michigan Ave Saline, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Car wash property offered for sale; SPA‑1 zoning; Former Zax Car Wash identity
