Self-Service Car Wash with 8
For Sale
$395,000
665 Keyes Ct, Marion, IA 52302
An 8-bay self-service car wash with four vacuum stations on a corner lot, zoned Regional Business.
Property Size3,744 SF
Price / SF$105.50
Days on Market48
Property Features for 665 Keyes Ct
General Information
Standard status
Active
Size
3,744 SF
Building Details
Year Built
1981
Listing Agency:
IOWA REALTY COMMERCIAL
Listed By:
Jeremy Tipton · License #B59800000
(319) 363-2337
Source:
Kwlegacyrealty
Added: Jul 19
Changed: Aug 24
Last Checked: Sep 4 at 10:53AM
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 IOWA REALTY COMMERCIAL
Investment Insights
Based on property information with market context.
This self-service car wash property includes an approximately 3,744 SF facility built in 1981 on a 24,200 SF corner lot. The wash setup features eight wash bays and four vacuum stations, designed for ongoing, hands-on vehicle cleaning. The property is described as well-maintained and is zoned BR, Regional Business.
The site is located at the intersection of Business Highway 151 and Keyes Court in Marion, Iowa, with the public remarks highlighting strong visibility and accessibility in a high-traffic commercial corridor. Ample parking is available on-site.
For buyers seeking a vehicle-related use, the existing configuration provides an immediately usable car wash layout with multiple bays and vacuum stations. For others, the corner positioning and zoning support continued operation or consideration of future repositioning.
The site is located at the intersection of Business Highway 151 and Keyes Court in Marion, Iowa, with the public remarks highlighting strong visibility and accessibility in a high-traffic commercial corridor. Ample parking is available on-site.
For buyers seeking a vehicle-related use, the existing configuration provides an immediately usable car wash layout with multiple bays and vacuum stations. For others, the corner positioning and zoning support continued operation or consideration of future repositioning.
Key Highlights
- 3,744 SF, 8‑bay self‑service car wash with four vacuum stations
- Built in 1981 and currently operating as a car wash
- 24,200 SF corner lot at the intersection of Business Highway 151 and Keyes Court
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
$35,403
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%
$708,060
$708.1K
Cap Rate 7%
$505,757
$505.8K
Cap Rate 9%
$393,367
$393.4K
Market Conditions
NOI Build-Up for 3,744 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
$54.8K $14.64/SF
− Vacancy
−$4.2K −$1.13/SF
EGI
$50.6K $13.51/SF
− OpEx
−$15.2K −$4.05/SF
NOI
$35.4K $9.46/SF
Area
Linn County, IA
Vacancy
7.73%
Lease Rate
$14.64 /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%
$708,060
Cap Rate 7%
$505,757
Cap Rate 9%
$393,367
Alternative Uses
Best Use
Specialty Retail
$541.9K
$474.1K – $632.2K
NOI $37,931 @ 7.0% cap · market cap 9.60%
Second Best
Retail
$505.8K
$442.5K – $590.1K
NOI $35,403 @ 7.0% cap · market cap 8.96%
Theoretical Best
Self Storage
$630.1K
$551.4K – $735.1K
NOI $44,108 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Explore this area
Business Placement
Demographics for 52302, IA
43,130
Population
18,153
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
97%
High-School Grad
74.3 sq mi
ZIP Area
580
Density / Sq Mi
$87,463
Median Household Income
$50,234
Median Earnings
$963
Median Rent
$232,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self service car wash - An 8-bay self-service car wash with four vacuum stations on a corner lot, zoned Regional Business.
Where is this self service car wash located?
The property is located at 665 Keyes Ct Marion, IA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 3,744 SF, 8‑bay self‑service car wash with four vacuum stations; Built in 1981 and currently operating as a car wash; 24,200 SF corner lot at the intersection of Business Highway 151 and Keyes Court
