Car Wash
For Sale
$4,450,000
Pending
741 S Midlothian Road, Mundelein, IL 60060
Car wash property with central air conditioning in Lake County.
Property Size9,594 SF
Days on Market191
Property Features for 741 S Midlothian Road
General Information
Standard status
Pending
Size
9,594 SF
Property subtype
Business Opportunity
Taxes and HOA fees
Annual Taxes
$39,686
Amenities
Central Air
Building Details
Building Size
9,594 SF
Stories
2
Listing Agency:
(773) 491-4671
Listed By:
Pasquale Messina
(773) 491-4671
Source:
Evrealestate
Added: Feb 20
Changed: Aug 30
Last Checked: Aug 30 at 6:41AM
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 Pasquale Messina
Investment Insights
Based on property information with market context.
This car wash property is located at 741 S Midlothian Road in Mundelein, Illinois 60060. The building includes central air conditioning.
The property is identified in Lake County, with access references including North Midlothian Road and State Hwy 60 NE.
The property is identified in Lake County, with access references including North Midlothian Road and State Hwy 60 NE.
Key Highlights
- Car wash property at 741 S Midlothian Road, Mundelein, IL 60060
- Central air conditioning
- Located in Lake County
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
$176,612
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
3.97%
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%
$3,532,240
$3.5M
Cap Rate 7%
$2,523,029
$2.5M
Cap Rate 9%
$1,962,356
$2.0M
Market Conditions
NOI Build-Up for 9,594 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
$241.8K $25.20/SF
− Vacancy
−$6.3K −$0.66/SF
EGI
$235.5K $24.54/SF
− OpEx
−$58.9K −$6.14/SF
NOI
$176.6K $18.41/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$25.20 /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%
$3,532,240
Cap Rate 7%
$2,523,029
Cap Rate 9%
$1,962,356
Alternative Uses
Best Use
Specialty Retail
$2.52M
$2.21M – $2.94M
NOI $176,612 @ 7.0% cap · market cap 3.97%
Second Best
Retail
$1.40M
$1.23M – $1.64M
NOI $98,118 @ 7.0% cap · market cap 2.20%
Theoretical Best
Office A
$3.31M
$2.90M – $3.86M
NOI $231,866 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
Explore this area
Business Placement
Demographics for 60060, IL
37,599
Population
13,827
Households
2.7
Avg Household Size
40
Median Age
43%
College-Educated
90%
High-School Grad
23.2 sq mi
ZIP Area
1,621
Density / Sq Mi
$110,463
Median Household Income
$52,550
Median Earnings
$1,552
Median Rent
$299,200
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 - Car wash property with central air conditioning in Lake County.
Where is this car wash located?
The property is located at 741 S Midlothian Road Mundelein, IL.
What is the asking price?
The asking price for this property is $4,450,000.
What are key features of this property?
This property features: Car wash property at 741 S Midlothian Road, Mundelein, IL 60060; Central air conditioning; Located in Lake County
