Iconic Car Wash For
For Sale
Contact for pricing
Pending
75015 Sheryl Ave, Palm Desert, CA 92211
Established car wash with long-term NNN lease in place.
Property Size17,100 SF
Days on Market263
Property Features for 75015 Sheryl Ave
General Information
Standard status
Pending
Size
17,100 SF
Property subtype
Special Purpose
Occupancy
100%
Lease Type
NNN
Net Operating Income
$284,280
Building Details
Year Built
1991
Tenancy
Single
Listing Agency:
Johnson Commercial Real Estate, Inc.
Listed By:
Matthew V. Johnson · License #CA 00927239
Source:
Crexi
Added: Nov 20, 2025
Changed: Aug 8
Last Checked: Aug 10 at 1:28PM
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 Johnson Commercial Real Estate, Inc.
Investment Insights
Based on property information with market context.
Built in 1991, this car wash has been a popular spot in Palm Desert. The current operator, with over 30 years of experience, recently executed a 10-year, single-tenant NNN lease, with approximately 9 years remaining (Exp. 8/31/34). The current CAP Rate is 7.29%, with the most recent annual Base Rent escalation of 3%. A $300k solar panel system was installed on the building in 2018 and has been paid for in full; it is part of the sale. The property size is 17100 square feet.
Key Highlights
- NNN lease in place with approximately 9 years remaining (Exp. 8/31/34).
- Attractive 7.29% CAP Rate.
- Annual Base Rent escalation of 3%.
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
$245,107
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
6.45%
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%
$4,902,140
$4.9M
Cap Rate 7%
$3,501,529
$3.5M
Cap Rate 9%
$2,723,411
$2.7M
Market Conditions
NOI Build-Up for 17,100 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
$369.4K $21.60/SF
− Vacancy
−$19.2K −$1.12/SF
EGI
$350.2K $20.48/SF
− OpEx
−$105.0K −$6.14/SF
NOI
$245.1K $14.33/SF
Area
Riverside County, CA
Vacancy
5.20%
Lease Rate
$21.60 /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%
$4,902,140
Cap Rate 7%
$3,501,529
Cap Rate 9%
$2,723,411
Alternative Uses
Best Use
Retail
$3.50M
$3.06M – $4.09M
NOI $245,107 @ 7.0% cap · market cap 6.45%
Second Best
Specialty Retail
$3.08M
$2.70M – $3.59M
NOI $215,614 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$5.12M
$4.48M – $5.98M
NOI $358,601 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,011
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Prime Storage
Shops & Services
1,529 visits/mo
0.2 miles
Extra Space Storage
Shops & Services
1,458 visits/mo
0.5 miles
Napa Auto Parts
Shops & Services
785 visits/mo
0.4 miles
Demographics for 92211, CA
26,403
Population
20,152
Households
1.3
Avg Household Size
63
Median Age
44%
College-Educated
94%
High-School Grad
14.8 sq mi
ZIP Area
1,784
Density / Sq Mi
$87,682
Median Household Income
$55,647
Median Earnings
$1,903
Median Rent
$535,700
Median Home Value
Market
Vacancy Rate% for Retail in West 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?
Car wash - Established car wash with long-term NNN lease in place.
Where is this car wash located?
The property is located at 75015 Sheryl Ave Palm Desert, CA.
What is the asking price?
The asking price for this property is $3,799,000.
What are key features of this property?
This property features: NNN lease in place with approximately 9 years remaining (Exp. 8/31/34).; Attractive 7.29% CAP Rate.; Annual Base Rent escalation of 3%.
