Car Wash with Dual
For Sale
$198,900
827 Middle Avenue, Elyria, OH 44035
Multiple-bay automotive property with an attached utility and office area in downtown Elyria.
Property Size2,880 SF
Days on Market234
Property Features for 827 Middle Avenue
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Land Use
commercial
Taxes and HOA fees
Annual Taxes
$2,667
Amenities
bays
utility/office area
Building Details
Building Size
2,880 SF
Year Built
1990
Listing Agency:
Russell Real Estate Services
(440) 315-0686
Listed By:
Andrea Neal · License #2004002356
(440) 315-0686
Source:
Carolgoffrealestate
Added: Jan 8
Changed: Aug 30
Last Checked: Aug 30 at 6:06AM
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 Russell Real Estate Services
Investment Insights
Based on property information with market context.
This car wash property occupies a commercial corner location with separate south and north entrances. The existing improvements include multiple wash bays and an attached utility and office area, supporting continued automotive use or redevelopment of the site. The property was built in 1990.
Situated in downtown Elyria, the site is near schools and benefits from foot traffic and a high daily traffic count. Its dual-entry layout provides access from both sides of the property and adds flexibility for circulation and future operations.
Situated in downtown Elyria, the site is near schools and benefits from foot traffic and a high daily traffic count. Its dual-entry layout provides access from both sides of the property and adds flexibility for circulation and future operations.
Key Highlights
- Multiple wash bays with attached utility and office area
- Separate south and north entrances provide dual access
- Commercial corner location in downtown Elyria
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
$10,880
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
5.47%
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%
$217,600
$217.6K
Cap Rate 7%
$155,429
$155.4K
Cap Rate 9%
$120,889
$120.9K
Market Conditions
NOI Build-Up for 2,880 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
$16.2K $5.61/SF
− Vacancy
−$614 −$0.21/SF
EGI
$15.5K $5.40/SF
− OpEx
−$4.7K −$1.62/SF
NOI
$10.9K $3.78/SF
Area
Lorain County, OH
Vacancy
3.80%
Lease Rate
$5.61 /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%
$217,600
Cap Rate 7%
$155,429
Cap Rate 9%
$120,889
Alternative Uses
Best Use
Specialty Retail
$443.4K
$388.0K – $517.3K
NOI $31,039 @ 7.0% cap · market cap 15.61%
Second Best
Retail
$413.9K
$362.1K – $482.8K
NOI $28,970 @ 7.0% cap · market cap 14.57%
Theoretical Best
Office A
$725.8K
$635.0K – $846.7K
NOI $50,803 @ 7.0% cap · market cap 25.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
496
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Mr Hero
Dining
3,311 visits/mo
0.3 miles
SUBWAY
Dining
1,248 visits/mo
0.5 miles
Demographics for 44035, OH
61,921
Population
29,637
Households
2.1
Avg Household Size
42
Median Age
17%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
1,301
Density / Sq Mi
$54,362
Median Household Income
$38,493
Median Earnings
$871
Median Rent
$147,600
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 - Multiple-bay automotive property with an attached utility and office area in downtown Elyria.
Where is this car wash located?
The property is located at 827 Middle Avenue Elyria, OH.
What is the asking price?
The asking price for this property is $198,900.
What are key features of this property?
This property features: Multiple wash bays with attached utility and office area; Separate south and north entrances provide dual access; Commercial corner location in downtown Elyria
