Self-Service Car Wash with Multiple
New
For Sale
$198,900
827 Middle Ave, Elyria, OH 44035
Corner property with dual entrances and an attached utility-office area supports automotive reuse or redevelopment.
Property Size2,880 SF
Price / SF$69.06
Days on Market3
Property Features for 827 Middle Ave
General Information
Standard status
Active
Size
2,880 SF
Additional Details
Road Access
Yes
Land Use
commercial
Building Details
Year Built
1990
Listing Agency:
Russell Real Estate Services
Listed By:
Andrea Neal · License #2004002356
(440) 315-0686
Source:
Homesinneohio
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:12AM
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 corner commercial property at 827 Middle Ave in Elyria includes multiple car wash bays and an attached utility and office area. The improvements were constructed in 1990 and were formerly used for car wash operations, providing an existing framework for automotive business use or redevelopment.
Access is available from both the south and north sides of the property. The site is positioned in downtown Elyria near schools, with pedestrian activity and a high daily traffic count identified in the property information. Its dual-entry configuration supports convenient circulation and direct access from the surrounding street network.
Access is available from both the south and north sides of the property. The site is positioned in downtown Elyria near schools, with pedestrian activity and a high daily traffic count identified in the property information. Its dual-entry configuration supports convenient circulation and direct access from the surrounding street network.
Key Highlights
- Former car wash property with multiple bays
- Attached utility and office area
- South and north entrances provide dual access
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?
Self service car wash - Corner property with dual entrances and an attached utility-office area supports automotive reuse or redevelopment.
Where is this self service car wash located?
The property is located at 827 Middle Ave 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: Former car wash property with multiple bays; Attached utility and office area; South and north entrances provide dual access
