Two-Bay Car Wash
New
For Sale
$1,500,000
8900 Green Meadows Dr, Lewis Center, OH 43035
Freestanding, one-story automotive property with continued car wash use and redevelopment potential.
Property Size5,238 SF
Lot Size1.00 Acre
Days on Market2
Property Features for 8900 Green Meadows Dr
General Information
Standard status
Active
Size
5,238 SF
Lot size
1.00 Acre
Property subtype
Special Purpose
Site & Location
Traffic Count
20,600 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Land Use
car wash, automotive service
Car Wash Bays
2
Building Details
Building Size
5,238 SF
Year Built
2002
Buildings
1
Stories
1
Listing Agency:
Elford Realty, Inc
Listed By:
Andy Mills, SIOR, CCIM
(614) 582-5521
Source:
Elfordrealty
Added: Sep 19
Last Checked: Sep 20 at 6:54AM
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 Elford Realty, Inc
Investment Insights
Based on property information with market context.
This freestanding, one-story car wash facility includes two bays and occupies approximately 1 acre. Built in 2002, the property offers an existing automotive-service improvement that can support continued car wash use or future redevelopment.
The site is located at 8900 Green Meadows Dr in Lewis Center, within the Lewis Center/Polaris submarket. It sits just off East Powell Road and near U.S. Route 23, with the source information identifying 20,600+ VPD on East Powell Road. Polaris Parkway, I-71, and I-270 are also identified in the surrounding location context.
The site is located at 8900 Green Meadows Dr in Lewis Center, within the Lewis Center/Polaris submarket. It sits just off East Powell Road and near U.S. Route 23, with the source information identifying 20,600+ VPD on East Powell Road. Polaris Parkway, I-71, and I-270 are also identified in the surrounding location context.
Key Highlights
- Existing two‑bay car wash facility
- Approximately 1‑acre site
- Freestanding, one‑story building
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
$60,860
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
4.06%
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%
$1,217,200
$1.2M
Cap Rate 7%
$869,429
$869.4K
Cap Rate 9%
$676,222
$676.2K
Market Conditions
NOI Build-Up for 5,238 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
$114.4K $21.84/SF
− Vacancy
−$27.5K −$5.24/SF
EGI
$86.9K $16.60/SF
− OpEx
−$26.1K −$4.98/SF
NOI
$60.9K $11.62/SF
Area
Delaware County, OH
Vacancy
24.00%
Lease Rate
$21.84 /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%
$1,217,200
Cap Rate 7%
$869,429
Cap Rate 9%
$676,222
Alternative Uses
Best Use
Industrial
$869.4K
$760.8K – $1.01M
NOI $60,860 @ 7.0% cap · market cap 4.06%
Second Best
Specialty Retail
$311.7K
$272.7K – $363.6K
NOI $21,818 @ 7.0% cap · market cap 1.45%
Theoretical Best
Warehouse
$1.06M
$923.8K – $1.23M
NOI $73,901 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
20,600 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
703
Businesses Nearby
490k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 24%
Shops & Services 24%
Dining 21%
Groceries 16%
Meijer
Groceries
80,324 visits/mo
0.5 miles
Kohl's
Apparel
58,636 visits/mo
0.3 miles
Marshalls
Apparel
44,008 visits/mo
0.1 miles
HomeGoods
Home Improvements & Furnishings
31,777 visits/mo
0.1 miles
McDonald's
Dining
30,509 visits/mo
0.4 miles
Demographics for 43035, OH
33,032
Population
12,595
Households
2.6
Avg Household Size
35
Median Age
67%
College-Educated
97%
High-School Grad
19.6 sq mi
ZIP Area
1,685
Density / Sq Mi
$148,446
Median Household Income
$72,809
Median Earnings
$1,580
Median Rent
$423,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Car wash - Freestanding, one-story automotive property with continued car wash use and redevelopment potential.
Where is this car wash located?
The property is located at 8900 Green Meadows Dr Lewis Center, OH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Existing two‑bay car wash facility; Approximately 1‑acre site; Freestanding, one‑story building
