Warehouse and Carwash
For Sale
$900,000
91 Corban Avenue SW, Concord, NC 28025
Warehouse and carwash near Downtown Concord with income potential.
Property Size3,462 SF
Lot Size1.25 Acres
Price / SF$259.97
Days on Market150
Property Features for 91 Corban Avenue SW
General Information
Standard status
Active
Size
3,462 SF
Lot size
1.25 Acres
Property subtype
Commercial
Amenities
Metal Roof
Building Details
Year Built
1983
Listing Agency:
BRITT COMMERCIAL REAL ESTATE, LLC
(615) 971-1553
Listed By:
ZACH BRITT · License #315119
Source:
Corcoran
Added: Apr 3
Changed: Aug 27
Last Checked: Aug 29 at 7:32AM
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 BRITT COMMERCIAL REAL ESTATE, LLC
Investment Insights
Based on property information with market context.
This property presents a rare opportunity to acquire both a warehouse and a carwash on 1.25 acres, situated just three blocks from the growing Downtown Concord area. The property features a fully operational 4-stall self-serve car wash alongside a 3,462 square foot industrial warehouse. The warehouse is currently occupied by a long-term tenant of over 10 years, operating under a month-to-month agreement. The carwash is operating at its lowest potential, with opportunities for a new owner to increase revenue through updates such as adding card readers and adjusting prices. Given the cashflow, size, and location, this property can also be a strong covered commercial land play in one of the Charlotte MSA's most active growth markets. The property is suitable for self-service car washes, car washes, automotive properties, retail spaces, warehouses, and industrial purposes.
Key Highlights
- Prime location just three blocks from growing Downtown Concord.
- Includes a fully operational 4‑stall self‑serve car wash and a 3,462 SF industrial warehouse.
- Significant revenue increase potential with minimal capital investment in the car wash.
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
$66,039
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
7.34%
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%
$1,320,780
$1.3M
Cap Rate 7%
$943,414
$943.4K
Cap Rate 9%
$733,767
$733.8K
Market Conditions
NOI Build-Up for 3,462 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
$93.5K $27.00/SF
− Vacancy
−$5.4K −$1.57/SF
EGI
$88.1K $25.43/SF
− OpEx
−$22.0K −$6.36/SF
NOI
$66.0K $19.08/SF
Area
Concord, NC
Vacancy
5.80%
Lease Rate
$27.00 /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%
$1,320,780
Cap Rate 7%
$943,414
Cap Rate 9%
$733,767
Alternative Uses
Best Use
Specialty Retail
$943.4K
$825.5K – $1.10M
NOI $66,039 @ 7.0% cap · market cap 7.34%
Second Best
Retail
$757.5K
$662.8K – $883.7K
NOI $53,022 @ 7.0% cap · market cap 5.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 28025, NC
58,260
Population
23,759
Households
2.5
Avg Household Size
38
Median Age
33%
College-Educated
91%
High-School Grad
108.4 sq mi
ZIP Area
537
Density / Sq Mi
$79,271
Median Household Income
$43,167
Median Earnings
$1,223
Median Rent
$264,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self service car wash - Warehouse and carwash near Downtown Concord with income potential.
Where is this self service car wash located?
The property is located at 91 Corban Avenue SW Concord, NC.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Prime location just three blocks from growing Downtown Concord.; Includes a fully operational 4‑stall self‑serve car wash and a **3,462 SF industrial warehouse**.; Significant revenue increase potential with minimal capital investment in the car wash.
