Full-Service Car Wash and Lube
For Sale
Contact for pricing
917 Keith St NW, Cleveland, TN 37311
Full-service tunnel car wash with conveyor system and a two-bay lube center for light automotive services.
Property Size4,190 SF
Price / SF$206.44
Days on Market218
Property Features for 917 Keith St NW
General Information
Standard status
Active
Size
4,190 SF
Property subtype
Special Purpose
Occupancy
100%
Additional Details
Business Included
Yes
Service Bays
2
Building Details
Year Built
1976
Listed By:
Nicole Reed · License #333846
Source:
Crexi
Added: Feb 2
Changed: Sep 3
Last Checked: Sep 7 at 10:09AM
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 Nicole Reed
Investment Insights
Based on property information with market context.
This property is a full-service car wash and lube center featuring a soft-touch tunnel car wash with a conveyor belt system. In addition, it includes a two-bay lube center suitable for oil changes, lubrication, and light automotive services.
The building is positioned in a Cleveland, Tennessee location with strong visibility and convenient access. It is offered for sale with the car wash and lube operation as its current use.
Beyond automotive service, the property is described as flexible for future conversion and may support office space, retail, or other concepts that benefit from a drive-through configuration.
The building is positioned in a Cleveland, Tennessee location with strong visibility and convenient access. It is offered for sale with the car wash and lube operation as its current use.
Beyond automotive service, the property is described as flexible for future conversion and may support office space, retail, or other concepts that benefit from a drive-through configuration.
Key Highlights
- Full‑service soft‑touch tunnel car wash with conveyor belt system
- Two‑bay lube center for oil changes, lubrication, and light automotive services
- Built in 1976—long‑running Cleveland, TN car wash and lube operation
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
$42,311
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
4.89%
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%
$846,220
$846.2K
Cap Rate 7%
$604,443
$604.4K
Cap Rate 9%
$470,122
$470.1K
Market Conditions
NOI Build-Up for 4,190 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
$60.3K $14.40/SF
− Vacancy
−$3.9K −$0.94/SF
EGI
$56.4K $13.46/SF
− OpEx
−$14.1K −$3.37/SF
NOI
$42.3K $10.10/SF
Area
Bradley County, TN
Vacancy
6.50%
Lease Rate
$14.40 /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%
$846,220
Cap Rate 7%
$604,443
Cap Rate 9%
$470,122
Alternative Uses
Best Use
Specialty Retail
$604.4K
$528.9K – $705.2K
NOI $42,311 @ 7.0% cap · market cap 4.89%
Second Best
Retail
$565.7K
$495.0K – $659.9K
NOI $39,596 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$879.2K
$769.3K – $1.03M
NOI $61,543 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
56k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 48%
Dining 46%
Home Improvements & Furnishings 5%
Electronics 1%
Starbucks
Dining
21,703 visits/mo
0.5 miles
Shell
Shops & Services
9,505 visits/mo
0.5 miles
AutoZone
Shops & Services
4,856 visits/mo
0.1 miles
Chevron
Shops & Services
3,526 visits/mo
0.5 miles
Pearle Vision
Shops & Services
2,921 visits/mo
0.1 miles
Demographics for 37311, TN
29,687
Population
12,942
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
50.1 sq mi
ZIP Area
593
Density / Sq Mi
$46,827
Median Household Income
$28,839
Median Earnings
$890
Median Rent
$205,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Full-service tunnel car wash with conveyor system and a two-bay lube center for light automotive services.
Where is this car wash located?
The property is located at 917 Keith St NW Cleveland, TN.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: Full‑service soft‑touch tunnel car wash with conveyor belt system; Two‑bay lube center for oil changes, lubrication, and light automotive services; Built in 1976—long‑running Cleveland, TN car wash and lube operation
