Established Car Wash on Prime
For Sale
Contact for pricing
4686 Indianola Avenue, Columbus, OH 43214
Long-standing car wash business with redevelopment potential on nearly one acre.
Property Size5,580 SF
Lot Size1.00 Acre
Price / SF$250.90
Days on Market992
Property Features for 4686 Indianola Avenue
General Information
Standard status
Active
Size
5,580 SF
Lot size
1.00 Acre
Property subtype
Mixed Use, Retail, Office, Special Purpose
Building Details
Year Built
1964
Listing Agency:
ReMax Revealty
(380) 208-0761
Listed By:
Steve Beaver · License #2003001721
Source:
Crexi
Added: Dec 3, 2023
Changed: Aug 16
Last Checked: Aug 20 at 11:38AM
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 ReMax Revealty
Investment Insights
Based on property information with market context.
This established car wash business, operating since the late 1950s, presents a prime location with redevelopment potential. The property includes updated equipment and vending machines for car accessories and cleaning supplies. Maintenance personnel are available if needed. The site comprises two parcels totaling nearly one acre. The property offers high visibility and is located minutes from I-71, less than 20 minutes from Easton Town Center, and less than 30 minutes from Downtown Columbus. It is situated next to a COTA park and ride. The property is suitable to continue its use as a car wash, convert the existing structure, or construct a new building. The subject property will be very close to the proposed Rail System that will connect Columbus to Cleveland and Cincinnati Ohio!
Key Highlights
- Prime location with high visibility and easy access to I‑71.
- Two parcels totaling nearly one acre offering redevelopment potential.
- Established car wash business operating since the late 1950s.
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
$74,727
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
5.34%
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%
$1,494,540
$1.5M
Cap Rate 7%
$1,067,529
$1.1M
Cap Rate 9%
$830,300
$830.3K
Market Conditions
NOI Build-Up for 5,580 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
$107.1K $19.20/SF
− Vacancy
−$7.5K −$1.34/SF
EGI
$99.6K $17.86/SF
− OpEx
−$24.9K −$4.46/SF
NOI
$74.7K $13.39/SF
Area
Columbus, OH
Vacancy
7.00%
Lease Rate
$19.20 /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%
$1,494,540
Cap Rate 7%
$1,067,529
Cap Rate 9%
$830,300
Alternative Uses
Best Use
Specialty Retail
$1.07M
$934.1K – $1.25M
NOI $74,727 @ 7.0% cap · market cap 5.34%
Second Best
Retail
$919.0K
$804.2K – $1.07M
NOI $64,332 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,403 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Explore this area
Business Placement
Demographics for 43214, OH
26,805
Population
14,343
Households
1.9
Avg Household Size
41
Median Age
65%
College-Educated
98%
High-School Grad
6.8 sq mi
ZIP Area
3,942
Density / Sq Mi
$92,838
Median Household Income
$60,164
Median Earnings
$1,189
Median Rent
$371,200
Median Home Value
Market
Vacancy Rate% for Retail in Columbus, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Car wash - Long-standing car wash business with redevelopment potential on nearly one acre.
Where is this car wash located?
The property is located at 4686 Indianola Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Prime location with high visibility and easy access to I‑71.; Two parcels totaling nearly one acre offering redevelopment potential.; Established car wash business operating since the late 1950s.
