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    Twelve-Bay Self-Service Car Wash Title is generated by Realmo AI

    2208 W Springfield Ave, Champaign, IL 61821

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    7,680 SF car wash on Springfield Avenue.

    Type:Retail
    Property size:
    7,680 SF
    Price / SF:
    $107/SF
    Added:
    May 24, 2024
    Days on Market:
    734
    Last Refresh:
    May 12 at 8:59 pm

    Property Features for 2208 W Springfield Ave

    General Information

    Standard status
    Active
    Size
    7,680 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1979

    We can help!

    Listing Contact
    Zach Wetherell

    Listing agent Zach Wetherell License #IL

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date May 24, 2024

    Source Crexi

    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 Coldwell Banker Commercial Devonshire Realty

    HighLights

    • High‑traffic location on Springfield Avenue with 16,200 vehicles per day.
    • Substantial 7,680 SF building suitable for car wash operation.
    • Strong NOI: $184,858 in 2023.
    • All twelve car wash bays are currently operable (as of August 2024).
    • Features 3‑Phase, 600 amp electrical service.
    • Potential for purchase in conjunction with adjacent property at 2206 W. Springfield Ave.

    Overview

    The property is a 7,680 square foot, twelve-bay self-service car wash constructed in 1979. Located in the middle of the building is storage, a mechanical/maintenance room, and one restroom. The building is of block construction and has 3-Phase, 600 amp service. The property is located along West Springfield Avenue, just west of Country Fair Drive, in an area with a mixture of retail, office, and multifamily uses. Springfield Avenue has a traffic count of 16,200 vehicles per day at this location. National retailers in the area include Burger King, Taco Bell, Papa Johns, Dunkin Donuts, and Circle K, along with regional banks like Busey and Heartland Bank & Trust. There may be a need for a cross-access parking agreement with the property at 2206 W. Springfield, next door to the east. Six of the twelve bays were not operable in 2023 and part of 2024; all twelve bays were operable as of August 2024. The property can also be purchased along with 2206 W. Springfield Ave. The Net Operating Income was $184,858 in 2023 and $108,346 in 2024. The projected NOI for 2025 is $75,000-$80,000 based on current performance.
    Property Profile Location Intelligence

    Current Use by Public Records

    CU Auto Bath ... Car Wash

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.285189
    Latitude
    40.113335

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    FAQs

    What type of property is this?
    Self service car wash - 7,680 SF car wash on Springfield Avenue.
    Where is this self service car wash located?
    The property is located at 2208 W Springfield Ave Champaign, IL.
    What is the asking price?
    The asking price for this property is $825,000.
    What are key features of this property?
    This property features: High‑traffic location on Springfield Avenue with 16,200 vehicles per day.; Substantial **7,680 SF building** suitable for car wash operation.; Strong **NOI: $184,858** in 2023.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Zach Wetherell
    Real Estate License ID: IL
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    2208 W Springfield Ave, Champaign, IL 61821
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