Twelve-Bay Self-Service Car
For Sale
Contact for pricing
2208 W Springfield Ave, Champaign, IL 61821
7,680 SF car wash on Springfield Avenue.
Property Size7,680 SF
Price / SF$107.42
Days on Market828
Property Features for 2208 W Springfield Ave
General Information
Standard status
Active
Size
7,680 SF
Property subtype
Retail
Zoning
CG - Commercial General
Building Details
Year Built
1979
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 352-7712
Listed By:
Zach Wetherell · License #IL
Source:
Crexi
Added: May 24, 2024
Changed: Aug 26
Last Checked: Aug 29 at 3:36PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$64,931
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
7.87%
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%
$1,298,620
$1.3M
Cap Rate 7%
$927,586
$927.6K
Cap Rate 9%
$721,456
$721.5K
Market Conditions
NOI Build-Up for 7,680 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
$101.4K $13.20/SF
− Vacancy
−$8.6K −$1.12/SF
EGI
$92.8K $12.08/SF
− OpEx
−$27.8K −$3.62/SF
NOI
$64.9K $8.45/SF
Area
Champaign County, IL
Vacancy
8.50%
Lease Rate
$13.20 /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%
$1,298,620
Cap Rate 7%
$927,586
Cap Rate 9%
$721,456
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.08M – $1.45M
NOI $86,782 @ 7.0% cap · market cap 10.52%
Second Best
Retail
$927.6K
$811.6K – $1.08M
NOI $64,931 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,845 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
873
Businesses Nearby
Explore this area
Business Placement
Demographics for 61821, IL
29,057
Population
13,751
Households
2.1
Avg Household Size
36
Median Age
50%
College-Educated
95%
High-School Grad
7.7 sq mi
ZIP Area
3,774
Density / Sq Mi
$69,284
Median Household Income
$40,225
Median Earnings
$1,001
Median Rent
$174,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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.
