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    Property profile & analytics

    104 W Central St Springfield, MN 56087

    • Self service car washes
    • 1,984 SF
    For Sale
    View listing
    $119,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-2437323
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • J & L Corner Car Wash & Laundromat / Car Wash

    Property Details for 104 W Central St

    Year built
    1930
    Property size
    1,984 SF
    Property type
    Self service car washes
    APN
    003.020.004.09.090
    APU
    302000409090

    Description

    This exceptional investment opportunity presents a well-established car wash and laundromat located at 104 W Central Street in Springfield, Minnesota. The property boasts a combined operational area of 1,984 square feet, situated on a conveniently sized 0.18-acre lot. This turnkey business is ready for immediate operation, offering a significant return on investment for the discerning buyer. The existing infrastructure is in place, eliminating the need for extensive renovations or upgrades, allowing for a seamless transition to new ownership. The property's prime location in Springfield ensures high visibility and consistent customer traffic, contributing to its proven profitability. Financial records are available upon request, providing detailed insights into the business's performance and revenue streams. This is an ideal acquisition for an investor seeking a stable, income-generating asset in a thriving community. The sale includes all existing equipment and fixtures, making this a truly turnkey operation. The property is priced competitively at $119,900, representing an excellent value for a business with a demonstrated history of success. Serious inquiries are encouraged to explore this unique opportunity further. Don't miss out on this chance to own a profitable and established business in a desirable location. Contact us today to schedule a viewing and learn more about this exceptional investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Brown
    State
    Minnesota
    Longitude
    -94.978
    Latitude
    44.2392
    CBSA code
    35580
    CBSA name
    NEW ULM, MN MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,654
    $14,900
    $16,600
    $31,500
    -
    $14,900
    $16,600
    $31,500

    Comparable in this City

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      401 Jefferson Ave

      CAR WASH - SELF-SERVE • 3,004 SF
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      2,507 SF

      507 Burns Ave

      PARKING GARAGE, PARKING STRUCTURE • 2,507 SF
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      20 Lincoln St

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      114 Van Buren Ave

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      2,496 SF

      603 Rock St

      AUTO REPAIR, GARAGE • 2,496 SF
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    Similar Nearby for Sale

    • $119,900
      0.18 Acres

      Car Wash & Laundromat Business

      Established car wash and laundromat in Springfield, Minnesota.
      104 W Central St, Springfield, MN 56087
      View Details
    • $249,000
      4,000 SF

      Downtown Springfield Commercial Duo

      Two Buildings, Prime Location, $249,000
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    • $119,900
      1,984 SF

      Springfield Car Wash & Laundromat

      Profitable Turnkey Business Opportunity
      104 Central St, Springfield, MN 56087
      View Details
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    Springfield, MN 56087
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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.

    More about this property
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