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    Property profile & analytics

    1940 Main St Columbus, OH 43205-1613

    • Self service car washes
    • 1,840 SF
    • 0.39 lot acres
    OFF-MARKET
    Last Sale
    Dec 27, 2023
    $600,000
    Value Estimations
    $615,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0127245
    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

    • Spot Free / Car Wash
    • Spot Free Rapid Wash / Car Wash

    Property Details for 1940 Main St

    Year built
    2003
    Lot size
    0.39 lot acres
    Property size
    1,840 SF
    Property type
    Self service car washes
    APN
    010-008188
    APU
    10008188

    Description

    This Columbus car wash presents a lucrative investment opportunity. Located at 1940 E Main St, in Franklin County, Ohio (zip code 43205), this single-story building boasts 1,840 square feet situated on a 0.118-acre lot. The property features two automatic washing bays and newer, updated equipment, ensuring efficient operation and minimal maintenance needs. Four vacuum stations cater to customer detailing needs. Its strategic location on a high-traffic corner of Nelson and Main streets guarantees consistent customer flow and strong revenue potential. The asking price for this established business is $839,000. This turnkey operation offers immediate income generation and significant growth potential for the savvy investor. The property's size and equipment are ideal for continued success in a bustling Columbus neighborhood. This is a rare chance to acquire a well-maintained, profitable car wash in a prime location. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $620,000
      ML approach
      $590,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $517,000
      Market price range: $135k - $517k
      AI Estimate
      $426,000
      Market price range: $120k - $427k

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9471
    Latitude
    39.9578
    CBSA code
    18140
    CBSA name
    COLUMBUS, OH METROPOLITAN 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
    $4,958
    $11,310
    $56,560
    $67,870
    -
    $32,300
    $161,600
    $193,900

    Comparable in this City

    • Value Estimation
      $300,000
      1,425 SF

      26 18th St

      CAR WASH - SELF-SERVE • 1,425 SF
      26 18th St, Columbus, OH 43205-1151
      View Details
    • Value Estimation
      $270,000
      0.11 Acres

      944 Livingston Ave

      PARKING LOT • 0.11 Acres
      944 Livingston Ave, Columbus, OH 43205
      View Details
    • Value Estimation
      $285,000
      0.08 Acres

      1966 Mcallister Ave

      AUTO REPAIR, GARAGE • 0.08 Acres
      1966 Mcallister Ave, Columbus, OH 43205-1615
      View Details
    • Value Estimation
      $265,000
      0.13 Acres

      Madison Ave

      PARKING LOT • 0.13 Acres
      Madison Ave, Columbus, OH 43205
      View Details
    • Value Estimation
      $270,000
      0.09 Acres

      1018 Madison Ave

      PARKING LOT • 0.09 Acres
      1018 Madison Ave, Columbus, OH 43205
      View Details
    • Value Estimation
      $280,000
      2,400 SF

      1982 Rich St

      AUTO REPAIR, GARAGE • 2,400 SF
      1982 Rich St, Columbus, OH 43205-1618
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      1,500 SF

      Retail Space Available For Lease

      Retail space for lease with high traffic and nearby Kroger.
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      View Details
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      Class A retail/restaurant space in a mixed-use development.
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    • $10 SF/Yr
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      Bexley Business Park: Flex Space Available

      Columbus industrial space, 3,200-60,000 SF
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      Prime Columbus Flex Space

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    • Contact for pricing
      97,129 SF

      Triumph: Olde Towne East Retail Space

      Prime corner retail/restaurant, 1,638 sq ft available.
      80 18Th St, Columbus, OH 43205
      View Details
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    1940 Main St
    Columbus, OH 43205-1613
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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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