Property profile

2337 Washington Rd Washington, IL 61571

OFF-MARKET
Car washes
Property ID
US28-1594033
3,600 SF 0.57 ac lot Built 1965
Entity Owned 1-yr Hold Absentee Owner Free & Clear
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Property summary

AI-generated overview

This bank-owned, 3,600 square foot car wash in Washington, IL, presents a unique redevelopment opportunity. Located on a 0.57-acre lot at the corner of Washington Road (IL-8) and Briargate Road, this property benefits from high visibility and convenient access. Built in 1965 and renovated in 2018, the structure features a slab foundation, block construction, metal/steel roof, and vinyl veneer exterior. The former car wash included four self-service bays and one automatic wash bay, along with two vacuum systems (currently removed). The property boasts a large parking lot and one curb cut on Washington Road/IL-8, plus two separate ingress/egress points on Briargate Road. Each of the approximately 450 square foot bays could be repurposed as individual storage units. The property's previous gross revenue was $105,000, with a net income of $35,000. Currently closed and without power, the equipment condition is unknown. This property is situated within the Northern Tazewell County Enterprise Zone, offering potential incentives for commercial development. The asking price is $165,000. This presents a compelling opportunity for investors seeking a prime location for redevelopment or repurposing.

Property profile

Verified
Property type Car washes
Use group CAR WASH
Year built 1965
Total area 3,600 SF
Lot 0.57 ac (24,829 SF)
APN 02-02-19-416-017
UPID US28-1594033

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

2337 Washington Rd Washington, IL 61571-1853
Washington metro Census 22400 PEORIA, IL METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$190k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$190k

Owner & transaction history

since 2024
Last sale
$190,000
7 recorded transactions
2024
Price N/A
2022
Price N/A
2018
Price N/A
2017
$190,000
2016
Price N/A
2002
$75,000
1969
Price N/A

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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