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Excluding any value the land or improvements may have, what should a person pay for this cash flow & chance for increasing revenues? At this point I'm thinking it would hardly be worth my time even if I paid $0 for it. Seems like a ton of work to try to squeeze out a steady $20 - $40k/year NOI.
They are asking $225,000. Its assessed for over $300,000. The land is maybe worth $150,000, but it would be a long time before anybody paid that to redevelop it.
Given a certain traffic count, nearby population, and competition, is there a rough rule of thumb a person can use to estimate the number of washes to expect per day/month/year?
Some general demographic & competitive data:
There are two gas station automatics, one self-serve, and one full-serve car washes in the immediate area that I would say are direct competitors with this one. These four washes are in superior locations with 2x the daily traffic.
Aside from drive...
Site picture. This location gets about 10k VPD. It is a secondary commercial location. The primary traffic artery which is a few blocks away has twice the traffic. The main street has a full service tunnel wash, several gas station automatics, and a self serve wash within a half mile or so.
Here is a pic of the property. The last traffic count from a few years ago was 10k to 11k VPD. This is a secondary commercial street in the neighborhood. The primary street a couple blocks away has about twice the traffic. This better street has a tunnel wash nearby, as well as several gas...
I am looking at a bank owned wash built in the late 80s. 4 self serve bays, 2 automatic bays. Last year financials as follows:
https://docs.google.com/spreadsheet/ccc?key=0AqZzDavW-lJVdEh5dFNSQzk5aDZBaWgyUkRoZURLUHc&usp=sharing
Obviously this is not very attractive as-is. Just wondering if...