Debt Service Coverage Ratio (DSCR): A Calculation Guide

The Debt Service Coverage Ratio, often abbreviated as “DSCR”, is an important concept in real estate finance and commercial lending. It’s critical when underwriting commercial real estate and business loans as well as tenant financials, and it is a key part in determining the maximum loan amount. In this article, we’ll take a deep dive into the debt service coverage ratio, explain what a DSCR loan is, and walk through several examples along the way.

What Is The Debt Service Coverage Ratio (DSCR)?

The debt service coverage ratio (DSCR) measures the ability of a borrower to repay its debt. The DSCR is widely used in commercial loan underwriting and is a key formula lenders use to determine the size of a loan.

Debt Service Coverage Ratio (DSCR) Formula

The debt service coverage ratio formula depends on whether a loan is for real estate or a business. While the logic behind the DSCR formula is the same for both, there is a difference in how it is calculated.

DSCR Formula for Real Estate

For commercial real estate, the debt service coverage ratio (DSCR) definition is net operating income divided by total debt service:

For example, suppose Net Operating Income (NOI) is $120,000 per year and total debt service is $100,000 per year. In this case, the debt service coverage ratio (DSCR) would simply be $120,000 / $100,000, which equals 1.20. It’s also common to see an “x” after the ratio. In this example, it could be shown as “1.20x”, which indicates that NOI covers debt service 1.2 times.

DSCR Formula for a Business

For a business, the debt service coverage ratio definition is EBITDA divided by total debt service:

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. For example, if EBITDA for a company was 240,000 for the last fiscal year, and total debt service was 141,000, then the DSCR would be 1.7x.

Sometimes there will be variation in how the debt service coverage ratio is calculated. For example, capital expenditures are commonly excluded from the DSCR calculation because capex is not considered an ongoing operational expense, but rather a one-time investment. Lenders will have credit policies that define how the debt service ratio is calculated, but there is often still some variation depending on the situation. It’s important to clarify how the DSCR is calculated with all parties involved.

Debt Service Coverage Ratio (DSCR) Meaning

What does the debt service coverage ratio mean? A DSCR greater than or equal to 1.0 means there is sufficient cash flow to cover debt service. A DSCR below 1.0 indicates there is not enough cash flow to cover debt service. However, just because a DSCR of 1.0 is sufficient to cover debt service does not mean it’s all that’s required.

Typically, a lender will require a debt service coverage ratio higher than 1.0x to provide a cushion in case something goes wrong. For example, if a 1.20x debt service coverage ratio was required, then this would create enough of a cushion so that NOI could decline by 16.7%, and it would still be able to fully cover all debt service obligations.

What is a Good Debt Service Coverage Ratio?

What is the minimum or appropriate debt service coverage ratio? Unfortunately, there is no one size fits all answer and the required DSCR will vary by bank, loan type, and by property type.

However, typical DSCR requirements usually range from 1.20x-1.40x. In general, stronger, stabilized properties will fall on the lower end of this range, while riskier properties with shorter term leases or less creditworthy tenants will fall on the higher end of this range.

How to Calculate DSCR for a Real Estate Loan

The DSCR is critical when sizing a commercial real estate loan. Let’s take a look at how the debt service coverage ratio is calculated for a commercial property. Suppose we have the following Proforma:

As you can see, our first year’s NOI is $778,200 and total debt service is $633,558. This results in a year 1 debt service coverage ratio of 1.23x ($778,200/$633,558). And this is what the debt service coverage ratio calculation looks like for all years in the holding period:

As shown above, the DSCR is 1.23x in year 1 and then steadily improves over the holding period to 1.28x in year 5. This is a simple calculation, and it quickly provides insight into how loan payments compare to cash flow for a property. However, sometimes this calculation can get more complex, especially when a lender makes adjustments to NOI, which is a common practice.

Adjustments to NOI When Calculating DSCR

The above example was fairly straightforward. But what happens if there are significant lender adjustments to Net Operating Income? For example, what if the lender decides to include reserves for replacement in the NOI calculation as well as a provision for a management fee? Since the lender is concerned with the ability of cash flow to cover debt service, these are two common adjustments banks will make to NOI.

Reserves are essentially savings for future capital expenditures. These capital expenditures are major repairs or replacements required to maintain the property over the long-term and will impact the ability of a borrower to service debt. Similarly, in the event of foreclosure, a professional management team will need to be paid out of the project’s NOI to continue operating the property. While an owner managed property might provide some savings to the owner, the lender will likely not consider these savings in the DSCR calculation.

Other expenses a lender will typically deduct from the NOI calculation include tenant improvement and leasing commissions, which are required to attract tenants and achieve full or market-based occupancy.

Consider the following proforma, which is the original proforma we started with above, except with an adjusted NOI to account for all relevant expenses that could impact the property’s ability to service debt:

As illustrated by the proforma above, we included reserves for replacement in the NOI calculation, as well as a management fee. This reduced our year 1 NOI from $778,200 down to $728,660. What did this do to our year 1 DSCR? Now the debt service coverage ratio is $728,660 / $633,558, or 1.15x. This is much lower than what we calculated above and could reduce the maximum supportable loan amount or potentially kill the loan altogether. Here’s what the new DSCR looks like for all years in the holding period:

Now when the debt service coverage ratio is calculated it shows a much different picture. As you can see, it’s important to take all the property’s required expenses into account when calculating the DSCR, and this is also how banks will likely underwrite a commercial real estate loan.

How to Calculate DSCR for a Business Loan

The debt service coverage ratio is also helpful when analyzing business financial statements. This could be helpful when analyzing tenant financials, when securing a business loan, or when seeking financing for owner occupied commercial real estate.

How does the DSCR work for a business? The general concept of taking cash flow and dividing by debt service is the same. However, instead of looking at NOI for a commercial property, we need to substitute in some other measure of cash flow from the business available to pay debt obligations. But which definition of cash flow should be used? Given the importance of debt service coverage, there is surprisingly no universal definition used among banks, and sometimes there is even disagreement within the same bank. This is why it’s important to clarify how cash flow will be calculated.

With that said, typically Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) or some form of adjusted EBITDA will be used. Common adjustments include adding back an appropriate capital expenditure amount required to replace fixed assets (which would offset the depreciation add back), and also considering working capital changes (to cover investments in receivables and inventory).

Let’s take an example of how to calculate the debt service coverage ratio for a business.

As shown above, EBITDA (cash flow) is $825,000 and total debt service is $800,000, which results in a debt service coverage ratio of 1.03x. This is found by dividing EBITDA of $825,000 by total debt service of $800,000. This gives us an indication of the company’s ability to pay its debt obligations.

If this analysis were for a tenant, we might want to subtract out existing lease payments and add in the new proposed lease payments. Or, if this were for an owner occupied commercial real estate loan, we would probably subtract out the existing lease payments and add in the proposed debt service on the new owner occupied real estate loan.

Based on the above 1.03x DSCR, it appears that this company can barely cover its debt service obligations with current cash flow. There could be other ways of calculating cash flow or other items to consider, but strictly based on the above analysis, it’s not likely this loan would be approved. However, sometimes looking at just the business alone doesn’t tell the whole story about cash flow and debt service coverage.

Global Debt Service Coverage Ratio (Global DSCR)

Calculating the debt service coverage ratio like we did above doesn’t always tell the whole story. For example, this could be the case when the owner of a small business takes most of the profit out with an above market salary. In this case, looking at both the business and the owner together will paint a more accurate picture of cash flow and also the debt service coverage ratio. Suppose this was the case with the company above. This is what a global cash flow analysis might look like if the owner was taking most of the business income as salary:

In the above analysis, we included the business owner’s personal income and personal debt service. Assuming the owner was taking an abnormally high salary from the business, this would explain the low debt service coverage ratio when looking at the business alone, as in the previous example. In this new global debt service coverage calculation, we take this salary into account as cash flow, as well as all personal debt service and living expenses. Digging into how personal cash flow is calculated is beyond the scope of this article, but most of this information can be found just from personal tax returns, the personal financial statement, and the credit report, all of which will be required by a lender when underwriting a loan.

As you can see, this new global DSCR paints a much different picture. Now global income is $1,575,000 and global debt service is $1,100,000, which results in a global DSCR of 1.43x. This is found by simply dividing global income by global debt service ($1,575,000/$1,100,000). More often than not, a global cash flow analysis like this tells the full story for many small businesses.

DSCR Cheat Sheet

Fill out the quick form below and we’ll email you our free debt service coverage ratio Excel cheat sheet containing helpful calculations from this article.

Conclusion

In this article, we discussed the debt service coverage ratio, often abbreviated as just DSCR. The debt service coverage ratio is a critical concept to understand when it comes to underwriting commercial real estate and business loans, analyzing tenant financials, and when seeking financing for owner occupied commercial real estate. We covered the definition of the debt service coverage ratio, what it means, and we also covered several commercial real estate and business examples for calculating the debt service coverage ratio. While the DSCR is a simple calculation, it’s often misunderstood, and it can be adjusted or modified in various ways. This article walked through the debt service coverage ratio step by step to clarify these calculations.

 

Source: Debt Service Coverage Ratio (DSCR): A Calculation Guide

https://www.creconsult.net/market-trends/debt-service-coverage-ratio-dscr-a-calculation-guide/

557

Just Listed: 12-Unit Multifamily For Sale
Pine Valley Apartments | Aurora, IL
12-Units | $1.4M | 8.86% Cap Rate (Proforma)
Listing Agent: Randolph Taylor
630.474.6441 | rtaylor@creconsult.net
Listing Site: https://www.creconsult.net/12-unit-multifamily-property-for-sale-aurora-il-pine-valley-apartments/

Commercial Real Estate Closing Process: The Definitive Guide

When it’s time to close on a commercial real estate transaction, the process can seem overwhelming. This definitive guide will walk you through every step in the commercial real estate closing process. You will see where the commercial process is similar to the residential process, and where things are different. You will also discover the places you need to be cautious and where your due diligence efforts are most important. Commercial real estate has fewer protections for buyers, but also gives parties more room to be creative with deal making.

There are four major steps to closing a commercial real estate deal. Some of these steps are ongoing and others overlap. Every transaction will go through escrow, signing authority verification, due diligence, and signing and processing title and closing documents.

Escrow

Just like when you purchase a home, escrow is an important part of the commercial real estate closing process. In escrow, a neutral third party will hold funds in an account until either a) all the requirements of the escrow agreement have been met, or b) until one party pulls out of the deal in accordance with the terms of the escrow agreement. Escrow is designed to solve the problem of trust between two parties. Nobody gets paid or receives title to the property until both parties have had their agreed upon conditions met.

Escrow in a Commercial Real Estate Transaction

Most private home sales have an informal escrow process. Because commercial sales often involve larger sums of money and are more complex, escrow in this setting is formal and tightly controlled. Capital for a commercial transaction will typically come from many sources. Additionally, because there is less regulation of commercial real estate deals, the parties must do more due diligence to protect their investments. The paperwork involved is highly customized and more extensive than the form documents used when buying a home.

The parties will often have negotiated an escrow agreement that the escrow agent must verify has been satisfied before releasing any funds.

Title Agents as Escrow Agents

While there is no legal requirement for who the buyer and seller must choose to serve as the escrow agent, usually the title agent will act as escrow agent. Title agents are often already familiar with the details of the transaction and have no financial interest in the success or failure of the deal, as their fee is for services rendered regardless of the outcome of the deal. Title agents also have the expertise to create the customized closing documents vital to most commercial real estate transactions.

Escrow Agreement

Before money can be transferred to the escrow agent, the parties have to come to some agreement as to what the escrow agent’s duties are and what will satisfy escrow and allow the funds to be released to the seller of the property.

Unlike residential sales, the escrow agreement in commercial real estate closings is unique for each deal. However, there are several common escrow agreement provisions, such as:

• Clause appointing the title agent to act as escrow agent and to waive any fee acting as an escrow agent
• Clause ordering escrow agent not to commingle funds sent by the buyer with any other monies.
• Statement of when written instructions from buyer and seller need to be received before funds can be released.

Typically, escrow agents won’t have any responsibility for verification of any part of the deal, apart from only releasing funds when instructed from both the buyer and the seller. Instructions to release the funds are almost always required to be in writing.

Instead of a contract between two people, a commercial real estate deal involves one or more contracts between two or more legal entities. Because these deals are expensive, all parties want to limit their liability and often create legal entities for the sole purpose of owning a piece of commercial real estate. For every entity such as a corporation, LLC, or LLP involved, additional steps must be taken to verify their fitness and ability to conduct the transaction.

Why Legal Entities Are Used

One feature of American law is that investors in a corporation are shielded from loss or liability for the actions of the corporation up to the amount of their investment. In other words, if a corporation gets sued the investors may lose their investment in the corporation, but their personal assets will not on the line. This same protection also extends to LLC’s and LLP’s in most states.

Investors know that commercial real estate can come with large risks. Legal entities are used to protect individual investors from liability both as sellers and buyers.

Even existing legal entities buying additional property will sometimes create a new legal entity or subsidiary, to isolate the risk of acquiring or selling a piece of property.

In many states, there are tax advantages to owning commercial real estate in a legal entity.

Signing Authority Verification

A corporation or other legal entity may be the actual party to a transaction, but a human being will still need to sign and execute documents of the behalf of the entity. This creates an extra layer of paperwork in the commercial real estate closing process.

Both sides will want proof that the person signing on the dotted line has the authority to do so. This is called signing authority. Proof of signing authority can be in the form of a corporate charter that expressly gives the individual such authority, letters of authorization from the president, CEO, or board of directors of the entity, or a resolution from the board of directors or equity partners.

Until documents demonstrating signing authority have been received, a party will not allow the money in escrow to be disbursed. The seller wants to make sure the buyer has the legal authority to commit to the transaction, and the buyer wants to make sure the seller is legally authorized to dispose of the asset.

Making Signing Authority Easy

Before proceeding too deeply into a commercial real estate deal, you should make sure the proof of signing authority will not be an issue for your legal entity. Here are a few ways to set up authority before entering into a transaction:

• Designate someone by name or title in the corporate charter to have the authority to enter commercial real estate transactions.
• Get authorization from the board of directors to execute the purchase or sale of a specific piece of property
• Have a signed and notarized letter from the other partners authorizing the transaction and designating someone to have signing authority on behalf of the entity.

By making sure the authority issue is resolved before the closing process, you will save valuable time.

Lack of RESPA and Due Diligence

The Real Estate Settlement Procedures Act (RESPA) is the main federal law that governs residential home sales. This law requires sellers to make several guarantees and warranties to buyers about the condition of the property and the absence of a variety of environmental defects. RESPA also governs the form of closing documents that can be used. The purpose of the law is to protect homebuyers from being deceived and buying a house that is dangerous or uninhabitable. RESPA does not apply to commercial real estate transactions.

What The Lack of RESPA Means to Commercial Real Estate Closings

The lack of RESPA affects commercial real estate closings in two major ways. One, it means that buyers and sellers must perform detailed due diligence on the property and the other parties to the transaction, which can delay the closing of the deal. Two, the lack of RESPA frees the parties to be more creative in structuring the deal and in the types of closing documents they choose to use.

During a commercial transaction, the buyer is constantly trying to preserve the right to withdraw from the deal as long as possible and the seller is trying to limit the right of the buyer to withdraw. Buyers are looking to add contingencies, and sellers are looking to close all contingencies long before escrow and the closing process. The buyer is also trying to keep the seller on the hook for any problems that become apparent after the sale for as long as possible, while the buyer wants to terminate its liability as close to the closing date as possible. These tensions are reflected in the due diligence process and the form of the closing documents.

Due Diligence

Because there are fewer state and federal protections for buyers and sellers in a commercial real estate transaction, the due diligence process is much more extensive.

Buyers will want to make sure the following areas are in order:

• The contract of sale has been properly executed
• Receipt of most recent title insurance policy
• Updated survey report
• Receipt of true copies of all leases
• Review of new environmental report
• Termination notice conditions and due diligence deadline
• Delivery of all tenant estoppels
• Review of the seller’s books and records
• Confirmation of zoning compliance
• Search for any outstanding tax cases or liens

Sellers will want to make sure the following are in order:

• The contract for sale has been properly executed
• Buyer has delivered down payment to escrow agent
• The escrow agent has deposited the money in a segregated interest bearing account
• Filed a response to any objections to the title and survey report
• Execution of assignment and assumption of leases by buyer

Every transaction is different, and certain deals may require even more steps in the due diligence process than those discussed above.

No RESPA and Commercial Real Estate Closing Documents

In addition to the due diligence procedures discussed above, both parties will want to make sure all the closing documents are reviewed for accuracy and properly executed on time.

In residential real estate transactions, RESPA requires use of a specific form for all closing documents. In the commercial real estate closing process, the parties are free from the RESPA requirements and can draft the closing documents as they see fit. This will often cause some back and forth as the parties negotiate over the exact form the documents will take, but it also gives the parties more flexibility to get a deal done that both sides can live with.

Title and Closing Documents

Before a deal can be completed, the buyer and seller must both agree to accept a title report and execute a series of closing documents. The closing documents may include assignments and assumption of leases, deeds, environmental reports and assignments of liability, zoning disclosures and warranties, and anything else the parties decide is necessary to close the deal.

Commercial Title Issues

Earlier in the process of negotiating the transaction, a title company will be hired to issue a preliminary report of the state of the title to the property. Commercial real estate titles are often much more complicated than residential titles. There are any number of liens and encumbrances such as easements that have to be accounted for. Often the seller may no longer hold some of the below ground rights such as mineral or water rights.

Once the preliminary report has been issued, the buyer must carefully review it and file any objections or concerns to the report under a deadline. If the buyer has any objections, the seller often has a limited period of time to respond to the objections of the buyer can walk away from the transaction.

Once all the issues with the title have been settled, the title company will issue the final report. Both the buyer and the seller will then review this report for errors or concerns, and any issues will have to be resolved before the transaction can move forward.

Zoning/Building Jackets

Buyers will want reassurances that the property is correctly zoned for its current use and for the buyer’s intended use. As part of the closing documents, the parties will want a report that proves a zoning and building jacket search have been conducted and that there are no known zoning issues. Depending on the jurisdiction, this report may include letters from the local municipalities, endorsements to the title of the property, or a detailed report from the title company.

Environmental Reports

Because liability for environmental problems can be so severe, the parties will usually require a separate report and document to deal with the current understanding of environmental issues, such as a known wetland or known ground or water pollution. The buyer will want some statement from the seller stating the property is otherwise free from issues, and the seller will want to try to avoid making such a statement. A document detailing the final agreement of the parties as to both the nature of any environmental issues and future liability for later discovered issues will be part of most commercial real estate closings.

Deeds

Like in residential transactions, part of the closing documents will be some form of deed, typically a quitclaim deed, but sometimes a special warranty deed is used. This document once recorded officially transfers ownership of the property from buyer to seller. A title affidavit will also accompany the executed deed.

Federal laws, such as the Patriot Act, also require that a non-foreign entity affidavit be executed with the deed.

The title and the terms of the deed will have been reviewed and discussed long before the formal closing documents are executed.

Assignment and Assumption of Leases

Unlike in a residential transaction, a commercial real estate closing will include an assignment and assumption of leases. This document explains that the benefits of any lease transfers from the seller to the buyer. It also transfers future liability for breaches of the lease from seller to buyer, and details responsibility for lease breaches prior to the sale. This document also notifies tenants of the change in ownership.

Conclusion

The commercial real estate closing process is more involved and complicated than the residential real estate closing process. Because there is less federal regulation of the process, the parties have greater freedom to structure the deal and the closing documents, but both sides also must exert greater due diligence. Because of the large amounts of money involved and a variety of sources of capital, escrow is more formal and both sides of the transaction are usually legal entities. The closing process takes longer in commercial real estate deals, but there are more tools to resolve issues than in residential purchases. This article gave a broad overview of the commercial real estate closing process, but as always, it’s best to consult a competent real estate attorney to discuss your particular situation.

 

Source: Commercial Real Estate Closing Process: The Definitive Guide

https://www.creconsult.net/market-trends/commercial-real-estate-closing-process-the-definitive-guide/

Off-Market Multifamily Sellers Are Leaving A Ton Of Money On The Table

Off-Market Multifamily Sellers Are Leaving A Ton Of Money On The Table

Marketing a property can increase the sale price by up to 23%, which runs counter to the idea that off-market deals can achieve higher values because a buyer will be more aggressive to seal a trade.

The perception is when a seller has one buyer vying for an asset, that buyer is more aggressive and willing to pay a premium because they don’t want the seller to get into a bidding war for the property. Our research found the opposite.

This is a sign it is in the best interests of owners to undergo a marketing campaign for their properties. Growing allocations from institutional investors toward real estate are still driving a sizable pool of investors into bidding for multifamily assets, and a full campaign is what drives the premiums.

The job of a broker to create a competitive environment on behalf of the seller. Putting a building on the market determines the strongest buyer.

That may not be necessarily based on price alone. If one buyer has a higher-priced offer but weak financial backing, versus a buyer with a stronger track record, taking a lower offer is the way to go. It’s our job to give the seller those options and we do that by marketing properties and generating the highest number of qualified offers possible.

There are numerous case studies where a seller received an off-market bid, put it on the market, and the off-market buyer still bought the asset but at a higher price.

 

Have you thought of selling your property and would like to know what it's worth? Request a valuation for your property below:

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eXp Commercial Chicago Multifamily Brokerage focuses on listing and selling multifamily properties throughout the Chicago Area and Suburbs.

We don’t just market properties; we make a market for each property we represent. Each offering is thoroughly underwritten, aggressively priced, and accompanied by loan quotes to expedite the sales process. We leverage our broad national marketing platform syndicating to the top CRE Listing Sites for maximum exposure combined with an orchestrated competitive bidding process that yields higher sales prices for your property.

 

https://www.creconsult.net/market-trends/off-market-multifamily-sellers-are-leaving-a-ton-of-money-on-the-table/

What is a Tenant Estoppel and How Does It Work?

In commercial real estate the tenant estoppel often comes up during the due diligence phase of an acquisition or during the underwriting of a loan. What exactly is a tenant estoppel and how does it work? Let’s dive in and take a closer look at the tenant estoppel.

What is a Tenant Estoppel?

What exactly is a tenant estoppel? By definition, an estoppel certificate is a “signed statement by a party certifying for another’s benefit that certain facts are correct, as that a lease exists, that there are no defaults, and that rent is paid to a certain date. A party’s delivery of this statement estops that party from later claiming a different state of facts.’’ Black’s Law Dictionary, 572 (7th Ed., 1999).

In other words a tenant estoppel is a certified statement by a tenant that verifies the terms and conditions and current status of their lease. Most commercial real estate leases require a tenant to provide an estoppel letter or certificate upon request and this is often a critical step during the due diligence phase of an acquisition and the also during the underwriting of a commercial real estate loan.

Why is this so important? The tenant estoppel provides proof of cash flow, which is ultimately what a potential investor or lender in a property is concerned with.

As an aside, the word “estop” simply means to prohibit, and a tenant estoppel is therefore a certificate that prohibits the tenant from taking a position contrary to what is stated in their certificate.

What’s in a Tenant Estoppel Letter or Certificate?

While the actual items required in a tenant estoppel will vary, here are some common points covered in a typical tenant estoppel letter or certificate:

• The commencement date of the lease.
• The date to which rent has been paid.
• That there are no defaults by either the landlord or the tenant.
• If there are defaults by either party, then a specification of these defaults will be required.
• Verification that the lease is unmodified and in full force and effect.
• If the lease has been modified, then the estoppel certificate will include a statement verifying what modifications have been made.

Most leases will have a provision requiring a tenant to provide a tenant estoppel letter or certificate upon request, however, the details of what is to be included in the actual tenant estoppel certificate can vary. The above items are usually a good starting point.

Conclusion

The tenant estoppel is a common item that often comes up during the due diligence phase of an acquisition and during the loan underwriting process. It’s used to provide a third-party insight into the relationship between a landlord and a tenant. In this short article we covered the purpose of the tenant estoppel and the basic items included.

 

 

Source: What is a Tenant Estoppel and How Does It Work?

https://www.creconsult.net/market-trends/what-is-a-tenant-estoppel-and-how-does-it-work/

557

Just Listed: 12-Unit Multifamily For Sale
Pine Valley Apartments | Aurora, IL
12-Units | $1.4M | 8.86% Cap Rate (Proforma)
Listing Agent: Randolph Taylor
630.474.6441 | rtaylor@creconsult.net
Listing Site: https://www.creconsult.net/12-unit-multifamily-property-for-sale-aurora-il-pine-valley-apartments/

Mason Square

Fully Equipped Car Wash For Sale
1250 Douglas Rd. | Oswego, IL | 3,750 SF | 6 Bays | 1.19 Acres
Mason Square Car Wash, a fully equipped and operational 6-bay carwash in southwest suburban Chicago’s Oswego, IL. Ideally located on an out-lot of the Mason Square Shopping Center along heavily trafficked Route 34, averaging 45,000 vehicles per day,
Listing Agent: Randolph Taylor 630.474.6441 | rtaylor@creconsult.net
https://www.creconsult.net/fully-equipped-car-wash-oswego-il-route-34/