Commercial Land at Highway
For Sale
$344,900
1071 S Main Street, Urbana, OH 43078
Commercial Sale, Urbana, OH
Property Size1,118 SF
Lot Size2.53 Acres
Price / SF$308.50
Days on Market1740
Property Features for 1071 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business, Multiple, Residential
Exterior features
Overhead Door(s)
Directions
From Downtown Urbana, go South on Main Street. Property is located at the Intersection of US Hwy 68 and State Rout 55.
Subdivision
320 S OF US 36 AND E OF US 68
Standard status
Active
APN
K482511023101200
Size
1,118 SF
Lot size
2.53 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Building Details
Year built
1960
Building materials
Vinyl Siding
Additional Structures
Outbuilding
Listing Agency:
RE/MAX Alliance Realty
(937) 652-1100
Listed By:
V. Patrick Hamilton · License #2004002933
(937) 869-1809
Added: Dec 3, 2021
Changed: Sep 3
Last Checked: Sep 8 at 7:06AM
MLS# 1015251
Copyright © 2026 Western Regional Information System & Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2.53-acre commercial land offering combines three parcels with existing improvements at 1071, 1075, and 1077 S. Main Street. The primary parcel includes a 1,118-square-foot office building with two single-car garage bays. Additional improvements include an 896-square-foot, two-bedroom, one-bath home, an older 28-by-20-foot garage, and a 440-square-foot home that is uninhabitable following a fire. The office building has vinyl siding, natural gas heat, overhead doors, and was built in 1960.
The property occupies the intersection of US Hwy 68 and State Route 55 in Urbana. The main parcel is zoned B-2, General Business, while the remaining parcels carry R-2, Medium Density Residential zoning. Public sewer service is present.
The property occupies the intersection of US Hwy 68 and State Route 55 in Urbana. The main parcel is zoned B-2, General Business, while the remaining parcels carry R-2, Medium Density Residential zoning. Public sewer service is present.
Key Highlights
- 2.53 acres across three parcels
- Located at the intersection of US Hwy 68 and State Route 55
- Main parcel zoned B‑2, General Business; remaining parcels zoned R‑2, Medium Density Residential
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,449
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$268,980
$269.0K
Cap Rate 7%
$192,129
$192.1K
Cap Rate 9%
$149,433
$149.4K
Market Conditions
NOI Build-Up for 1,118 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.1K $21.53/SF
− Vacancy
−$6.1K −$5.49/SF
EGI
$17.9K $16.04/SF
− OpEx
−$4.5K −$4.01/SF
NOI
$13.4K $12.03/SF
Area
Champaign County, OH
Vacancy
25.50%
Lease Rate
$21.53 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$268,980
Cap Rate 7%
$192,129
Cap Rate 9%
$149,433
Alternative Uses
Best Use
Office B
$192.1K
$168.1K – $224.2K
NOI $13,449 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$311.8K
$272.9K – $363.8K
NOI $21,829 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Explore this area
Business Placement
Demographics for 43078, OH
20,067
Population
8,904
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
133
Density / Sq Mi
$72,500
Median Household Income
$40,854
Median Earnings
$909
Median Rent
$176,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - B-2-zoned commercial land with existing improvements and public sewer service at a prominent Urbana intersection.
Where is this commercial land located?
The property is located at 1071 S Main Street Urbana, OH.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: 2.53 acres across three parcels; Located at the intersection of US Hwy 68 and State Route 55; Main parcel zoned B‑2, General Business; remaining parcels zoned R‑2, Medium Density Residential
