Flex Space With Living
For Sale
$385,000
113 W Kress Street, Russells Point, OH 43348
Land, Russells Point, OH
Property Size3,200 SF
Lot Size0.54 Acres
Price / SF$120.31
Days on Market18
Property Features for 113 W Kress Street
General Information
Property type
Land
Property subtype
Other
Zoning description
Commercial, Residential
Interior features
Ceiling Fan(s)
Subdivision
Nichelson South
Lot features
Building Restrictions, Residential Lot
Elementary school district
4603 Indian Lake LSD
Middle school district
4603 Indian Lake LSD
High school district
4603 Indian Lake LSD
Directions
State Route 708 to Kress (near Russells Point post office).
Standard status
Active
APN
520321333001006
Size
3,200 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Building Details
Year built
2015
Flooring type
Tile
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Choice Properties Real Estate
(937) 842-2244
Listed By:
Diane (Teri) P. Frymyer
(937) 842-2244
Added: Aug 13
Changed: Aug 19
Last Checked: Aug 30 at 10:06PM
MLS# 1047727
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 3,200-square-foot flex-space property was built in 2015 and incorporates living quarters within the building. The lower level provides a living area and kitchen, while the loft includes a bedroom and a large storage area. Tile flooring and ceiling fans are among the interior features, and the property is served by public sewer.
Located at 113 W Kress Street in Russells Point, Ohio, the property occupies 0.54 acres. Its combination of commercial-use potential and built-in living areas gives the building a mixed configuration suited to a range of operational arrangements supported by the existing layout.
Located at 113 W Kress Street in Russells Point, Ohio, the property occupies 0.54 acres. Its combination of commercial-use potential and built-in living areas gives the building a mixed configuration suited to a range of operational arrangements supported by the existing layout.
Key Highlights
- 3,200 square feet of flex‑space improvements
- 0.54‑acre property at 113 W Kress Street
- Built in 2015
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
$29,197
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
7.58%
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%
$583,940
$583.9K
Cap Rate 7%
$417,100
$417.1K
Cap Rate 9%
$324,411
$324.4K
Market Conditions
NOI Build-Up for 3,200 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
$54.9K $17.16/SF
− Vacancy
−$10.0K −$3.12/SF
EGI
$44.9K $14.04/SF
− OpEx
−$15.7K −$4.91/SF
NOI
$29.2K $9.12/SF
Area
Montgomery County, OH
Vacancy
18.20%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
35.00%
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%
$583,940
Cap Rate 7%
$417,100
Cap Rate 9%
$324,411
Alternative Uses
Best Use
Flex RnD
$417.1K
$365.0K – $486.6K
NOI $29,197 @ 7.0% cap · market cap 7.58%
Second Best
Mixed Use
$400.6K
$350.5K – $467.3K
NOI $28,039 @ 7.0% cap · market cap 7.28%
Theoretical Best
Multifamily LT 5
$30.27M
$26.48M – $35.31M
NOI $2,118,614 @ 7.0% cap · market cap 550.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
98
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43348, OH
1,880
Population
1,498
Households
1.3
Avg Household Size
47
Median Age
18%
College-Educated
86%
High-School Grad
2.3 sq mi
ZIP Area
817
Density / Sq Mi
$50,658
Median Household Income
$32,132
Median Earnings
$763
Median Rent
$147,900
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?
Flex space - Flexible commercial configuration with an integrated kitchen, living area, loft bedroom, and substantial storage space.
Where is this flex space located?
The property is located at 113 W Kress Street Russells Point, OH.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 3,200 square feet of flex‑space improvements; 0.54‑acre property at 113 W Kress Street; Built in 2015
