Mixed-Use Building with
For Sale
$439,900
118 N Main Street, Urbana, OH 43078
Commercial Sale, Urbana, OH
Property Size8,334 SF
Lot Size0.08 Acres
Price / SF$52.78
Days on Market213
Property Features for 118 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Interior features
Elevator
Basement
Finished, Full
Accessibility
Accessible Elevator Installed
Directions
North Main Street (US Hwy 68) in Downtown Urbana
Subdivision
300 N OF US 36 AND W OF US 68
Standard status
Active
APN
K482500041903000
Size
8,334 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Cooling system
Central Air
Amenities
elevator
Building Details
Year built
1900
Flooring type
Hardwood, Carpet
Building materials
Brick, Vinyl Siding
Listing Agency:
RE/MAX Alliance Realty
(937) 652-1100
Listed By:
V. Patrick Hamilton · License #2004002933
(937) 869-1809
Added: Feb 6
Changed: Sep 3
Last Checked: Sep 7 at 10:06PM
MLS# 1043643
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 8,334-square-foot mixed-use building occupies a 0.08-acre site and extends across four usable levels, including a finished basement. An elevator serves each floor, with stairs providing additional circulation. The main level contains more than 3,000 square feet of retail area, while the second floor adds over 3,000 square feet and the third floor provides more than 1,500 square feet for storage. The finished basement includes office space and a half bath.
Located on North Main Street in Urbana’s downtown business district, the property has both front and rear public entrances. A public parking lot is positioned directly behind the building. Construction includes brick and vinyl siding, with hardwood and carpet flooring, central air, natural-gas hot-water heating, and public sewer service. The property is currently occupied by an interior design studio and retail-oriented business; the real estate is offered separately from the business.
Located on North Main Street in Urbana’s downtown business district, the property has both front and rear public entrances. A public parking lot is positioned directly behind the building. Construction includes brick and vinyl siding, with hardwood and carpet flooring, central air, natural-gas hot-water heating, and public sewer service. The property is currently occupied by an interior design studio and retail-oriented business; the real estate is offered separately from the business.
Key Highlights
- 8,334 square feet across four usable levels
- 0.08‑acre site with frontage on North Main Street in downtown Urbana
- Elevator serves every floor, with stair access also available
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
$27,898
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
6.34%
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%
$557,960
$558.0K
Cap Rate 7%
$398,543
$398.5K
Cap Rate 9%
$309,978
$310.0K
Market Conditions
NOI Build-Up for 8,334 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
$48.8K $5.86/SF
− Vacancy
−$4.2K −$0.50/SF
EGI
$44.6K $5.36/SF
− OpEx
−$16.7K −$2.01/SF
NOI
$27.9K $3.35/SF
Area
Champaign County, OH
Vacancy
8.60%
Lease Rate
$5.86 /SF/Yr
Expense Ratio
37.50%
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%
$557,960
Cap Rate 7%
$398,543
Cap Rate 9%
$309,978
Alternative Uses
Best Use
Mixed Use
$398.5K
$348.7K – $465.0K
NOI $27,898 @ 7.0% cap · market cap 6.34%
Second Best
Retail
$217.0K
$189.8K – $253.1K
NOI $15,187 @ 7.0% cap · market cap 3.45%
Theoretical Best
Specialty Retail
$2.32M
$2.03M – $2.71M
NOI $162,722 @ 7.0% cap · market cap 36.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
525
Businesses Nearby
39k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Speedway
Shops & Services
20,890 visits/mo
0.5 miles
United Dairy Farmers
Shops & Services
12,775 visits/mo
0.1 miles
Marathon
Shops & Services
4,155 visits/mo
0.2 miles
Fifth Third Bank & ATM
Shops & Services
1,619 visits/mo
0.3 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial property with flexible multi-floor space, public entrances, and access to rear public parking.
Where is this mixed-use property located?
The property is located at 118 N Main Street Urbana, OH.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: 8,334 square feet across four usable levels; 0.08‑acre site with frontage on North Main Street in downtown Urbana; Elevator serves every floor, with stair access also available
