Retail Flea Market with Outdoor
For Sale
$700,000
12045 State Route 235, Lakeview, OH 43331
COMMERCIAL - Lakeview, OH
Property Size3,266 SF
Lot Size0.42 Acres
Price / SF$214.33
Days on Market161
Property Features for 12045 State Route 235
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
50
Subdivision
Millford Heights
Directions
US-33 to SR-235/366 to Indian Lake Flea Market. Just past Buckeye Pizza.
Standard status
Active
APN
430041908002000
Size
3,266 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Utilities
Propane
Heating system
Propane (Heating), Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
1975
Building materials
Metal Siding
Listing Agency:
Key Realty
(877) 539-7589
Listed By:
Lori Newman
(877) 539-7589
Added: Mar 4
Changed: Aug 5
Last Checked: Aug 12 at 12:06PM
MLS# 1044091
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.
Retail space operating as a flea market, supported by multiple non-rent revenue sources and rentable outdoor storage spaces. The property includes multiple parcels and is built with metal siding, central air conditioning, forced-air propane heating, and well water. It was built in 1975 and totals 3,266 square feet.
The property sits on commercially zoned land with approximately 465 feet of road frontage. An additional 110 feet of frontage may be added through the purchase of the neighboring parcel at 11977 St Rt 235 N (MLS#1044090). The site also provides undeveloped road access options and strong visibility for continued operation or future commercial development.
Outdoor storage and sales operations are part of the existing setup, and the inventory may be purchased with the sale.
The property sits on commercially zoned land with approximately 465 feet of road frontage. An additional 110 feet of frontage may be added through the purchase of the neighboring parcel at 11977 St Rt 235 N (MLS#1044090). The site also provides undeveloped road access options and strong visibility for continued operation or future commercial development.
Outdoor storage and sales operations are part of the existing setup, and the inventory may be purchased with the sale.
Key Highlights
- Approximately 465 feet of road frontage across multiple parcels
- Option to add an additional 110 feet of frontage with adjacent parcel 11977 St Rt 235 N (MLS#1044090)
- 3,266 square feet retail/flea market building with metal siding
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
$26,790
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
3.83%
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%
$535,800
$535.8K
Cap Rate 7%
$382,714
$382.7K
Cap Rate 9%
$297,667
$297.7K
Market Conditions
NOI Build-Up for 3,266 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
$41.2K $12.60/SF
− Vacancy
−$2.9K −$0.88/SF
EGI
$38.3K $11.72/SF
− OpEx
−$11.5K −$3.52/SF
NOI
$26.8K $8.20/SF
Area
Logan County, OH
Vacancy
7.00%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$535,800
Cap Rate 7%
$382,714
Cap Rate 9%
$297,667
Alternative Uses
Best Use
Self Storage
$382.7K
$334.9K – $446.5K
NOI $26,790 @ 7.0% cap · market cap 3.83%
Second Best
Warehouse
$232.8K
$203.7K – $271.6K
NOI $16,296 @ 7.0% cap · market cap 2.33%
Theoretical Best
Office A
$659.3K
$576.9K – $769.2K
NOI $46,149 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Explore this area
Business Placement
Demographics for 43331, OH
4,428
Population
3,578
Households
1.2
Avg Household Size
53
Median Age
16%
College-Educated
94%
High-School Grad
30.8 sq mi
ZIP Area
144
Density / Sq Mi
$60,159
Median Household Income
$44,057
Median Earnings
$886
Median Rent
$130,300
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Retail space - Retail flea market with rentable outdoor storage on commercially zoned land with substantial road frontage.
Where is this retail space located?
The property is located at 12045 State Route 235 Lakeview, OH.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Approximately 465 feet of road frontage across multiple parcels; Option to add an additional 110 feet of frontage with adjacent parcel 11977 St Rt 235 N (MLS#1044090); 3,266 square feet retail/flea market building with metal siding
