Historic Three-Story Storefront
For Sale
$1,500,000
144 S Main Street, Bellefontaine, OH 43311
Commercial Sale, Bellefontaine, OH
Property Size19,000 SF
Price / SF$78.95
Days on Market722
Property Features for 144 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business
Parking features
Parking Lot
Basement
Full
Directions
Corner of Main and Chillicothe
Subdivision
901 Bellefontaine
Standard status
Active
APN
170911225008000
Size
19,000 SF
Taxes and HOA fees
Tax Year
2023
Utilities
Sewer type
Public Sewer
Building Details
Year built
1910
Building materials
Stone
Listing Agency:
Bell Hankins Realty Group, LLC
(937) 935-2450
Listed By:
Heidi Baker · License #2018000866
(937) 844-1302
Added: Sep 13, 2024
Changed: Sep 2
Last Checked: Sep 4 at 4:06AM
MLS# 1034370
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.
Constructed in 1910, this approximately 19,000-square-foot stone storefront property includes three floors of about 6,000 square feet each, plus a full basement and mezzanine. Improvements completed in 2014 included a new roof, storefront glass, doors, upper-floor windows, tuckpointing, and terra cotta tile repairs. The work maintains the building’s historic character while addressing key exterior components.
The property occupies the corner of Main and Chillicothe in downtown Bellefontaine, with award-winning restaurants and specialty retailers within walking distance. A parking lot and public sewer service are also included. The multi-level layout provides substantial commercial space for a range of uses within an established downtown setting.
The property occupies the corner of Main and Chillicothe in downtown Bellefontaine, with award-winning restaurants and specialty retailers within walking distance. A parking lot and public sewer service are also included. The multi-level layout provides substantial commercial space for a range of uses within an established downtown setting.
Key Highlights
- Approximately 19,000 square feet across three floors, a full basement, and a mezzanine
- Each of the three floors measures approximately 6,000 square feet
- 2014 improvements included a new roof, storefront glass, doors, and upper‑floor windows
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
$74,378
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
4.96%
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%
$1,487,560
$1.5M
Cap Rate 7%
$1,062,543
$1.1M
Cap Rate 9%
$826,422
$826.4K
Market Conditions
NOI Build-Up for 19,000 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
$110.2K $5.80/SF
− Vacancy
−$3.9K −$0.21/SF
EGI
$106.3K $5.59/SF
− OpEx
−$31.9K −$1.68/SF
NOI
$74.4K $3.91/SF
Area
Logan County, OH
Vacancy
3.58%
Lease Rate
$5.80 /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%
$1,487,560
Cap Rate 7%
$1,062,543
Cap Rate 9%
$826,422
Alternative Uses
Best Use
Retail
$1.06M
$929.7K – $1.24M
NOI $74,378 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.84M
$3.36M – $4.47M
NOI $268,475 @ 7.0% cap · market cap 17.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
738
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43311, OH
20,029
Population
9,497
Households
2.1
Avg Household Size
40
Median Age
17%
College-Educated
93%
High-School Grad
103.8 sq mi
ZIP Area
193
Density / Sq Mi
$64,217
Median Household Income
$40,341
Median Earnings
$833
Median Rent
$183,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Dorcey's Flowers — 300 S Main St, Bellefontaine, OH 43311
- Wren's Florist & Greenhouse — 500 E Columbus Ave, Bellefontaine, OH 43311
Frequently Asked Questions
What type of property is this?
Storefront property - Stone construction, a parking lot, and multiple levels support varied commercial uses in Bellefontaine’s downtown business district.
Where is this storefront property located?
The property is located at 144 S Main Street Bellefontaine, OH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approximately 19,000 square feet across three floors, a full basement, and a mezzanine; Each of the three floors measures approximately 6,000 square feet; 2014 improvements included a new roof, storefront glass, doors, and upper‑floor windows
