Renovated Spa & Wellness
For Sale
$699,000
1971 Central Avenue, Middletown, OH 45044
Commercial Sale, Middletown, OH
Property Size5,551 SF
Lot Size0.23 Acres
Price / SF$125.92
Days on Market17
Property Features for 1971 Central Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
I-75 Exit 32 to OH-122 W. Right on N Breiel Blvd, left on Central Ave. Property is on right at NW corner of Central Ave & N Sutphin St.
Subdivision
Butler-W19
Standard status
Active
APN
Q6532028000049
Size
5,551 SF
Lot size
0.23 Acres
Utilities
Heating system
Central, Forced Air
Amenities
epoxy flooring
private individual suites/offices
open lobby
signage
drive-thru canopy
Building Details
Year built
1960
Flooring type
Vinyl, Concrete
Building materials
Brick
Roof type
Metal
Listing Agency:
eXp Realty
(216) 242-2322
Listed By:
Luana King · License #2024005617
(866) 212-4991
Added: Aug 12
Changed: Aug 20
Last Checked: Aug 28 at 7:06PM
MLS# 1890013
Copyright © 2026 MLS of Greater Cincinnati, 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.
Renovated freestanding spa and wellness property with 3,300 SF above grade plus a 2,200 SF partially finished basement. The building contains private suites or offices, an open lobby, vinyl and epoxy-style flooring, and turnkey interior finishes. Four salon-suite tenants are in place, and the property also includes an active ATM lease.
Originally built in 1960 with brick construction, the building retains a multi-lane drive-through canopy and offers a dedicated parking lot with ingress and egress from two streets. Its corner setting at Central Avenue and N Sutphin Street provides prominent signage exposure. B-3 zoning supports commercial uses identified in the source, including medical clinics, dental offices, professional or legal offices, retail, and fast-casual or food service operations.
Additional physical features include a metal roof, central heating, forced-air heating, vinyl flooring, and concrete flooring.
Originally built in 1960 with brick construction, the building retains a multi-lane drive-through canopy and offers a dedicated parking lot with ingress and egress from two streets. Its corner setting at Central Avenue and N Sutphin Street provides prominent signage exposure. B-3 zoning supports commercial uses identified in the source, including medical clinics, dental offices, professional or legal offices, retail, and fast-casual or food service operations.
Additional physical features include a metal roof, central heating, forced-air heating, vinyl flooring, and concrete flooring.
Key Highlights
- 3,300 SF building plus a 2,200 SF partially finished basement
- Four active salon‑suite tenants and an ATM lease
- B‑3 zoning supports medical, dental, office, retail, and food‑service uses
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
$63,218
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
9.04%
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%
$1,264,360
$1.3M
Cap Rate 7%
$903,114
$903.1K
Cap Rate 9%
$702,422
$702.4K
Market Conditions
NOI Build-Up for 5,551 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
$113.9K $20.52/SF
− Vacancy
−$29.6K −$5.34/SF
EGI
$84.3K $15.18/SF
− OpEx
−$21.1K −$3.80/SF
NOI
$63.2K $11.39/SF
Area
Butler County, OH
Vacancy
26.00%
Lease Rate
$20.52 /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%
$1,264,360
Cap Rate 7%
$903,114
Cap Rate 9%
$702,422
Alternative Uses
Best Use
Office B
$903.1K
$790.2K – $1.05M
NOI $63,218 @ 7.0% cap · market cap 9.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$960.4K – $1.28M
NOI $76,828 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45044, OH
56,128
Population
21,645
Households
2.6
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
37.8 sq mi
ZIP Area
1,485
Density / Sq Mi
$71,942
Median Household Income
$40,568
Median Earnings
$1,034
Median Rent
$230,400
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.
Similar Off Market Nearby
- Middletown Area Family YMCA — 1020 Manchester Ave, Middletown, OH 45042
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Renovated freestanding commercial building with salon suites, on-site parking, drive-through infrastructure, and B-3 zoning.
Where is this spa & wellness property located?
The property is located at 1971 Central Avenue Middletown, OH.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,300 SF building plus a 2,200 SF partially finished basement; Four active salon‑suite tenants and an ATM lease; B‑3 zoning supports medical, dental, office, retail, and food‑service uses
