Historic Stone Hotel
For Sale
$350,000
201 W Chillicothe Avenue, Bellefontaine, OH 43311
Commercial Sale, Bellefontaine, OH
Property Size4,872 SF
Lot Size0.33 Acres
Price / SF$71.84
Days on Market722
Property Features for 201 W Chillicothe Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business
Parking features
Parking Lot
Basement
Block, Full
Subdivision
Bellefontaine
Directions
corner of Detroit and Chillicothe
Standard status
Active
APN
170911601004000
Size
4,872 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2023
Utilities
Sewer type
Public Sewer
Building Details
Year built
1900
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 11:06AM
MLS# 1034367
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 historic stone building in downtown Bellefontaine offers an adaptable setting for boutique hospitality. The interior features tall ceilings, large windows, decorative ironwork, and ornate moldings, while the exterior is constructed from grey Ohio sandstone. A Duralast roof was installed in 2017, and some windows have been replaced or updated.
The property is positioned among restaurants and specialty retail in the downtown area, with a public city parking lot within walking distance. Public sewer service is in place, and the layout is identified as suitable for conversion to a boutique hotel, as well as restaurant or gallery use.
The property is positioned among restaurants and specialty retail in the downtown area, with a public city parking lot within walking distance. Public sewer service is in place, and the layout is identified as suitable for conversion to a boutique hotel, as well as restaurant or gallery use.
Key Highlights
- Historic grey Ohio sandstone construction
- Tall ceilings, large windows, ironwork, and ornate moldings
- Duralast roof installed in 2017
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
$29,506
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
8.43%
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%
$590,120
$590.1K
Cap Rate 7%
$421,514
$421.5K
Cap Rate 9%
$327,844
$327.8K
Market Conditions
NOI Build-Up for 4,872 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
$73.1K $15.00/SF
− Vacancy
−$11.0K −$2.25/SF
EGI
$62.1K $12.75/SF
− OpEx
−$32.6K −$6.69/SF
NOI
$29.5K $6.06/SF
Area
Logan County, OH
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$590,120
Cap Rate 7%
$421,514
Cap Rate 9%
$327,844
Alternative Uses
Best Use
Hotel Hospitality
$421.5K
$368.8K – $491.8K
NOI $29,506 @ 7.0% cap · market cap 8.43%
Second Best
Specialty Retail
$295.9K
$259.0K – $345.3K
NOI $20,716 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$983.5K
$860.5K – $1.15M
NOI $68,843 @ 7.0% cap · market cap 19.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Hotel - Downtown property with adaptable interiors, architectural detail, and potential for boutique hospitality use.
Where is this hotel located?
The property is located at 201 W Chillicothe Avenue Bellefontaine, OH.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Historic grey Ohio sandstone construction; Tall ceilings, large windows, ironwork, and ornate moldings; Duralast roof installed in 2017
