Auto Repair Shop with
For Sale
$137,000
214 Kentucky Street, Lafayette, OH 45854
Commercial Sale, Lafayette, OH
Property Size2,976 SF
Lot Size0.42 Acres
Price / SF$46.03
Days on Market9
Property Features for 214 Kentucky Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Residential
Zoning description
455-Commercial Garages
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Overhead Door
Subdivision
Plainview Addition
Elementary school district
Allen East
Middle school district
Allen East
High school district
Allen East
Directions
USE GPS--
Standard status
Active
APN
38280704001000
Size
2,976 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Description
PLAINVIEW ADDITION LOTS 98 99 100 & 101 JOINT TEN FF 140.00
Tax Annual Amount
689
Legal Description
PLAINVIEW ADDITION LOTS 98 99 100 & 101 JOINT TEN FF 140.00
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Well
Amenities
heated and air-conditioned office
machine shop
car shop
woodworking shop
parts room
cold storage area
natural gas forced air heat
220 volt single phase electric
detached storage building
garden shed
well
Building Details
Year built
1947
Floors in Building
1
Flooring type
Concrete
Building materials
Metal Siding
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Ron Spencer Real Estate
(419) 228-8899
Listed By:
Randall Faulder
(419) 302-6455
Added: Sep 1
Changed: Sep 8
Last Checked: Sep 9 at 11:06AM
MLS# 311410
Copyright © 2026 West Central Association of Realtors. 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 2,976-square-foot automotive facility combines a repair shop with several specialized work areas. The building includes two service bays, a 10-by-14 heated and air-conditioned office, a 12-by-19 machine shop, a 28-by-27 car shop, an 18-by-32 woodworking shop, a 15-by-17 parts room, and a 17-by-18 cold storage area. Natural gas forced-air heat and 220-volt single-phase electric support shop operations. The property also includes a bathroom, concrete flooring, metal siding, and a metal roof.
Outside, the paved asphalt lot provides 10+ parking spaces on a 0.42-acre parcel. A detached 24-by-32 post-frame storage building has a concrete floor and two overhead doors, while a separate 12-by-19 garden shed adds further utility storage. The property is served by a well and public sewer and was built in 1947.
Outside, the paved asphalt lot provides 10+ parking spaces on a 0.42-acre parcel. A detached 24-by-32 post-frame storage building has a concrete floor and two overhead doors, while a separate 12-by-19 garden shed adds further utility storage. The property is served by a well and public sewer and was built in 1947.
Key Highlights
- 2,976‑square‑foot automotive facility on 0.42 acres
- Two large service bays for repair and automotive work
- 220‑volt single‑phase electric and natural gas forced‑air heat
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
$12,229
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
8.93%
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%
$244,580
$244.6K
Cap Rate 7%
$174,700
$174.7K
Cap Rate 9%
$135,878
$135.9K
Market Conditions
NOI Build-Up for 2,976 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
$19.1K $6.41/SF
− Vacancy
−$1.6K −$0.54/SF
EGI
$17.5K $5.87/SF
− OpEx
−$5.2K −$1.76/SF
NOI
$12.2K $4.11/SF
Area
Allen County, OH
Vacancy
8.42%
Lease Rate
$6.41 /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%
$244,580
Cap Rate 7%
$174,700
Cap Rate 9%
$135,878
Alternative Uses
Best Use
Industrial
$174.7K
$152.9K – $203.8K
NOI $12,229 @ 7.0% cap · market cap 8.93%
Second Best
Retail
$168.7K
$147.6K – $196.9K
NOI $11,811 @ 7.0% cap · market cap 8.62%
Theoretical Best
Office A
$716.8K
$627.2K – $836.3K
NOI $50,177 @ 7.0% cap · market cap 36.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45854, OH
461
Population
165
Households
2.8
Avg Household Size
37
Median Age
7%
College-Educated
100%
High-School Grad
0.4 sq mi
ZIP Area
1,153
Density / Sq Mi
$49,653
Median Household Income
$45,000
Median Earnings
$743
Median Rent
$121,700
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?
Auto shop - Functional automotive facility with service bays, dedicated work areas, and multiple accessory storage buildings.
Where is this auto shop located?
The property is located at 214 Kentucky Street Lafayette, OH.
What is the asking price?
The asking price for this property is $137,000.
What are key features of this property?
This property features: 2,976‑square‑foot automotive facility on 0.42 acres; Two large service bays for repair and automotive work; 220‑volt single‑phase electric and natural gas forced‑air heat
