Historic Wedding Venue with Commercial
For Sale
$495,000
221 N Main Street, Bellefontaine, OH 43311
Commercial Sale, Bellefontaine, OH
Property Size8,700 SF
Lot Size0.56 Acres
Price / SF$56.90
Days on Market761
Property Features for 221 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business
Basement
Full
Directions
North Main
Subdivision
901 Bellefontaine
Standard status
Active
APN
170911215014000
Size
8,700 SF
Lot size
0.56 Acres
Taxes and HOA fees
Tax Year
2023
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Amenities
large commercial kitchen
two walk-in coolers
Building Details
Year built
1945
Building materials
Brick
Listing Agency:
Bell Hankins Realty Group, LLC
(937) 935-2450
Listed By:
Heidi Baker · License #2018000866
(937) 844-1302
Added: Aug 5, 2024
Changed: Sep 2
Last Checked: Sep 4 at 4:06AM
MLS# 1033511
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.
The former Elks Building is a 8,700-square-foot brick commercial property constructed in 1945. Its improvements include a large commercial kitchen, two walk-in coolers, forced-air heating, natural gas service, and public sewer. The building’s character and existing layout support event-oriented operations, with the second floor identified for possible bridal suites, studios, or co-working space.
Located at 221 N Main Street in downtown Bellefontaine, the property is near Airbnb accommodations, restaurants, coffee shops, and retail stores. A paved parking lot serves the building, while a second rear parcel provides additional parking area. The property is zoned B2 Downtown Business District and includes 0.56 acres.
Located at 221 N Main Street in downtown Bellefontaine, the property is near Airbnb accommodations, restaurants, coffee shops, and retail stores. A paved parking lot serves the building, while a second rear parcel provides additional parking area. The property is zoned B2 Downtown Business District and includes 0.56 acres.
Key Highlights
- 8,700‑square‑foot brick building constructed in 1945
- Large commercial kitchen with two walk‑in coolers
- Second floor identified for bridal suites, studios, or co‑working space
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
$36,993
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
7.47%
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%
$739,860
$739.9K
Cap Rate 7%
$528,471
$528.5K
Cap Rate 9%
$411,033
$411.0K
Market Conditions
NOI Build-Up for 8,700 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
$51.2K $5.88/SF
− Vacancy
−$1.8K −$0.21/SF
EGI
$49.3K $5.67/SF
− OpEx
−$12.3K −$1.42/SF
NOI
$37.0K $4.25/SF
Area
Logan County, OH
Vacancy
3.58%
Lease Rate
$5.88 /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%
$739,860
Cap Rate 7%
$528,471
Cap Rate 9%
$411,033
Alternative Uses
Best Use
Specialty Retail
$528.5K
$462.4K – $616.6K
NOI $36,993 @ 7.0% cap · market cap 7.47%
Second Best
Industrial
$510.7K
$446.9K – $595.8K
NOI $35,750 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,933 @ 7.0% cap · market cap 24.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
813
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Wedding venue - Brick downtown property includes a commercial kitchen, walk-in coolers, and parking improvements.
Where is this wedding venue located?
The property is located at 221 N Main Street Bellefontaine, OH.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 8,700‑square‑foot brick building constructed in 1945; Large commercial kitchen with two walk‑in coolers; Second floor identified for bridal suites, studios, or co‑working space
