Medical Office Building with Flexible
For Sale
$340,000
226 E Burwell St., Loudonville, OH 44842
COMMERCIAL - Loudonville, OH
Property Size1,668 SF
Lot Size0.60 Acres
Price / SF$203.84
Days on Market56
Property Features for 226 E Burwell St.
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
on SR 60 (Union Street) in the city limits of Loudonville
Subdivision
Ashland
Standard status
Active
APN
B08-039-0-0098-00
Lot size
0.60 Acres
Taxes and HOA fees
Tax Description
R=39 LOT 827 - 828 - 829
Tax Annual Amount
3039
Legal Description
R=39 LOT 827 - 828 - 829
Utilities
Heating system
Forced Air
Building Details
Year built
1988
Floors in Building
1
Roof type
Shingle
Listing Agency:
Howard Hanna Real Estate Services- Mohican Office
(419) 920-4100
Listed By:
Tracy Kauffman · License #2002002519
(330) 231-4044
Added: Jun 15
Changed: Aug 4
Last Checked: Aug 9 at 11:06AM
MLS# 10231122
Copyright © 2026 Mansfield 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 commercial building is currently configured as a medical office and totals 1,668 square feet. Interior walls are non-load-bearing, which allows for an open-concept design and customizable layout options for a range of business needs. The sale includes the real estate only, with any business not included.
The property sits on three parcels, providing ample business parking for clients, patients, or employees. Located in the Mohican/Loudonville area at 226 E Burwell St., it presents a convenient, established commercial setting for prospective owners and operators.
The property sits on three parcels, providing ample business parking for clients, patients, or employees. Located in the Mohican/Loudonville area at 226 E Burwell St., it presents a convenient, established commercial setting for prospective owners and operators.
Key Highlights
- 1,668 SF building built in 1988 with forced air heating and shingle roof
- Currently configured as a medical office; interior walls are non‑load‑bearing for flexible re‑layout
- Three‑parcel property with ample on‑site business parking for clients, patients, or employees
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
$19,230
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
5.66%
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%
$384,600
$384.6K
Cap Rate 7%
$274,714
$274.7K
Cap Rate 9%
$213,667
$213.7K
Market Conditions
NOI Build-Up for 1,668 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
$36.6K $21.96/SF
− Vacancy
−$4.6K −$2.75/SF
EGI
$32.1K $19.22/SF
− OpEx
−$12.8K −$7.69/SF
NOI
$19.2K $11.53/SF
Area
Ashland County, OH
Vacancy
12.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
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%
$384,600
Cap Rate 7%
$274,714
Cap Rate 9%
$213,667
Alternative Uses
Best Use
Healthcare Medical
$274.7K
$240.4K – $320.5K
NOI $19,230 @ 7.0% cap · market cap 5.66%
Second Best
Office B
$228.2K
$199.7K – $266.2K
NOI $15,973 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$314.8K
$275.4K – $367.2K
NOI $22,034 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44842, OH
5,643
Population
2,480
Households
2.3
Avg Household Size
43
Median Age
20%
College-Educated
92%
High-School Grad
72.8 sq mi
ZIP Area
78
Density / Sq Mi
$71,524
Median Household Income
$39,444
Median Earnings
$665
Median Rent
$186,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building with non-load-bearing interior walls and parking across three parcels.
Where is this medical office space located?
The property is located at 226 E Burwell St. Loudonville, OH.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 1,668 SF building built in 1988 with forced air heating and shingle roof; Currently configured as a medical office; interior walls are non‑load‑bearing for flexible re‑layout; Three‑parcel property with ample on‑site business parking for clients, patients, or employees
