Medical Office
For Sale
$340,000
226 E Burwell St., Loudonville, OH 44842
Business No Real Estate, Loudonville, OH
Property Size1,668 SF
Lot Size0.60 Acres
Price / SF$203.84
Days on Market101
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: Sep 8
Last Checked: Sep 23 at 10:06PM
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 1,668-square-foot medical office building was constructed in 1988 and is currently arranged for medical use. Its interior walls are non-load-bearing, providing flexibility for a revised layout or open-concept configuration. Forced-air heating and a shingle roof are existing building features.
The property includes 0.6 acres across three parcels at 226 E Burwell St. in Loudonville, Ohio. On-site business parking supports visitors, patients, and employees. The sale includes the real estate only; the operating business is not included.
The property includes 0.6 acres across three parcels at 226 E Burwell St. in Loudonville, Ohio. On-site business parking supports visitors, patients, and employees. The sale includes the real estate only; the operating business is not included.
Key Highlights
- 1,668‑square‑foot medical office building
- 0.6 acres across three parcels
- Interior walls are non‑load‑bearing
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
149
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured for medical use with adaptable interior walls and on-site parking.
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‑square‑foot medical office building; 0.6 acres across three parcels; Interior walls are non‑load‑bearing
