Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    28 S Franklin Street Delaware, OH 43015

    View on Map
    For Sale
    Under Contract
    $799,900

    MULTI_FAMILY - Delaware, OH

    Lot size:
    0.48 Acres
    Added:
    Mar 23, 2026
    Days on Market:
    10
    Last Refresh:
    Apr 1 at 11:06 am

    Property Features for 28 S Franklin Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    20
    Standard status
    Active Under Contract
    APN
    519-433-02-018-000
    Lot size
    0.48 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    9503

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1946
    Number of units
    12

    We can help!

    Listing Contact
    Edward A Cashman

    Listing agent Edward A Cashman License #2014005212

    Listing office RE/MAX Allegiance 11 N Sandusky Street, delaware, OH

    Listing date Mar 23, 2026

    MLS# 226008602

    Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Redevelopment Opportunity Near OWU

    Located one block from the intersection of Sandusky and William Streets, this three-level, multi-use building is steps from Ohio Wesleyan University (OWU), shopping, dining, and all downtown amenities. The property offers redevelopment potential in a high-demand area. Demolition has already begun. The original concept featured four units per floor, totaling 12 units. This property presents an opportunity for mixed-use retail, office, or residential conversion in a thriving and walkable downtown district. It is suited for investors or developers looking to bring new life to a property in Delaware's growing urban core. The lot size is 0.48 acres and is located in Delaware, OH.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Elisit Media Media Distribution

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Delaware
    County
    Delaware
    State
    Ohio
    Longitude
    -83.070009
    Latitude
    40.298078

    Nearby Similar for Sale

    • $670,000
      4,400 SF

      Retail Building with Event Spaces

      Freestanding retail building with bar, event spaces, and kitchen.
      1400 Stratford Road, Delaware, OH 43015
      View Details
    • $599,000
      4,080 SF

      Delaware Industrial Warehouse with Office

      Industrial warehouse with office space and fenced lot for sale.
      237 Curtis Street, Delaware, OH 43015
      View Details
    • $699,000
      3,722 SF

      Renovated Office Building on Sandusky

      Stand-alone office building in booming Delaware city community.
      611 S Sandusky St, Delaware, OH
      View Details
    • $1,500,000
      5,239 SF

      Downtown Retail Investment Opportunity

      5,239 SF retail property in downtown Delaware, OH.
      27 -31 N Sandusky St, Delaware, OH 43015
      View Details
    • $374,900

      Versatile Property in Delaware County

      Adaptable space suitable for church, office, daycare, or retail.
      200 S Liberty St Delaware, OH 43015
      View Details
    • $680,000
      4,400 SF

      Retail Building with Event Spaces

      Freestanding retail building with event spaces and bar areas.
      1400 Stratford Road, Delaware, OH 43015
      View Details
    • $1,700,000
      6,651 SF

      Established Restaurant Space For Sale

      Thriving restaurant property with high foot traffic in downtown Delaware.
      66 N Sandusky St, Delaware, OH 43015
      View Details
    • $499,950
      10,000 SF

      Historic Building in Downtown Delaware

      10,000 SF historic building suitable for office or residential use.
      45 Lake St, Delaware, OH 43015
      View Details
    • $50,000
      1,400 SF

      Boutique Apparel Business For Sale

      Established boutique apparel business with FF&E and inventory included.
      29 North Sandusky Street, Delaware, OH 43015
      View Details
    • $1,200,000
      17,000 SF

      Downtown Delaware Mixed-Use Redevelopment Opportunity

      Unique multi-level building in downtown Delaware with redevelopment potential.
      18 N Sandusky St, Delaware, OH 43015
      View Details
    • $395,000
      1,334 SF

      Retail Property in Downtown Delaware

      Retail property with long-term tenant in high-traffic downtown location.
      31 N Sandusky St, Delaware, OH 43015
      View Details
    • $2,300,000
      18,229 SF

      Downtown Delaware Multi-Level Commercial Building

      Unique commercial building in downtown Delaware, ideal for owner or investor.
      17 N Sandusky Street, Delaware, OH 43015
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Multi-use building with redevelopment potential in a high-demand area.
    Where is this mixed-use property located?
    The property is located at 28 S Franklin Street Delaware, OH.
    What is the asking price?
    The asking price for this property is $799,900.
    What are key features of this property?
    This property features: Prime location: Just one block from Sandusky and William Streets, near OWU, shopping, and dining.; Incredible redevelopment potential: Multi‑use building in a high‑demand area, ready for your vision.; Demolition has begun: Ready for immediate redevelopment.
    (614) 206-0623
    We can help!
    Listing Contact
    Edward A Cashman
    Real Estate License ID: 2014005212
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!