Office Building with Flexible
For Sale
$390,000
3590 Pleasant Avenue, Hamilton, OH 45015
Commercial Sale, Hamilton, OH
Property Size1,247 SF
Lot Size0.74 Acres
Price / SF$312.75
Days on Market374
Property Features for 3590 Pleasant Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Exterior features
Sidewalks
Directions
North on Pleasant Ave to the intersection of Pleasant & St Clair. Entrances from both Pleasant and from St Clair sides
Subdivision
Butler-W14
Standard status
Active
APN
P6462012000197
Size
1,247 SF
Lot size
0.74 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1965
Flooring type
Vinyl
Building materials
Block, Stucco
Roof type
Built-Up
Listing Agency:
OwnerLand Realty, Inc.
(513) 896-1200
Listed By:
Charles Shafer
(513) 479-1324
Added: Sep 4, 2025
Changed: Sep 12
Last Checked: Sep 12 at 2:06PM
MLS# 1854454
Copyright © 2026 MLS of Greater Cincinnati, 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.
This 1,247-square-foot office building offers a reception and office area, a large central room, and several smaller enclosed rooms. The arrangement combines open workspace with private offices, providing a practical configuration for business operations. Vinyl flooring, block and stucco construction, natural gas forced-air heating, and a built-up roof are among the existing improvements. The building was constructed in 1965.
The property occupies 0.7352 acres at a signalized corner lot, with additional room on the site for expansion. Sidewalks are included along the exterior, adding pedestrian access to the property’s physical features.
The property occupies 0.7352 acres at a signalized corner lot, with additional room on the site for expansion. Sidewalks are included along the exterior, adding pedestrian access to the property’s physical features.
Key Highlights
- 1,247‑square‑foot office building on 0.7352 acres
- Signalized corner lot with room for expansion
- Reception area, open central room, and multiple smaller offices
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
$14,202
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
3.64%
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%
$284,040
$284.0K
Cap Rate 7%
$202,886
$202.9K
Cap Rate 9%
$157,800
$157.8K
Market Conditions
NOI Build-Up for 1,247 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
$25.6K $20.52/SF
− Vacancy
−$6.7K −$5.34/SF
EGI
$18.9K $15.18/SF
− OpEx
−$4.7K −$3.80/SF
NOI
$14.2K $11.39/SF
Area
Butler County, OH
Vacancy
26.00%
Lease Rate
$20.52 /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%
$284,040
Cap Rate 7%
$202,886
Cap Rate 9%
$157,800
Alternative Uses
Best Use
Office B
$202.9K
$177.5K – $236.7K
NOI $14,202 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$246.6K
$215.7K – $287.7K
NOI $17,259 @ 7.0% cap · market cap 4.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Explore this area
Business Placement
Demographics for 45015, OH
12,103
Population
5,146
Households
2.4
Avg Household Size
37
Median Age
11%
College-Educated
87%
High-School Grad
5.6 sq mi
ZIP Area
2,161
Density / Sq Mi
$45,543
Median Household Income
$37,660
Median Earnings
$1,041
Median Rent
$116,600
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?
Office building - Signalized corner property with reception space, an open central area, and multiple private rooms.
Where is this office building located?
The property is located at 3590 Pleasant Avenue Hamilton, OH.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 1,247‑square‑foot office building on 0.7352 acres; Signalized corner lot with room for expansion; Reception area, open central room, and multiple smaller offices
