Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Versatile Commercial Building in Galion Title is generated by Realmo AI

    366 N Portland Way, Galion, OH 44833

    View on Map
    Claim this Listing
    For Sale
    $449,000

    Office - Galion, OH

    Type:Office
    Property size:
    4,000 SF
    Lot size:
    0.52 Acres
    Price / SF:
    $112/SF
    Added:
    Jun 5, 2025
    Days on Market:
    340
    Last Refresh:
    May 10 at 7:06 am

    Property Features for 366 N Portland Way

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Exterior features
    Corner Lot, Frontage Exposure
    Standard status
    Active
    APN
    19-0023896.000
    Size
    4,000 SF
    Lot size
    0.52 Acres

    Building Details

    Year built
    2006
    Floors in Building
    1
    Building materials
    Brick
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Steve Lehmann
    Steve Lehmann

    Listing agent Steve Lehmann License #2010003176

    Listing office Truth First Realty 101 W. Water St., OH

    Listing date Jun 5, 2025

    MLS# 20252181 Listing URL

    Copyright © 2026 Firelands MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Highest traffic location in Galion, boasting over 11,000 vehicles per day.
    • Versatile layout suitable for office, medical, or retail uses.
    • All brick construction.
    • 20 parking spaces.
    • Dual HVAC setups.
    • Brick monument sign at the corner.

    Overview

    This all-brick commercial building is situated on a spacious 0.516-acre lot in Galion, Ohio. The property benefits from a high-traffic location with over 11,000 vehicles passing by daily. The 4,000-square-foot building is versatile and suitable for office, medical, or retail uses. It features multiple entry doors and a spacious layout. The property includes dual HVAC setups and 20 parking spaces. A brick monument sign is located at the corner of the lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Galion
    County
    Crawford
    State
    Ohio
    Longitude
    -82.8020808
    Latitude
    40.7377505

    Nearby Similar for Sale

    • $799,000
      9,000 SF

      Versatile Industrial Facility on Busy Road

      9,000 SF industrial facility with office and warehouse space.
      9500 Harding Hwy East, Galion, OH 44833
      View Details
    • $114,900
      636 SF

      Galion Commercial Property with Restaurant

      Commercial property with restaurant equipment and recent upgrades for sale.
      355 East Street, Galion, OH 44833
      View Details
    • $349,000
      24,656 SF

      Industrial Property with Expansion Potential

      24,656 SF industrial building on 2.2 acres for sale.
      303 E. Parson St., Galion, OH 44833
      View Details
    • $1,900,000
      140,000 SF

      Industrial Space in Galion, Ohio

      140,000 SF industrial space with immediate possession available for sale.
      521 S Market St., Galion, OH 44833
      View Details
    • $188,000

      Turn-Key Quadruplex in Galion, OH

      Fully occupied 4-unit property with reliable cash flow.
      529 Boston St., Galion, OH 44833
      View Details
    • $795,500
      6,600 SF

      Galion, OH Commercial Opportunity

      Prime commercial property with high visibility and expansive parking.
      702 Charles Street, Galion, OH 44833
      View Details
    • $165,000
      8,000 SF

      Versatile Event Center in Galion

      Fully functional event venue suitable for various entertainment purposes.
      349 Dawsett, Galion, OH 44833
      View Details
    • $1,200,000
      40,000 SF

      Adaptable Office Facility For Sale

      Spacious 40,000 SF office building with adaptable interior.
      1300 Freese Works Pl, Galion, OH
      View Details
    • $1,300,000
      7,900 SF

      Versatile Industrial Property with Freezer

      Industrial property featuring warehouse, freezer, and office spaces for sale.
      1341 Freese Works Pl, Galion, OH
      View Details
    • $1,900,000
      140,000 SF

      Industrial Space with Ample Parking

      140,000 SF industrial space with immediate possession and ample parking.
      521 S Market St, Galion, OH, 44833-2612
      View Details
    • $198,000

      Turn-Key, Fully Occupied Quadruplex

      Well-maintained Galion quadplex with immediate cash flow and long-term value.
      529 S Boston Street, Galion, OH 44833
      View Details
    • $89,900

      Auto Shop with Expansion Potential

      Auto shop equipped with lift, compressor, and extra vacant parcel.
      126 1st Ave, Galion, OH, 44833-2832
      View Details

    FAQs

    What type of property is this?
    Office building - All-brick building suitable for office, medical, or retail use.
    Where is this office building located?
    The property is located at 366 N Portland Way Galion, OH.
    What is the asking price?
    The asking price for this property is $449,000.
    What are key features of this property?
    This property features: Highest traffic location in Galion, boasting over 11,000 vehicles per day.; Versatile layout suitable for office, medical, or retail uses.; All brick construction.
    (419) 680-6390
    We can help!
    Listing Contact
    Steve Lehmann
    Steve Lehmann
    Real Estate License ID: 2010003176
    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

    Thank You for Inquiry
    366 N Portland Way, Galion, OH 44833
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!