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    40 Main Street Lexington, OH 44904

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    Claim this Listing
    New
    For Sale
    $875,000

    Commercial - Lexington, OH

    Property size:
    2,742 SF
    Lot size:
    0.80 Acres
    Price / SF:
    $319/SF
    Added:
    Apr 21, 2026
    Days on Market:
    1
    Last Refresh:
    Apr 21 at 10:06 pm

    Property Features for 40 Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0482711001000
    Size
    2,742 SF
    Lot size
    0.80 Acres

    Utilities

    Heating system
    Central, Wall Furnace
    Cooling system
    Central Air

    Building Details

    Year built
    1982
    Flooring type
    Concrete
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Stacey Wampler

    Listing agent Stacey Wampler

    Listing office Sluss Realty 1641 Park Avenue West, OH

    Listing date Apr 21, 2026

    MLS# 9073079 Listing URL

    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.

    Overview

    Turnkey Mixed-Use Lexington Property

    This mixed-use property in Lexington features a fully built-out cafe and bar space within the Teller Building, offered with the opportunity to purchase the entire property. The commercial area includes two drive-thru lanes, a furnished patio with gas fire pits, a turf lawn, and quality outdoor seating. The interior supports beverage service and light food preparation with existing refrigeration, prep areas, and bar infrastructure. The property also includes two office suites, Suite A and Suite B, each approximately 260 square feet; Suite B is currently leased. Luxury accommodations, including THE NIGHT VAULT, offer a unique stay with high-end finishes and repurposed historic elements. Located in the heart of Lexington, near Mid-Ohio, Snow Trails, and Mohican, this high-visibility property offers multiple income streams. The property size is 2742 square feet and the lot size is approximately 0.8 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kristin E. Brown, ... Law Firm The Teller Building Restaurant the note. Restaurant Hello Events Marketing & Advertising

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Richland
    State
    Ohio
    Longitude
    -82.5816078
    Latitude
    40.6784417

    Nearby Similar for Sale

    • $3,500
      2,479 SF

      Turnkey Cafe and Bar Space

      Fully built-out cafe/bar with drive-thru, patio, and equipment.
      40 Main Street - the note, Lexington, OH 44904
      View Details
    • $850
      260 SF

      Modern Office Suite on Main

      Newly constructed office suite with high-end finishes and great visibility.
      40 Main Street - Suite A - LEASE, Lexington, OH 44904
      View Details
    • $3,000
      5,000 SF

      Versatile Warehouse Space For Lease

      5,000 sq ft warehouse with easy highway access.
      140 Lexington Industrial Dr, Lexington, OH 44904
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    • $5,000
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      Lexington Industrial Building For Lease

      11,000 SF industrial building with warehouse and office space.
      140 Lexington Industrial Dr, Lexington, OH 44904
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Fully built-out cafe/bar with hotel and office income potential.
    Where is this mixed-use property located?
    The property is located at 40 Main Street Lexington, OH.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: Turnkey cafe and bar space with existing infrastructure and outdoor amenities.; Mixed‑use property with commercial space, boutique hotel‑style accommodations, and office income potential.; High‑visibility location in the heart of Lexington, near popular attractions.
    (419) 565-5184
    We can help!
    Listing Contact
    Stacey Wampler
    Learn More
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    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
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