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    The Largest CRE Database in the US with Over 1 Million Listings

    408 S Market St Troy, OH 45373

    Sponsored
    For Sale
    $864,900

    COMMERCIAL - Mansion, Victorian - Troy, OH

    Property size:
    5,246 SF
    Lot size:
    0.85 Acres
    Days on Market:
    5
    Last Refresh:
    Jan 27 at 5:06 am

    Property Features for 408 S Market St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Security features
    Security Lighting
    Rooms
    Dining Room
    APN
    D08023560
    Patio and Porch features
    Porch, Patio, Deck
    Interior features
    Walk-In Closet(s), Cathedral Ceiling(s), Wet Bar
    Fencing
    Fenced
    Fireplace
    1
    Basement
    Finished, Partially Finished, Full
    Appliances
    Built-In Electric Oven, Cooktop, Disposal, Range
    Size
    5,246 SF
    Lot size
    0.85 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1920
    Flooring type
    Wood, Carpet, Hardwood, Tile
    Building materials
    Brick
    Architectural style
    Victorian, Mansion
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Lisa A. Nishwitz

    Coldwell Banker Heritage (937) 890-2200

    Listing agent Lisa A. Nishwitz (937) 890-2200

    Listing date Jan 23, 2026

    MLS# 1041756

    Copyright © 2026 Western Regional Information Systems and Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Gem with Modern Potential

    This historic home, built in 1893, offers timeless character and is zoned OR-1, presenting various possibilities. The stately estate, built by William Francis, features wood craftsmanship throughout. The home is situated on two lots, encompassing a 1.007-acre park-like fenced yard. The residence includes updates inside and out. The property features 5 bedrooms and 3 full and 2 half bathrooms. A grand foyer welcomes you with hardwood floors and an open staircase. The living and family rooms feature hardwood floors, original pocket doors, crown molding, built-ins, and wood trim. The formal dining room includes a built-in china hutch, large windows, and a chandelier. The updated gourmet kitchen offers an island and a breakfast nook, leading to a covered back porch. A large great room addition and bar area lead to a covered porch with built-ins and a fireplace. The second floor offers five bedrooms, including a Jack-and-Jill bathroom setup and a private owner's suite with its own luxury bath. The walk-up third floor is suitable for storage or conversion into a game or recreation room. The finished basement includes storage, a workout room, a workshop, and a wine room. Outside, the landscaped lot includes a carriage house, covered rear porch, and patio. The property combines historic significance and architectural beauty.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Miami
    State
    Ohio
    Longitude
    -84.206847
    Latitude
    40.035785

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    FAQs

    What type of property is this?
    Single family property - Rare 5-bedroom historic home with updates and park-like yard.
    Where is this single family property located?
    The property is located at 408 S Market St Troy, OH.
    What is the asking price?
    The asking price for this property is $864,900.
    What are key features of this property?
    This property features: - Rare historic estate built in 1893, only the second time offered for sale in 133 years with significant architectural details.; - Extensive updates totaling over $500,000, blending historic charm with modern amenities.; - Spacious 5,998 sq ft home with 5 bedrooms, 3 full and 2 half baths, including a private owner's suite.
    (937) 266-3440
    Request Owner's contact information
    408 S Market St Troy, OH 45373
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    Troy, OH 45373
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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
    408 S Market St Troy, OH 45373
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    We can help!
    Listing Contact
    Lisa A. Nishwitz
    (937) 266-3440
    Learn more
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