Building Details

Year built 1900

Building materials Brick, Stone

Listing Agency: BHHS Metro & Fields Realty · Real Living d***@verizon.net

Listed By: Dusty A. Hurst Show Phone

Added: Jun 24 Changed: Sep 12 Last Checked: Sep 27 at 6:06AM

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MLS# 1046665

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Investment Insights

Based on property information with market context.

This 4,736-square-foot mixed-use property includes two storefronts at 9 and 11 S Main Street. The #9 space houses Rush Fitness, with the established business, current memberships, and existing gym equipment included in the sale. The #11 storefront contains an updated office suite with a kitchenette and bath, offering flexibility for professional services, retail, or office use.

The second floor includes two updated apartments connected by a common hall with coin-operated washer and dryer. Each apartment has two bedrooms, one full bath, and large windows facing Main Street. Built in 1900, the brick-and-stone building is served by public sewer and heated by natural gas forced air.

Key Highlights

• 4,736 SF mixed‑use building with two storefronts and two upper‑level apartments
• Sale includes Rush Fitness, current memberships, and existing gym equipment
• Updated office storefront with kitchenette and bath

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

$15,854

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

3.17%

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%

$317,080 $317.1K

Cap Rate 7%

$226,486 $226.5K

Cap Rate 9%

$176,156 $176.2K

Market Conditions

NOI Build-Up for 4,736 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

$27.8K $5.86/SF

− Vacancy

−$2.4K −$0.50/SF

EGI

$25.4K $5.36/SF

− OpEx

−$9.5K −$2.01/SF

NOI

$15.9K $3.35/SF

Area

Champaign County, OH

Vacancy

8.60%

Lease Rate

$5.86 /SF/Yr

Expense Ratio

37.50%

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%

$317,080

Cap Rate 7%

$226,486

Cap Rate 9%

$176,156

Alternative Uses

Best Use

Office B

$813.9K

$712.2K – $949.6K (±1% cap)

NOI $56,974 @ 7.0% cap · market cap 11.40%

Second Best

Mixed Use

$226.5K

$198.2K – $264.2K (±1% cap)

NOI $15,854 @ 7.0% cap · market cap 3.17%

Theoretical Best

Specialty Retail

$1.32M

$1.16M – $1.54M (±1% cap)

NOI $92,471 @ 7.0% cap · market cap 18.50%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Fitness centers & gyms

Suggested Use

Top Pick Law Firm HVAC Service Hair Salon Bakery Big Box & Wholesale Store Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

Multi-tenant

Tenancy

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

145

Businesses Nearby

Explore this area Business Placement

Demographics for 43044, OH

5,352

Population

2,054

Households

2.6

Avg Household Size

41

Median Age

16%

College-Educated

94%

High-School Grad

79.5 sq mi

ZIP Area

67

Density / Sq Mi

$68,141

Median Household Income

$40,910

Median Earnings

$797

Median Rent

$215,000

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Mixed-Use Property with Apartments

911 9-11 S Main St, Mechanicsburg, OH 43044

$449,900

4,736 SF

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Mixed-Use Building with Gym

9-11 S Main Street, Mechanicsburg, OH 43044

$449,900

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two storefronts, updated office space, a fitness business, and upper-level apartments occupy this downtown commercial building.

Where is this mixed-use property located?

The property is located at 9-11 S Main Street Mechanicsburg, OH.

What is the asking price?

The asking price for this property is $499,900.

What are key features of this property?

This property features: 4,736 SF mixed‑use building with two storefronts and two upper‑level apartments; Sale includes Rush Fitness, current memberships, and existing gym equipment; Updated office storefront with kitchenette and bath