Live-Work Space with
For Sale
$250,000
9 E Canal Street, Troy, OH 45373
Commercial Sale, Troy, OH
Property Size1,516 SF
Lot Size0.05 Acres
Price / SF$164.91
Days on Market135
Property Features for 9 E Canal Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Patio and Porch features
Patio
Interior features
Ceiling Fan(s)
Fencing
Fenced
Fireplace
1
Basement
Full
Appliances
Gas Water Heater, Microwave, Range, Refrigerator
Subdivision
Canal Street
Directions
Market St to East Canal
Standard status
Active
APN
D08002590
Size
1,516 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1920
Flooring type
Vinyl, Hardwood
Building materials
Metal Siding
Listing Agency:
Glasshouse Realty Group
(937) 654-0283
Listed By:
Scott Strayer · License #2013002383
(937) 726-7910
Added: May 13
Changed: Sep 16
Last Checked: Sep 24 at 4:06AM
MLS# 1045714
Copyright © 2026 Western Regional Information System & 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.
Investment Insights
Based on property information with market context.
This live-work property at 9 E Canal Street provides approximately 1,516 square feet on a 0.05-acre parcel. Built in 1920, the building combines a storefront arrangement with an adaptable interior suited to retail, office, salon, studio, or specialty business use. Large front-facing windows, a steep-pitched roofline, hardwood and vinyl flooring, and a patio contribute to the property’s physical character. Interior features include a ceiling fan, while mechanical systems include forced-air heating and central air conditioning.
The property is positioned near Troy’s downtown district and is described as being just steps from downtown. It includes a fenced area, public sewer service, metal siding, and a gas water heater. Additional on-site equipment includes a microwave, range, and refrigerator, providing a practical foundation for a variety of owner-user business configurations.
The property is positioned near Troy’s downtown district and is described as being just steps from downtown. It includes a fenced area, public sewer service, metal siding, and a gas water heater. Additional on-site equipment includes a microwave, range, and refrigerator, providing a practical foundation for a variety of owner-user business configurations.
Key Highlights
- 1,516‑square‑foot live‑work property on a 0.05‑acre parcel
- Built in 1920 with large front‑facing windows and a steep‑pitched roofline
- Near downtown Troy at 9 E Canal Street
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
$17,089
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
6.84%
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%
$341,780
$341.8K
Cap Rate 7%
$244,129
$244.1K
Cap Rate 9%
$189,878
$189.9K
Market Conditions
NOI Build-Up for 1,516 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
$30.4K $20.04/SF
− Vacancy
−$7.6K −$5.01/SF
EGI
$22.8K $15.03/SF
− OpEx
−$5.7K −$3.76/SF
NOI
$17.1K $11.27/SF
Area
Miami County, OH
Vacancy
25.00%
Lease Rate
$20.04 /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%
$341,780
Cap Rate 7%
$244,129
Cap Rate 9%
$189,878
Alternative Uses
Best Use
Office B
$244.1K
$213.6K – $284.8K
NOI $17,089 @ 7.0% cap · market cap 6.84%
Second Best
Mixed Use
$219.3K
$191.9K – $255.8K
NOI $15,350 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$309.0K
$270.4K – $360.5K
NOI $21,628 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
934
Businesses Nearby
Explore this area
Business Placement
Demographics for 45373, OH
36,863
Population
15,691
Households
2.3
Avg Household Size
41
Median Age
33%
College-Educated
93%
High-School Grad
87.7 sq mi
ZIP Area
420
Density / Sq Mi
$78,278
Median Household Income
$47,859
Median Earnings
$933
Median Rent
$234,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Historic building with front windows, adaptable interior space, and convenient access to downtown Troy.
Where is this live-work space located?
The property is located at 9 E Canal Street Troy, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,516‑square‑foot live‑work property on a 0.05‑acre parcel; Built in 1920 with large front‑facing windows and a steep‑pitched roofline; Near downtown Troy at 9 E Canal Street
