Live-Work and Office
For Sale
$185,000
& 743 1/2 Harding Way W, Galion, OH 44833
COMMERCIAL - Galion, OH
Property Size923 SF
Lot Size0.21 Acres
Price / SF$200.43
Days on Market96
Property Features for & 743 1/2 Harding Way W
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Take portland way s, turn R onto Harding way West at 4 way stop light, property listed on Right hand side. Parking in back.
Subdivision
Crawford
Standard status
Active
APN
190026791000
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
41 X 237 436 WMDPT BK 973 PG 1138PB PG
Tax Annual Amount
771
Legal Description
41 X 237 436 WMDPT BK 973 PG 1138PB PG
Utilities
Heating system
Natural Gas, Baseboard
Amenities
wood deck
detached garage
new roof on garage
updated AC
partially fenced lot
100 amp electric boxes
updated vinyl windows
large closets
laundry access
built-in bookcase
gas fireplace
koi pond
shared parking lot
gravel 3 car parking
covered patio
privacy fencing
Building Details
Year built
1940
Roof type
Composition
Listing Agency:
Sluss Realty
(419) 529-3047
Listed By:
Danielle Holt · License #2018004978
(740) 361-1630
Added: May 27
Changed: Aug 4
Last Checked: Aug 30 at 3:06PM
MLS# 9073520
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.
Investment Insights
Based on property information with market context.
This live-work property combines an apartment with a separate office space, each with its own electrical service. The apartment includes a 12x14 wood deck off the back, some updated vinyl windows, large closets, and access to a shared laundry area. The office space offers a built-in bookcase and a working gas fireplace. Both units have 100 amp electric boxes. Built in 1998, the detached 3-car garage includes an updated AC unit and a new garage roof installed in 2025.
Outside, the property sits on a large lot that is partially fenced for the apartment, with a covered patio and privacy fencing for tenant use. A koi pond is located in the backyard. Parking is shared, and the listing also includes gravel parking for three cars that belongs to the property.
The configuration supports a combined residential and professional use arrangement, with distinct interior spaces and dedicated power for each unit.
Outside, the property sits on a large lot that is partially fenced for the apartment, with a covered patio and privacy fencing for tenant use. A koi pond is located in the backyard. Parking is shared, and the listing also includes gravel parking for three cars that belongs to the property.
The configuration supports a combined residential and professional use arrangement, with distinct interior spaces and dedicated power for each unit.
Key Highlights
- Apartment: 1 bed/1 bath, 527 SF, with some updated vinyl windows and large closets
- Office space: 923 SF, includes a built‑in bookcase and a working gas fireplace
- Wood deck off back of apartment (12x14) plus covered patio with privacy fencing for tenant use
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
$8,839
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
4.78%
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%
$176,780
$176.8K
Cap Rate 7%
$126,271
$126.3K
Cap Rate 9%
$98,211
$98.2K
Market Conditions
NOI Build-Up for 923 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
$14.7K $15.96/SF
− Vacancy
−$2.9K −$3.19/SF
EGI
$11.8K $12.77/SF
− OpEx
−$2.9K −$3.19/SF
NOI
$8.8K $9.58/SF
Area
Crawford County, OH
Vacancy
20.00%
Lease Rate
$15.96 /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%
$176,780
Cap Rate 7%
$126,271
Cap Rate 9%
$98,211
Alternative Uses
Best Use
Office B
$126.3K
$110.5K – $147.3K
NOI $8,839 @ 7.0% cap · market cap 4.78%
Second Best
Mixed Use
$44.1K
$38.6K – $51.5K
NOI $3,090 @ 7.0% cap · market cap 1.67%
Theoretical Best
Specialty Retail
$180.9K
$158.3K – $211.1K
NOI $12,666 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 44833, OH
16,786
Population
8,278
Households
2
Avg Household Size
44
Median Age
16%
College-Educated
91%
High-School Grad
90.4 sq mi
ZIP Area
186
Density / Sq Mi
$57,234
Median Household Income
$39,535
Median Earnings
$772
Median Rent
$127,700
Median Home Value
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 - One-bedroom apartment and separate office space with built-in features, covered outdoor patio, and detached 3-car garage.
Where is this live-work space located?
The property is located at & 743 1/2 Harding Way W Galion, OH.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Apartment: 1 bed/1 bath, 527 SF, with some updated vinyl windows and large closets; Office space: 923 SF, includes a built‑in bookcase and a working gas fireplace; Wood deck off back of apartment (12x14) plus covered patio with privacy fencing for tenant use
