Historic Office
1 S Park Pl, Newark, OH 43055
For Sale
$550,000
Separate upper-floor access creates additional office leasing options alongside the existing lower-level tenancy.
Property Size2,297 SF
Price / SF$239.44
Days on Market47
Property Features for 1 S Park Pl
General Information
Standard status
Size
Class
Property subtype
Zoning
Building Details
Building Size
Year Built
Buildings
Tenancy
Listing Agency:
SHAI-Hess Commercial Real Estate
Listed By:
Connor McMahon
(740) 221-9110
Source:
Shai-hess
Added: Sep 24
Changed: Nov 3
Last Checked: Nov 8 at 4:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SHAI-Hess Commercial Real Estate
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Investment Insights
Based on property information with market context.
This three-story office building dates to 1865 and contains 2,297 square feet. Its historic details include a carved face known as the “Firebug,” associated with local lore dating to 1868. The property is zoned Downtown Commercial (DC).
The first-floor and basement tenant remains in place under a continuing lease. A separate entrance serves the second and third floors, which offer additional office leasing space.
The first-floor and basement tenant remains in place under a continuing lease. A separate entrance serves the second and third floors, which offer additional office leasing space.
Key Highlights
- 2,297 SF office building constructed in 1865
- Existing tenant occupies the first floor and basement under a continuing lease
- Separate entrance serves the second and third floors for additional office leasing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,281
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$565,620
$565.6K
Cap Rate 7%
$404,014
$404.0K
Cap Rate 9%
$314,233
$314.2K
Market Conditions
NOI Build-Up for 2,297 SF
Gross rent
$49.6K $21.60/SF
− Vacancy
−$11.9K −$5.18/SF
EGI
$37.7K $16.42/SF
− OpEx
−$9.4K −$4.10/SF
NOI
$28.3K $12.31/SF
Area
Licking County, OH
Vacancy
24.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$565,620
Cap Rate 7%
$404,014
Cap Rate 9%
$314,233
Alternative Uses
Best Use
Office B
$404.0K
$353.5K – $471.4K
NOI $28,281 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$598.0K
$523.2K – $697.7K
NOI $41,859 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,005
Businesses Nearby
Explore this area
Business Placement
Demographics for 43055, OH
62,590
Population
27,046
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
112.7 sq mi
ZIP Area
555
Density / Sq Mi
$61,807
Median Household Income
$39,412
Median Earnings
$920
Median Rent
$185,300
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Separate upper-floor access creates additional office leasing options alongside the existing lower-level tenancy.
Where is this office building located?
The property is located at 1 S Park Pl Newark, OH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,297 SF office building constructed in 1865; Existing tenant occupies the first floor and basement under a continuing lease; Separate entrance serves the second and third floors for additional office leasing
