Historic Office
New
For Sale
$550,000
1 S Park Pl, Newark, OH 43055
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 Market2
Property Features for 1 S Park Pl
General Information
Standard status
Active
Size
2,297 SF
Class
B
Property subtype
Office
Zoning
DC
Building Details
Building Size
2,297 SF
Year Built
1865
Buildings
1
Tenancy
Multi
Listing Agency:
SHAI-Hess Commercial Real Estate
Listed By:
Connor McMahon
(740) 221-9110
Source:
Shai-hess
Added: Sep 24
Last Checked: Sep 24 at 1:52PM
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
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 = 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
$28,281
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
5.14%
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%
$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
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
$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 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%
$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
Flex RnD
$1.84M
$1.61M – $2.15M
NOI $129,134 @ 7.0% cap · market cap 23.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
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Market
Vacancy Rate% for Office in Midwest region
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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
