Shopping Center with Freestanding
For Sale
Contact for pricing
Pending
1016 Tiffin, Findlay, OH 45840
Two adjacent retail centers and two freestanding buildings form a multi-building commercial property.
Property Size26,116 SF
Days on Market328
Property Features for 1016 Tiffin
General Information
Standard status
Pending
Size
26,116 SF
Property subtype
RETAIL
Listing Agency:
NAI Harmon Group
(419) 438-5839
Listed By:
Mark Baringer · License #SAL.0000272275
(419) 438-5839
Source:
Moodyscre
Added: Oct 8, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:35AM
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 NAI Harmon Group
Investment Insights
Based on property information with market context.
Carriage House Plaza comprises two connected retail center components supported by two freestanding buildings positioned at the front of the property. The larger front building, identified as Red Barn, has previously operated as a convenience store and car lot. The second freestanding building is occupied by a local donut shop with a long-term tenancy history. Combined, the property contains 26,116 square feet of retail-oriented improvements.
The property is located at 1016 Tiffin in Findlay, Ohio, along a major commercial corridor with reported traffic of 25,000 vehicles per day. Existing occupancy includes some long-term tenants, while the property information also identifies lease-up, lease renewal, and redevelopment considerations.
The property is located at 1016 Tiffin in Findlay, Ohio, along a major commercial corridor with reported traffic of 25,000 vehicles per day. Existing occupancy includes some long-term tenants, while the property information also identifies lease-up, lease renewal, and redevelopment considerations.
Key Highlights
- 26,116‑square‑foot retail center property
- Two adjacent retail centers with two freestanding front buildings
- Reported traffic volume of 25,000 vehicles per day
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
$103,645
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
5.46%
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%
$2,072,900
$2.1M
Cap Rate 7%
$1,480,643
$1.5M
Cap Rate 9%
$1,151,611
$1.2M
Market Conditions
NOI Build-Up for 26,116 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
$153.6K $5.88/SF
− Vacancy
−$5.5K −$0.21/SF
EGI
$148.1K $5.67/SF
− OpEx
−$44.4K −$1.70/SF
NOI
$103.6K $3.97/SF
Area
Hancock County, OH
Vacancy
3.58%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
30.00%
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%
$2,072,900
Cap Rate 7%
$1,480,643
Cap Rate 9%
$1,151,611
Alternative Uses
Best Use
Retail
$1.48M
$1.30M – $1.73M
NOI $103,645 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.28M
$6.37M – $8.50M
NOI $509,916 @ 7.0% cap · market cap 26.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
55k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 34%
Electronics 3%
Taco Bell
Dining
16,763 visits/mo
0.2 miles
KFC
Dining
6,894 visits/mo
0.3 miles
Circle K
Shops & Services
5,709 visits/mo
0.2 miles
Captain D's
Dining
4,176 visits/mo
0.2 miles
Tim Hortons
Dining
4,123 visits/mo
0.2 miles
Demographics for 45840, OH
54,901
Population
25,396
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
95%
High-School Grad
166.5 sq mi
ZIP Area
330
Density / Sq Mi
$64,076
Median Household Income
$42,546
Median Earnings
$934
Median Rent
$203,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Two adjacent retail centers and two freestanding buildings form a multi-building commercial property.
Where is this shopping center located?
The property is located at 1016 Tiffin Findlay, OH.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 26,116‑square‑foot retail center property; Two adjacent retail centers with two freestanding front buildings; Reported traffic volume of 25,000 vehicles per day
