Building Details

Year Built 1930

Listing Agency: Howard Hanna Real Estate Services

Listed By: Darci Nicole Thomas · License #2021003851 Show Phone

Source: Thelorilynngroup

Added: Jan 26 Changed: Sep 17 Last Checked: Sep 22 at 11:16PM

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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 Howard Hanna Real Estate Services

Investment Insights

Based on property information with market context.

Located on the square in Danville, Ohio, this commercial building offers visibility and potential. The property, formerly a veterinary clinic, includes multiple adaptable rooms, private and public restrooms, new exterior awnings, a covered rear entrance with a handicap-accessible ramp, and a backup generator. Part of the space is currently leased, generating income, while the remaining square footage allows for additional tenants or owner occupancy. The property is positioned as a potential investment opportunity.

Key Highlights

• Prime location on the square in the heart of Danville offering excellent visibility.
• Income‑producing property with existing lease in place.
• Generous square footage with multiple adaptable rooms for various uses.

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

$10,007

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

4.17%

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%

$200,140 $200.1K

Cap Rate 7%

$142,957 $143.0K

Cap Rate 9%

$111,189 $111.2K

Market Conditions

NOI Build-Up for 2,574 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

$14.8K $5.76/SF

− Vacancy

−$531 −$0.21/SF

EGI

$14.3K $5.55/SF

− OpEx

−$4.3K −$1.67/SF

NOI

$10.0K $3.89/SF

Area

Knox County, OH

Vacancy

3.58%

Lease Rate

$5.76 /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%

$200,140

Cap Rate 7%

$142,957

Cap Rate 9%

$111,189

Alternative Uses

Best Use

Healthcare Medical

$453.5K

$396.8K – $529.1K (±1% cap)

NOI $31,744 @ 7.0% cap · market cap 13.23%

Second Best

Office B

$421.6K

$368.9K – $491.9K (±1% cap)

NOI $29,512 @ 7.0% cap · market cap 12.30%

Theoretical Best

Specialty Retail

$718.0K

$628.2K – $837.6K (±1% cap)

NOI $50,257 @ 7.0% cap · market cap 20.95%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Parking Lot & Garage Garden Center (Bike/Boat/Book/etc) Store Pharmacy Building Supply Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

127

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 43014, OH

3,850

Population

1,430

Households

2.7

Avg Household Size

34

Median Age

12%

College-Educated

83%

High-School Grad

70.0 sq mi

ZIP Area

55

Density / Sq Mi

$63,239

Median Household Income

$40,422

Median Earnings

$198,600

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• Danville Veterinary Clinic — 26781 Danville Amity Rd, Danville, OH 43014

Frequently Asked Questions

What type of property is this?

Medical Office Space - Well-maintained commercial building in Danville, Ohio, with income potential.

Where is this medical office space located?

The property is located at 4 E Main St Danville, OH.

What is the asking price?

The asking price for this property is $239,900.

What are key features of this property?

This property features: Prime location on the square in the heart of Danville offering excellent visibility.; Income‑producing property with existing lease in place.; Generous square footage with multiple adaptable rooms for various uses.