Commercial Land with Existing
For Sale
$395,000
10451049 1045-1049 N Main St, Bellefontaine, OH 43311
Three connected parcels include an updated professional building, paved parking, and B2/B3 zoning near State Route 33.
Property Size2,129 SF
Price / SF$185.53
Days on Market44
Property Features for 10451049 1045-1049 N Main St
General Information
Standard status
Active
Size
2,129 SF
Listing Agency:
Key Realty
Listed By:
Malia K Hughes · License #2008001822
(937) 935-8008
Source:
Dreamcolumbus
Added: Jul 21
Changed: Aug 31
Last Checked: Sep 1 at 10:55PM
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 Key Realty
Investment Insights
Based on property information with market context.
This commercial land offering combines three parcels totaling approximately one acre with an existing professional building. The building has received numerous updates and provides space suited to office, retail, studio, or showroom functions. A large paved parking area serves the property and provides on-site access for customers, clients, and employees.
Positioned at the north end of Bellefontaine, the property benefits from visibility along N. Main Street and access to State Route 33. Active B2 and B3 zoning supports the current commercial setting and provides flexibility for office, retail, service, and redevelopment uses identified for the property. The offering includes both improved real estate and additional land for future planning.
Positioned at the north end of Bellefontaine, the property benefits from visibility along N. Main Street and access to State Route 33. Active B2 and B3 zoning supports the current commercial setting and provides flexibility for office, retail, service, and redevelopment uses identified for the property. The offering includes both improved real estate and additional land for future planning.
Key Highlights
- Three parcels totaling approximately one acre
- Active B2 and B3 zoning
- Updated professional building with office, retail, studio, or showroom space
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
$26,162
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
6.62%
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%
$523,240
$523.2K
Cap Rate 7%
$373,743
$373.7K
Cap Rate 9%
$290,689
$290.7K
Market Conditions
NOI Build-Up for 2,129 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
$45.8K $21.53/SF
− Vacancy
−$11.0K −$5.15/SF
EGI
$34.9K $16.38/SF
− OpEx
−$8.7K −$4.10/SF
NOI
$26.2K $12.29/SF
Area
Logan County, OH
Vacancy
23.90%
Lease Rate
$21.53 /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%
$523,240
Cap Rate 7%
$373,743
Cap Rate 9%
$290,689
Alternative Uses
Best Use
Office B
$373.7K
$327.0K – $436.0K
NOI $26,162 @ 7.0% cap · market cap 6.62%
Second Best
Retail
$119.1K
$104.2K – $138.9K
NOI $8,334 @ 7.0% cap · market cap 2.11%
Theoretical Best
Office A
$429.8K
$376.0K – $501.4K
NOI $30,083 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
245
Businesses Nearby
Explore this area
Business Placement
Demographics for 43311, OH
20,029
Population
9,497
Households
2.1
Avg Household Size
40
Median Age
17%
College-Educated
93%
High-School Grad
103.8 sq mi
ZIP Area
193
Density / Sq Mi
$64,217
Median Household Income
$40,341
Median Earnings
$833
Median Rent
$183,000
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?
Commercial land - Three connected parcels include an updated professional building, paved parking, and B2/B3 zoning near State Route 33.
Where is this commercial land located?
The property is located at 10451049 1045-1049 N Main St Bellefontaine, OH.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Three parcels totaling approximately one acre; Active B2 and B3 zoning; Updated professional building with office, retail, studio, or showroom space
