Creative Office Building with Bay
For Sale
$1,390,000
1050 McMillan Street, Cincinnati, OH 45206
For sale creative-ready office building with nine dedicated parking spaces and a convenient bay door for loading.
Property Size7,058 SF
Price / SF$196.94
Days on Market415
Property Features for 1050 McMillan Street
General Information
Standard status
Active
Size
7,058 SF
Total Parking Spaces
9
Property subtype
Office
Amenities
Central Air, Gas
3
Parking.
Fenced, Lot, On Street.
94 X 92
Outdoor Lights, Sidewalks.
Building Details
Year Built
1900
Stories
2
Listing Agency:
Comey & Shepherd
(513) 321-4343
Listed By:
Erick Blenk
Source:
Xome
Added: Jun 24, 2025
Changed: Aug 8
Last Checked: Aug 11 at 4:46AM
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 Comey & Shepherd
Investment Insights
Based on property information with market context.
This for-sale creative office building offers approximately 7,058 square feet of adaptable, creative-ready space within an existing structure. The property includes nine dedicated parking spaces and a convenient bay door designed to support day-to-day logistics.
The building is positioned at a high-profile intersection. Public remarks also note nearby vacant lots and anticipated change in the surrounding area, aligning with continued interest in the Walnut Hills corridor.
With on-site parking and a bay door, the layout is suited for businesses that value straightforward access for staff and deliveries while operating from a dedicated office facility at a prominent intersection.
The building is positioned at a high-profile intersection. Public remarks also note nearby vacant lots and anticipated change in the surrounding area, aligning with continued interest in the Walnut Hills corridor.
With on-site parking and a bay door, the layout is suited for businesses that value straightforward access for staff and deliveries while operating from a dedicated office facility at a prominent intersection.
Key Highlights
- Creative‑ready office building totaling 7,058 sq ft
- Nine dedicated parking spaces plus a convenient bay door for loading
- Central Air cooling and gas heating
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
$84,238
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
6.06%
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%
$1,684,760
$1.7M
Cap Rate 7%
$1,203,400
$1.2M
Cap Rate 9%
$935,978
$936.0K
Market Conditions
NOI Build-Up for 7,058 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
$145.7K $20.64/SF
− Vacancy
−$33.4K −$4.73/SF
EGI
$112.3K $15.91/SF
− OpEx
−$28.1K −$3.98/SF
NOI
$84.2K $11.94/SF
Area
Cincinnati, OH
Vacancy
22.90%
Lease Rate
$20.64 /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%
$1,684,760
Cap Rate 7%
$1,203,400
Cap Rate 9%
$935,978
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.40M
NOI $84,238 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,212 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,599
Businesses Nearby
Explore this area
Business Placement
Demographics for 45206, OH
10,670
Population
7,191
Households
1.5
Avg Household Size
37
Median Age
49%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
5,335
Density / Sq Mi
$51,128
Median Household Income
$44,936
Median Earnings
$849
Median Rent
$269,900
Median Home Value
Market
Vacancy Rate% for Office in Cincinnati, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - For sale creative-ready office building with nine dedicated parking spaces and a convenient bay door for loading.
Where is this creative space located?
The property is located at 1050 McMillan Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: Creative‑ready office building totaling 7,058 sq ft; Nine dedicated parking spaces plus a convenient bay door for loading; Central Air cooling and gas heating
