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    Urbana Acreage at Busy Intersection Title is generated by Realmo AI

    1071 S Us Highway 68, Urbana, OH 43078

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    Claim this Listing
    For Sale
    $344,900

    2.53 acres with office building and residential properties.

    Type:General Commercial
    Property size:
    1,118 SF
    Lot size:
    2.53 Acres
    Price / SF:
    $308/SF
    Added:
    Feb 20, 2022
    Days on Market:
    1561
    Last Refresh:
    May 13 at 8:37 pm

    Property Features for 1071 S Us Highway 68

    General Information

    Standard status
    Active
    Size
    1,118 SF
    Lot size
    2.53 Acres
    Property subtype
    General Commercial

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    V. Patrick Hamilton

    Listing agent V. Patrick Hamilton

    Listing office N/A

    Listing date Feb 20, 2022

    Source Xome

    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 N/A

    HighLights

    • Prime location at the intersection of US Hwy 68 and State Route 55, offering high traffic and visibility.
    • Total of 2.53 acres across 3 parcels, providing ample space for development.
    • Zoned B‑2 (General Business) for the main building, allowing for various commercial uses.
    • Includes an 1,118 sq ft office building with 2 single‑car garage bays at 1071 S. Main St.
    • Features a rental property at 1075 S. Main St. with an 896 sq ft, 2‑bedroom, 1‑bath home.
    • Road frontage on S. Main Street.

    Overview

    This 2.53-acre property is located at the intersection of US Hwy 68 and State Route 55 in Urbana, Ohio. It comprises three parcels with addresses 1071 S. Main Street, 1075 S. Main Street, and 1077 S. Main Street. The parcel at 1071 S. Main Street features 1,118 square feet office building with two single-car garage bays and has the majority of the road frontage. The property at 1075 S. Main Street includes an 896 square foot home with two bedrooms and one bath. The property at 1077 S. Main Street has an older 28x20 garage and a 440 square foot home that is uninhabitable due to a fire. The main building at the intersection is zoned B-2, General Business. The remaining parcels are zoned R-2, Medium Density Residential. The property offers options for various business uses due to its acreage, road frontage, and location at a busy intersection.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Ohio
    Longitude
    -83.749279
    Latitude
    40.124148

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    FAQs

    What type of property is this?
    Commercial land - 2.53 acres with office building and residential properties.
    Where is this commercial land located?
    The property is located at 1071 S Us Highway 68 Urbana, OH.
    What is the asking price?
    The asking price for this property is $344,900.
    What are key features of this property?
    This property features: Prime location at the intersection of US Hwy 68 and State Route 55, offering high traffic and visibility.; Total of 2.53 acres across 3 parcels, providing ample space for development.; Zoned B‑2 (General Business) for the main building, allowing for various commercial uses.
    (937) 652-1100
    We can help!
    Listing Contact
    V. Patrick Hamilton
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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