Commercial Space on US Route
For Sale
$895,000
1075 Western Ave, Chillicothe, OH 45601
Commercial space suitable for retail, nursery, or creative event purposes.
Property Size7,524 SF
Lot Size2.10 Acres
Price / SF$118.95
Days on Market194
Property Features for 1075 Western Ave
General Information
Standard status
Active
Size
7,524 SF
Lot size
2.10 Acres
Property subtype
Retail
Building Details
Building Size
7,524 SF
Year Built
1928
Listing Agency:
NAI Ohio Equities
(614) 595-2752
Listed By:
Chad Boggs · License #OH #2023003870
(614) 595-2752
Source:
Ohioequities
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 8 at 2:33PM
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 Ohio Equities
Investment Insights
Based on property information with market context.
This commercial property features approximately 7,524 square feet of space across multiple buildings situated on US Route 50. The commercially zoned property, formerly an urban garden center, offers potential for both commercial and residential redevelopment. Spanning 2.1 acres across three parcels, the property includes ample paved parking, irrigation infrastructure, a 4,000-square-foot pole barn, and a 3,524-square-foot commercial retail building. It is suitable for garden retail, nursery, or creative event space, among other commercial uses. Located adjacent to the Chillicothe Country Club, the site benefits from high visibility and a traffic count of approximately 20,000 vehicles per day. It also offers close proximity to Ross County Airport, State Routes 23, 35, and 104. The location is in a retail area behind Chipotle and Bob Evans. The property includes fertilization and watering lines, a pole barn for storage and maintenance, and mulch pads for customer pickup. The property can be purchased with 7 Saint Andrews Blvd, with a parcel split to occur upon closing if purchased separately.
Key Highlights
- High‑visibility location on US Route 50 with a traffic count of ± 20,000 vehicles per day.
- Significant potential for commercial or residential re‑development on 2.1 acres with commercial zoning.
- Includes a 4,000 SF pole barn and a 3,524 SF commercial retail building.
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
$55,820
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
6.24%
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%
$1,116,400
$1.1M
Cap Rate 7%
$797,429
$797.4K
Cap Rate 9%
$620,222
$620.2K
Market Conditions
NOI Build-Up for 7,524 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
$83.1K $11.04/SF
− Vacancy
−$3.3K −$0.44/SF
EGI
$79.7K $10.60/SF
− OpEx
−$23.9K −$3.18/SF
NOI
$55.8K $7.42/SF
Area
Ross County, OH
Vacancy
4.00%
Lease Rate
$11.04 /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%
$1,116,400
Cap Rate 7%
$797,429
Cap Rate 9%
$620,222
Alternative Uses
Best Use
Retail
$797.4K
$697.8K – $930.3K
NOI $55,820 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,389 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
350
Businesses Nearby
Explore this area
Business Placement
Demographics for 45601, OH
56,849
Population
23,358
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
348.7 sq mi
ZIP Area
163
Density / Sq Mi
$57,430
Median Household Income
$39,973
Median Earnings
$858
Median Rent
$160,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail property - Commercial space suitable for retail, nursery, or creative event purposes.
Where is this retail property located?
The property is located at 1075 Western Ave Chillicothe, OH.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: High‑visibility location on US Route 50 with a traffic count of ± 20,000 vehicles per day.; Significant potential for commercial or residential re‑development on 2.1 acres with commercial zoning.; Includes a **4,000 SF pole barn and a 3,524 SF commercial retail building**.
