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    Downtown Office Suite with Parking Title is generated by Realmo AI

    111 W Wheeling Street, Lancaster, OH 43130

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    Claim this Listing
    For Lease
    $580/Mo $1.80 SF/Yr (calc)

    COMMERCIAL - Lancaster, OH

    Type:Office
    Property size:
    3,874 SF
    Lot size:
    0.19 Acres
    Added:
    Apr 24, 2026
    Days on Market:
    42
    Last Refresh:
    Jun 4 at 6:06 pm

    Property Features for 111 W Wheeling Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    APN
    05-32024-600
    Size
    3,874 SF
    Lot size
    0.19 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    4752

    Utilities

    Utilities
    Water Available
    Heating system
    Radiant

    Building Details

    Year built
    1965
    Floors in Building
    1

    We can help!

    Listing Contact
    Sherry Orlando

    Listing agent Sherry Orlando License #2018005368

    Listing office RE/MAX ONE 1131 Hill Rd. N, Canal Winchester, OH

    Listing date Apr 24, 2026

    MLS# 226013693

    Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Open‑concept office space in downtown Lancaster, about 1 block from Main St
    • Rents for $580 per month plus $50 per month CAM fee
    • Utilities are included
    • Radiant heating
    • Off‑street parking available
    • Walking distance to courthouses, restaurants, banks, downtown retail, and City Hall

    Overview

    This office suite offers an open-concept layout designed for flexible work arrangements. Utilities are included, and the space is supported by a monthly common area maintenance (CAM) fee in addition to the base rent. Off-street parking is available, helping make day-to-day access more practical for employees and clients.

    Located downtown in Lancaster, Ohio, the property is about one block from Main Street. It’s within walking distance to courthouses, restaurants, banks, downtown retail, and City Hall, placing daily services and professional destinations close by.

    The configuration and included utilities make this space a straightforward fit for professional teams seeking a central office presence without complex build-out needs. It’s also well suited for service-oriented businesses that benefit from proximity to courthouses and municipal activity, while still requiring convenient on-site parking for visitors.
    Property Profile Location Intelligence

    Current Use by Public Records

    Tobin-McFarland General Contractor Studio 10 Too ... Photography Service Abdulrahman Harrell Photography ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Fairfield
    State
    Ohio
    Longitude
    -82.602498
    Latitude
    39.715327

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    FAQs

    What type of property is this?
    Office units - Open-concept downtown office with off-street parking and utilities included for convenient daily operations.
    Where is this office units located?
    The property is located at 111 W Wheeling Street Lancaster, OH.
    What is the lease rate?
    The lease rate is $580 /Mo.
    What are key features of this property?
    This property features: Open‑concept office space in downtown Lancaster, about 1 block from Main St; Rents for $580 per month plus $50 per month CAM fee; Utilities are included
    (740) 974-6916
    We can help!
    Listing Contact
    Sherry Orlando
    Real Estate License ID: 2018005368
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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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