Two-Story Office
For Sale
Contact for pricing
Pending
118 E Main Street, New Albany, OH 43054
Finished commercial space with separate entrances, dual HVAC systems, and a flexible layout for office or medical use.
Property Size1,600 SF
Days on Market778
Property Features for 118 E Main Street
General Information
Standard status
Pending
Size
1,600 SF
Total Parking Spaces
117
Property subtype
Office
Additional Details
Highway Access
Yes
Amenities
bathroom
kitchen
conference room
wired for phone & internet
Nest thermostats
Building Details
Year Built
2006
Buildings
1
Stories
2
Listing Agency:
New Albany Realty, LTD
Listed By:
Traci Kaniaris · License #2004007068
Source:
Crexi
Added: Jul 14, 2024
Changed: Aug 30
Last Checked: Aug 30 at 4:20AM
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 New Albany Realty, LTD
Investment Insights
Based on property information with market context.
Located at 118 E Main Street in New Albany, this 1,600-square-foot office building was constructed in 2006 and is arranged across two finished levels. The first floor includes a bathroom and epoxy flooring, while the upper level offers a kitchen, conference room, granite countertops, porcelain backsplash, reclaimed gymnasium flooring, and a glass-enclosed meeting room. Architectural lighting, exposed spiral ductwork, phone and internet wiring, and Nest thermostats are also in place.
The floors can function independently through separate secure entrances and addresses, providing flexibility for multiple office users or division into private suites. Two separate gas forced-air HVAC systems serve the building. The property is near downtown New Albany and area freeways, with zoning that supports uses ranging from medical to residential.
The floors can function independently through separate secure entrances and addresses, providing flexibility for multiple office users or division into private suites. Two separate gas forced-air HVAC systems serve the building. The property is near downtown New Albany and area freeways, with zoning that supports uses ranging from medical to residential.
Key Highlights
- 1,600 SF office building on two finished floors; built in 2006
- Separate secure entrances and addresses support independent floor‑by‑floor use
- First floor includes a bathroom and epoxy flooring
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
$19,699
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
5.47%
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%
$393,980
$394.0K
Cap Rate 7%
$281,414
$281.4K
Cap Rate 9%
$218,878
$218.9K
Market Conditions
NOI Build-Up for 1,600 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
$34.6K $21.60/SF
− Vacancy
−$8.3K −$5.18/SF
EGI
$26.3K $16.42/SF
− OpEx
−$6.6K −$4.10/SF
NOI
$19.7K $12.31/SF
Area
Franklin County, OH
Vacancy
24.00%
Lease Rate
$21.60 /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%
$393,980
Cap Rate 7%
$281,414
Cap Rate 9%
$218,878
Alternative Uses
Best Use
Office B
$281.4K
$246.2K – $328.3K
NOI $19,699 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$326.2K
$285.4K – $380.6K
NOI $22,834 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
570
Businesses Nearby
Explore this area
Business Placement
Demographics for 43054, OH
27,781
Population
11,577
Households
2.4
Avg Household Size
36
Median Age
65%
College-Educated
97%
High-School Grad
25.7 sq mi
ZIP Area
1,081
Density / Sq Mi
$139,679
Median Household Income
$75,539
Median Earnings
$1,808
Median Rent
$483,100
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?
Office building - Finished commercial space with separate entrances, dual HVAC systems, and a flexible layout for office or medical use.
Where is this office building located?
The property is located at 118 E Main Street New Albany, OH.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: 1,600 SF office building on two finished floors; built in 2006; Separate secure entrances and addresses support independent floor‑by‑floor use; First floor includes a bathroom and epoxy flooring
