Four-Level Retail and Office
For Sale
$439,900
118 N Main Street Urbana, Urbana, OH 43078
Four finished levels are served by a working elevator, with front and rear entrances and public parking behind the building.
Property Size8,334 SF
Price / SF$52.78
Days on Market47
Property Features for 118 N Main Street Urbana
General Information
Standard status
Active
Size
8,334 SF
Taxes and HOA fees
Annual Taxes
$3,337
Amenities
No
0.08
8334.0
Building Details
Building Size
8,334 SF
Year Built
1900
Stories
3
Listing Agency:
(614) 660-5959
Listed By:
John Stomps
(614) 660-5959
Source:
Movenowohio
Added: Jul 6
Changed: Aug 14
Last Checked: Aug 21 at 4:03AM
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 John Stomps
Investment Insights
Based on property information with market context.
This well-maintained commercial building offers four full levels of usable space, including a finished basement. It is served by a working elevator that reaches every floor, along with traditional stair access. The basement is finished for office use and includes a half bath. The main level features a large retail footprint with a combination of gleaming hardwood floors and carpeted areas. The second floor provides additional space most recently used as an expansive retail showroom. The third level adds further area currently utilized for storage. Both front and rear public entrances support flexible access, and a public parking lot sits directly behind the building.
The property is located in the heart of Urbana’s downtown business district on the 100 block of North Main Street. It is surrounded by a mix of retail shops, restaurants, coffee shops, a bank, bookstore, event center, and professional offices, supporting a walkable, storefront-oriented setting.
Designed to accommodate a range of uses, the building can support retail, professional office space, loft-style residential concepts, or a creative mixed-use plan, subject to applicable approvals. The current occupancy includes an interior design studio, retail boutique, and fine women’s clothing and accessories, and the sale is listed as Real Estate Only, with the business able to be negotiated outside the real estate transaction.
The property is located in the heart of Urbana’s downtown business district on the 100 block of North Main Street. It is surrounded by a mix of retail shops, restaurants, coffee shops, a bank, bookstore, event center, and professional offices, supporting a walkable, storefront-oriented setting.
Designed to accommodate a range of uses, the building can support retail, professional office space, loft-style residential concepts, or a creative mixed-use plan, subject to applicable approvals. The current occupancy includes an interior design studio, retail boutique, and fine women’s clothing and accessories, and the sale is listed as Real Estate Only, with the business able to be negotiated outside the real estate transaction.
Key Highlights
- 4 finished levels totaling 8,334 SF with a working elevator serving every floor
- Main level offers 3,000+ SF of retail space with hardwood floors and carpeted areas
- Second floor provides 3,000+ SF most recently used as a retail showroom
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
$15,187
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
3.45%
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%
$303,740
$303.7K
Cap Rate 7%
$216,957
$217.0K
Cap Rate 9%
$168,744
$168.7K
Market Conditions
NOI Build-Up for 8,334 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
$22.5K $2.70/SF
− Vacancy
−$806 −$0.10/SF
EGI
$21.7K $2.60/SF
− OpEx
−$6.5K −$0.78/SF
NOI
$15.2K $1.82/SF
Area
Champaign County, OH
Vacancy
3.58%
Lease Rate
$2.70 /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%
$303,740
Cap Rate 7%
$216,957
Cap Rate 9%
$168,744
Alternative Uses
Best Use
Retail
$217.0K
$189.8K – $253.1K
NOI $15,187 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.32M
$2.03M – $2.71M
NOI $162,722 @ 7.0% cap · market cap 36.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
525
Businesses Nearby
39k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Speedway
Shops & Services
20,890 visits/mo
0.5 miles
United Dairy Farmers
Shops & Services
12,775 visits/mo
0.1 miles
Marathon
Shops & Services
4,155 visits/mo
0.2 miles
Fifth Third Bank & ATM
Shops & Services
1,619 visits/mo
0.3 miles
Demographics for 43078, OH
20,067
Population
8,904
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
133
Density / Sq Mi
$72,500
Median Household Income
$40,854
Median Earnings
$909
Median Rent
$176,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Four finished levels are served by a working elevator, with front and rear entrances and public parking behind the building.
Where is this retail space located?
The property is located at 118 N Main Street Urbana Urbana, OH.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: 4 finished levels totaling 8,334 SF with a working elevator serving every floor; Main level offers 3,000+ SF of retail space with hardwood floors and carpeted areas; Second floor provides 3,000+ SF most recently used as a retail showroom
