Multi-Level Retail Building with
For Sale
$439,900
118 N Main Street, Urbana, OH 43078
COMMERCIAL - Urbana, OH
Property Size8,334 SF
Lot Size0.08 Acres
Price / SF$52.78
Days on Market188
Property Features for 118 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Interior features
Elevator
Basement
Full, Finished
Accessibility
Accessible Elevator Installed
Directions
North Main Street (US Hwy 68) in Downtown Urbana
Subdivision
300 N OF US 36 AND W OF US 68
Standard status
Active
APN
K482500041903000
Size
8,334 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Cooling system
Central Air
Amenities
elevator
public entrances
Building Details
Year built
1900
Flooring type
Carpet, Hardwood
Building materials
Brick, Vinyl Siding
Listing Agency:
RE/MAX Alliance Realty
(937) 652-1100
Listed By:
V. Patrick Hamilton · License #2004002933
(937) 652-1100
Added: Feb 6
Changed: Aug 5
Last Checked: Aug 13 at 12:06PM
MLS# 1043643
Copyright © 2026 Western Regional Information System & Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multi-level retail building offers four full levels of usable space, including a finished basement, plus a working elevator that reaches every floor and traditional stair access. The basement level is finished for office use and includes a half bath. The main level features over 3,000 square feet of retail space with hardwood flooring and carpeted areas. The second floor provides an additional 3,000+ square feet and has most recently functioned as an expansive retail showroom. The third level adds another 1,500+ square feet currently used for storage.
The property includes both front and rear public entrances and a public parking lot directly behind the building, supporting convenient customer and employee access. It is built with brick and vinyl siding and is heated with hot water systems using natural gas, with central air conditioning.
With approximately 0.08 acres and 8,334 square feet under roof, the building was constructed in 1900 and is served by public sewer.
The property includes both front and rear public entrances and a public parking lot directly behind the building, supporting convenient customer and employee access. It is built with brick and vinyl siding and is heated with hot water systems using natural gas, with central air conditioning.
With approximately 0.08 acres and 8,334 square feet under roof, the building was constructed in 1900 and is served by public sewer.
Key Highlights
- Working elevator serves every floor plus stair access
- 8,334 SF building on a 0.08‑acre lot
- Main level offers over 3,000 SF of retail space with hardwood and carpet
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
Office B
$1.43M
$1.25M – $1.67M
NOI $100,257 @ 7.0% cap · market cap 22.79%
Second Best
Retail
$217.0K
$189.8K – $253.1K
NOI $15,187 @ 7.0% cap · market cap 3.45%
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
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- H Holding and Company — 107 N Main St, Urbana, OH 43078
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- Ethel's Flower Shop — 239 Scioto St, Urbana, OH 43078
Frequently Asked Questions
What type of property is this?
Storefront property - Four full levels plus finished basement are served by a working elevator, with central air and hot water natural gas heat.
Where is this storefront property located?
The property is located at 118 N Main Street 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: Working elevator serves every floor plus stair access; 8,334 SF building on a 0.08‑acre lot; Main level offers over 3,000 SF of retail space with hardwood and carpet
