Building Details

Stories 1

Units 2

Tenancy Multi

Listing Agency: Gerspacher Real Estate Group

Listed By: Emily Faust · License #SAL.2021003573 Show Phone

Source: Crexi

Added: Apr 10 Changed: Oct 26 Last Checked: Oct 26 at 3:54PM

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Investment Insights

Based on property information with market context.

This for-sale storefront property offers two separate spaces that can be leased individually or combined for one larger retail layout. Space A provides 1,320 SF with an accessible rear entrance and an ADA-compliant restroom. Space B offers 1,100 SF. Tenant-paid utilities are pro-rated, and the property is served by upgraded electrical with a 200 AMP power supply. Signage is available on the building, and restaurant equipment is available for sale separately.

Parking is available for 10 to 12 spaces, with additional on-street public parking. The property is located at 119 E Main St in Smithville, OH, and is zoned Central Commercial (C-1), which supports a range of uses including retail, office/banks, restaurants, and personal services.

Spaces are offered at $10/SF + NNN for Space A and $12/SF + NNN for Space B, and a lease-to-own option is available. Tenant utility responsibilities include pro-rated gas, electric, and water.

Key Highlights

• Two leasable retail spaces totaling 2,420 SF: Space A 1,320 SF and Space B 1,100 SF
• Lease‑to‑own option available
• Space A includes accessible rear entrance and ADA‑compliant restroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,343

Cap Rate

8.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$486,860 $486.9K

Cap Rate 7%

$347,757 $347.8K

Cap Rate 9%

$270,478 $270.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,420 SF

Gross rent

$36.3K $15.00/SF

− Vacancy

−$1.5K −$0.63/SF

EGI

$34.8K $14.37/SF

− OpEx

−$10.4K −$4.31/SF

NOI

$24.3K $10.06/SF

Area

Wayne County, OH

Vacancy

4.20%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$486,860

Cap Rate 7%

$347,757

Cap Rate 9%

$270,478

Alternative Uses

Best Use

Retail

$347.8K

$304.3K – $405.7K (±1% cap)

NOI $24,343 @ 7.0% cap · market cap 8.85%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$1.77M

$1.55M – $2.06M (±1% cap)

NOI $123,811 @ 7.0% cap · market cap 45.02%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Building Supply Auto Parts Store Auto Repair Shop Electrical Service Real Estate Agency Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

139

Businesses Nearby

5k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

BP Shops & Services

5,324 visits/mo 0.3 miles

Demographics for 44677, OH

2,805

Population

1,142

Households

2.5

Avg Household Size

40

Median Age

27%

College-Educated

96%

High-School Grad

17.0 sq mi

ZIP Area

165

Density / Sq Mi

$73,631

Median Household Income

$42,128

Median Earnings

$855

Median Rent

$195,900

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Frequently Asked Questions

What type of property is this?

Retail space - Two leasable retail spaces totaling 2,420 SF, each with upgraded power and ADA-compliant restroom features.

Where is this retail space located?

The property is located at 119 E Main St Smithville, OH.

What is the asking price?

The asking price for this property is $275,000.

What are key features of this property?

This property features: Two leasable retail spaces totaling 2,420 SF: Space A 1,320 SF and Space B 1,100 SF; Lease‑to‑own option available; Space A includes accessible rear entrance and ADA‑compliant restroom