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: Sep 10 Last Checked: Sep 12 at 6:06AM

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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 = 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

$24,343

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

8.85%

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%

$486,860 $486.9K

Cap Rate 7%

$347,757 $347.8K

Cap Rate 9%

$270,478 $270.5K

Market Conditions

NOI Build-Up for 2,420 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

$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 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%

$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.

Property Analytics

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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

Questions? Ask Rey

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What type of property is this? Where is this retail space located? What is the asking price? Find similar properties What are key features of this property?

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