Historic Mixed-Use Commercial
For Sale
Contact for pricing
119 Lafayette Road, Medina, OH 44256
Renovated 1891 building offers street-accessible first-floor office or retail space and a separately metered second-floor apartment.
Property Size2,102 SF
Price / SF$178.40
Days on Market114
Property Features for 119 Lafayette Road
General Information
Standard status
Active
Size
2,102 SF
Total Parking Spaces
6
Property subtype
Retail, Mixed Use
Zoning
Central Business District
Additional Details
Multifamily Units
1
Building Details
Year Built
1891
Stories
2
Listing Agency:
Gerspacher Real Estate Group
Listed By:
Emily Faust · License #SAL.2021003573
(330) 722-5002
Source:
Crexi
Added: May 14
Changed: Aug 14
Last Checked: Sep 3 at 2:44AM
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 Gerspacher Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1891, this Victorian-era Eastlake-style historic building has been renovated for commercial use while preserving original character. The first floor includes 1,200 SF of office or retail space with a handicap-accessible entrance, a restroom, original hardwood floors, period woodwork, three rooms, and two fireplaces. Upstairs, a 902 SF, two-bedroom, one-bath apartment provides additional residential space with natural light.
A monument sign at the street supports visibility, and a rear parking lot accommodates up to six vehicles. The first and second floors are separately metered for utilities, which can support flexibility for owner-occupants or investors.
The property is zoned Central Business District and is positioned about two blocks from Medina’s Historic Public Square within the South Town area featuring a mix of residential and commercial activity.
A monument sign at the street supports visibility, and a rear parking lot accommodates up to six vehicles. The first and second floors are separately metered for utilities, which can support flexibility for owner-occupants or investors.
The property is zoned Central Business District and is positioned about two blocks from Medina’s Historic Public Square within the South Town area featuring a mix of residential and commercial activity.
Key Highlights
- Built in 1891, 2,102 SF Eastlake‑style Victorian‑era building renovated for commercial use
- First floor features 1,200 SF office/retail space with handicap‑accessible entrance, restroom, original hardwood floors, period woodwork, 2 fireplaces, and 3 rooms
- Second floor includes 902 SF apartment with 2 bedrooms and 1 bath with natural light
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
$25,770
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
6.87%
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%
$515,400
$515.4K
Cap Rate 7%
$368,143
$368.1K
Cap Rate 9%
$286,333
$286.3K
Market Conditions
NOI Build-Up for 2,102 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
$45.2K $21.48/SF
− Vacancy
−$10.8K −$5.13/SF
EGI
$34.4K $16.35/SF
− OpEx
−$8.6K −$4.09/SF
NOI
$25.8K $12.26/SF
Area
Medina County, OH
Vacancy
23.90%
Lease Rate
$21.48 /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%
$515,400
Cap Rate 7%
$368,143
Cap Rate 9%
$286,333
Alternative Uses
Best Use
Office B
$368.1K
$322.1K – $429.5K
NOI $25,770 @ 7.0% cap · market cap 6.87%
Second Best
Retail
$119.2K
$104.3K – $139.0K
NOI $8,342 @ 7.0% cap · market cap 2.22%
Theoretical Best
Specialty Retail
$586.3K
$513.0K – $684.0K
NOI $41,042 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 44256, OH
64,815
Population
26,740
Households
2.4
Avg Household Size
43
Median Age
42%
College-Educated
96%
High-School Grad
130.8 sq mi
ZIP Area
496
Density / Sq Mi
$100,345
Median Household Income
$55,180
Median Earnings
$1,120
Median Rent
$292,000
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?
Retail space - Renovated 1891 building offers street-accessible first-floor office or retail space and a separately metered second-floor apartment.
Where is this retail space located?
The property is located at 119 Lafayette Road Medina, OH.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Built in 1891, 2,102 SF Eastlake‑style Victorian‑era building renovated for commercial use; First floor features 1,200 SF office/retail space with handicap‑accessible entrance, restroom, original hardwood floors, period woodwork, 2 fireplaces, and 3 rooms; Second floor includes 902 SF apartment with 2 bedrooms and 1 bath with natural light
