Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    265 S State St Marion, OH

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Historical property with unique architectural details and endless opportunities.

    Type:RETAIL
    Property size:
    3,484 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $74/SF
    Added:
    Nov 19, 2024
    Days on Market:
    526
    Last Refresh:
    Apr 5 at 11:13 pm

    Property Features for 265 S State St

    General Information

    Standard status
    Active
    Size
    3,484 SF
    Lot size
    0.20 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Janice Chase

    Listing agent Janice Chase

    Listing office Generations Realty

    Listing date Nov 19, 2024

    Source Moodyscre

    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 Generations Realty

    Overview

    Historical Gem in Marion, Ohio

    This historical property, known as the "OLD TOWNE HOUSE," is located in Marion, Ohio, and offers a variety of opportunities. The property features unique architectural details throughout, including wood details, wood flooring in many areas, some lead glass, and stained glass windows. A grand foyer and staircases enhance the interior. The estate, once a residence, store, and tea room, and even a dental office, includes a finished attic with baseboard heat for additional space. The property has 4 bedrooms, 2 full and 2 half baths, a garage, and an enclosed backyard. Recent updates include fresh paint and a new roof in 2024, as well as a newer HVAC system for the main floor. The property size is 3,484 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Hemmerly's Flowers & Gifts — 615 E Center St, Marion, OH 43302

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Marion
    State
    Ohio
    Longitude
    -83.1273
    Latitude
    40.5853

    Nearby Similar for Sale

    • $1.00
      2,936 SF

      Free-Standing Retail Building on Corner

      Vacant retail building in Marion, OH, formerly Denny’s.
      1050 Mt Vernon Ave, Marion, OH 43302
      View Details
    • $219,900

      Marion Multifamily Property For Sale

      Multifamily property with tenant-occupied units and potential rent increase.
      885 Mt Vernon Avenue, Marion, OH 43302
      View Details
    • $75,000
      2,936 SF

      Free-Standing Retail Building in Marion

      Vacant retail building on a corner lot in Marion, OH.
      1050 Mount Vernon Ave, Marion, OH 43302
      View Details
    • $300,000
      2,500 SF

      Medical Office Condo Near Hospital

      Move-in ready medical office condo near Marion General Hospital.
      1043 Harding Memorial Parkway, Marion, OH 43302
      View Details
    • $129,999

      Marion Duplex: Cash-Flow Engine

      Fully leased duplex in Marion, offering immediate returns.
      364 Blaine Avenue, Marion, OH 43302
      View Details
    • $194,900

      Well-Maintained Duplex: Investor Opportunity

      Duplex with long-term tenants, updated systems, and income potential.
      389-391 Oak Street, Marion, OH 43302
      View Details
    • $69,900

      Dual-Design Duplex: Income and Opportunity

      Duplex with income potential and renovation opportunity in Marion, OH.
      354 Bellefontaine Avenue, Marion, OH 43302
      View Details
    • $129,900

      Marion, OH Duplex For Sale

      Duplex with immediate occupancy in Marion, Ohio.
      229 W Columbia Street, Marion, OH 43302
      View Details
    • $120,000

      Income-Producing Duplex in Marion, OH

      Duplex with updated units, generating $18,300 annual rental income.
      374 Nunin Court, Marion, OH 43302
      View Details
    • $194,900

      Marion Duplex: Investor Opportunity

      Well-maintained duplex with long-term tenants, updated systems, and income potential.
      389-391 Oak Street, Marion, OH 43302
      View Details
    • $55,000
      3,312 SF

      Value-Add Triplex on Corner Lot

      Triplex with value-add potential on a 0.14-acre corner lot.
      569 E Church St, Marion, OH 43302
      View Details
    • $400,000
      3,197 SF

      Medical Office Near Marion Hospital

      Well-maintained medical office space near Marion General Hospital.
      1138 Independence Avenue, Marion, OH 43302
      View Details

    FAQs

    What type of property is this?
    Storefront property - Historical property with unique architectural details and endless opportunities.
    Where is this storefront property located?
    The property is located at 265 S State St Marion, OH.
    What is the asking price?
    The asking price for this property is $260,000.
    What are key features of this property?
    This property features: New roof (2024) and newer HVAC system for main floor.; Unique historical property with original architectural details, wood flooring, lead glass, and stained glass windows.; Grand foyer and staircases create a striking entrance.
    (740) 361-6781 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Janice Chase
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!