Two-Building Flex
For Sale
$2,100,000
120 Graham Street, South Zanesville, OH 43701
CommercialSale, South Zanesville, OH
Property Size21,887 SF
Lot Size1.72 Acres
Price / SF$95.95
Days on Market32
Property Features for 120 Graham Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Riverside Add
Elementary school district
Zanesville CSD - 6006
Middle school district
Zanesville CSD - 6006
High school district
Zanesville CSD - 6006
Directions
Corner of W Main St and Graham St
Standard status
Active
APN
83-31-01-09-000
Lot size
1.72 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14731
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Listing Agency:
Carol Goff & Associates
(740) 454-6777
Listed By:
Carol A Goff · License #447968
(740) 819-2301
Added: Jul 22
Changed: Aug 20
Last Checked: Aug 22 at 8:06AM
MLS# 5230171
Copyright © 2026 MLS Now. 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 flex property includes two adjacent commercial buildings offered together, with approximately 13,487 SF in the first building and 8,400 SF in the second. The improvements provide open, high-clear areas and adaptable floor plates suited to manufacturing, warehousing, or combined operational uses. The buildings date to 1920 and are served by natural gas forced-air heating, central air, public water, and public sewer.
Set on 1.72 acres in an established industrial district in South Zanesville, the property offers access to the interstate network and is less than one hour from Columbus. Industrial zoning, vehicle circulation, and the side-by-side configuration support distinct production, storage, and office arrangements within the combined footprint.
Set on 1.72 acres in an established industrial district in South Zanesville, the property offers access to the interstate network and is less than one hour from Columbus. Industrial zoning, vehicle circulation, and the side-by-side configuration support distinct production, storage, and office arrangements within the combined footprint.
Key Highlights
- Two adjacent buildings offered together
- Building One contains approximately 13,487 SF
- Building Two contains approximately 8,400 SF
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
$164,373
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
7.83%
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%
$3,287,460
$3.3M
Cap Rate 7%
$2,348,186
$2.3M
Cap Rate 9%
$1,826,367
$1.8M
Market Conditions
NOI Build-Up for 21,887 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
$207.5K $9.48/SF
− Vacancy
−$14.1K −$0.64/SF
EGI
$193.4K $8.84/SF
− OpEx
−$29.0K −$1.33/SF
NOI
$164.4K $7.51/SF
Area
Muskingum County, OH
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$3,287,460
Cap Rate 7%
$2,348,186
Cap Rate 9%
$1,826,367
Alternative Uses
Best Use
Warehouse
$2.35M
$2.05M – $2.74M
NOI $164,373 @ 7.0% cap · market cap 7.83%
Second Best
Industrial
$1.93M
$1.69M – $2.26M
NOI $135,366 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$4.75M
$4.16M – $5.54M
NOI $332,528 @ 7.0% cap · market cap 15.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43701, OH
55,361
Population
25,785
Households
2.1
Avg Household Size
42
Median Age
18%
College-Educated
90%
High-School Grad
180.5 sq mi
ZIP Area
307
Density / Sq Mi
$54,900
Median Household Income
$34,345
Median Earnings
$819
Median Rent
$164,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Separate footprints accommodate production, storage, and mixed operations.
Where is this flex space located?
The property is located at 120 Graham Street South Zanesville, OH.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Two adjacent buildings offered together; Building One contains approximately 13,487 SF; Building Two contains approximately 8,400 SF
