Building Details

Year built 1920

Listing Agency: Carol Goff & Associates Show Phone

Listed By: Carol A Goff · License #447968 Show Phone

Added: Jul 22 Changed: Sep 13 Last Checked: Oct 7 at 1:06AM

Report an Issue

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.

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 / Yr

$164,373

Cap Rate

7.83%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $164,373 @ 7.0% cap · market cap 7.83%

Second Best

Industrial

$1.93M

$1.69M – $2.26M (±1% cap)

NOI $135,366 @ 7.0% cap · market cap 6.45%

Theoretical Best

Office A

$4.75M

$4.16M – $5.54M (±1% cap)

NOI $332,528 @ 7.0% cap · market cap 15.83%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Dental Office Real Estate Agency Big Box & Wholesale Store HVAC Service Restaurant 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.

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex 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?

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