Remodeled Storefront with Historic
For Sale
$137,000
120 Spring Street, Saint Marys, OH 45885
Exposed brick, central air, and basement storage create a distinctive customer-facing commercial setting.
Property Size972 SF
Price / SF$140.95
Days on Market14
Property Features for 120 Spring Street
General Information
Standard status
Active
Size
972 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$307
Amenities
private single restroom
generous rear storage space
clean dry basement
large front picture window
raised display area
wide 48-inch front entry door
Central Air
3
Public.
0.0242 Acre
Extra Storage. City Road, Asphalt.
Building Details
Year Built
1900
Construction
brick
Listing Agency:
(419) 629-2623
Listed By:
Eiting Real Estate
(419) 629-2623
Source:
Xome
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 31 at 12:44PM
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 Eiting Real Estate
Investment Insights
Based on property information with market context.
This 1900 storefront at 120 Spring Street combines a remodeled interior with original architectural details. Exposed brick, partial plaster walls, updated lighting, new windows, and a large front picture window shape the customer-facing area. The 48-inch entry door supports accessibility and convenient movement of merchandise. Central air, a private restroom, rear storage, and a clean basement add practical operating space.
The building sits on a 0.0242-acre parcel along an asphalt city road in Saint Marys, Ohio. Exterior improvements include fresh paint and professionally tuck-pointed brick. The current arrangement accommodates a home décor and gift boutique, with custom metal and wood shelving and a vintage French-inspired wood bar potentially remaining with the property.
The building sits on a 0.0242-acre parcel along an asphalt city road in Saint Marys, Ohio. Exterior improvements include fresh paint and professionally tuck-pointed brick. The current arrangement accommodates a home décor and gift boutique, with custom metal and wood shelving and a vintage French-inspired wood bar potentially remaining with the property.
Key Highlights
- 972 SF storefront property with a remodeled interior
- Original brick, partial plaster walls, updated lighting, and new windows
- Large front picture window with raised display area
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
$3,858
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
2.82%
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%
$77,160
$77.2K
Cap Rate 7%
$55,114
$55.1K
Cap Rate 9%
$42,867
$42.9K
Market Conditions
NOI Build-Up for 972 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
$5.7K $5.88/SF
− Vacancy
−$205 −$0.21/SF
EGI
$5.5K $5.67/SF
− OpEx
−$1.7K −$1.70/SF
NOI
$3.9K $3.97/SF
Area
Auglaize County, OH
Vacancy
3.58%
Lease Rate
$5.88 /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%
$77,160
Cap Rate 7%
$55,114
Cap Rate 9%
$42,867
Alternative Uses
Best Use
Retail
$55.1K
$48.2K – $64.3K
NOI $3,858 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$195.8K
$171.3K – $228.4K
NOI $13,705 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
20k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Circle K
Shops & Services
13,008 visits/mo
0.1 miles
Marathon Petroleum
Shops & Services
6,510 visits/mo
0.2 miles
Napa Auto Parts
Shops & Services
750 visits/mo
0.4 miles
Demographics for 45885, OH
12,863
Population
5,734
Households
2.2
Avg Household Size
41
Median Age
16%
College-Educated
95%
High-School Grad
72.4 sq mi
ZIP Area
178
Density / Sq Mi
$75,054
Median Household Income
$43,812
Median Earnings
$882
Median Rent
$153,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Exposed brick, central air, and basement storage create a distinctive customer-facing commercial setting.
Where is this storefront property located?
The property is located at 120 Spring Street Saint Marys, OH.
What is the asking price?
The asking price for this property is $137,000.
What are key features of this property?
This property features: 972 SF storefront property with a remodeled interior; Original brick, partial plaster walls, updated lighting, and new windows; Large front picture window with raised display area
