Two-Story Retail Storefront
For Sale
$325,000
121-123 S 3rd St., Ironton, OH 45638
COMMERCIAL - Ironton, OH
Property Size4,840 SF
Lot Size0.05 Acres
Price / SF$67.15
Days on Market96
Property Features for 121-123 S 3rd St.
General Information
Property type
Commercial Sale
Property subtype
Retail
Lot features
Level
Directions
Corner of Park Ave and South 3rd St
Subdivision
30 - Ironton Ohio
Standard status
Active
APN
34-013-1700.001
Size
4,840 SF
Lot size
0.05 Acres
Utilities
Heating system
Central, Natural Gas
Cooling system
Central Air
Building Details
Year built
1929
Building materials
Brick
Roof type
Rubber
Listing Agency:
BUNCH REAL ESTATE ASSOCIATES
(740) 886-7214
Listed By:
Todd Jenkins
(304) 544-2929
Added: May 18
Changed: Aug 4
Last Checked: Aug 21 at 6:06AM
MLS# 183915
Copyright © 2026 Huntington Board of Realtors. 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 brick two-story retail storefront building offers a flexible setup with two separate storefronts on the main level. The property is designed for multiple-tenant use or owner-occupied operation, with additional usable space upstairs that can be used for storage, private offices, or future build-out. A portion of the main-level storefront features expansive windows along Park Street and South Third Street, supporting strong visibility and natural light.
The building sits on a highly visible corner lot in Ironton, Ohio at 121-123 S 3rd St. Heating is provided by central natural gas, and the property also includes central air conditioning.
Built in 1929, the structure is covered by a rubber roof and includes central HVAC for year-round comfort.
The building sits on a highly visible corner lot in Ironton, Ohio at 121-123 S 3rd St. Heating is provided by central natural gas, and the property also includes central air conditioning.
Built in 1929, the structure is covered by a rubber roof and includes central HVAC for year-round comfort.
Key Highlights
- 0.05‑acre corner lot storefront building
- 4,840 SF two‑story brick retail storefront
- Main level has two separate storefronts for flexible tenancy
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
$18,695
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
5.75%
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%
$373,900
$373.9K
Cap Rate 7%
$267,071
$267.1K
Cap Rate 9%
$207,722
$207.7K
Market Conditions
NOI Build-Up for 4,840 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
$27.9K $5.76/SF
− Vacancy
−$1.2K −$0.24/SF
EGI
$26.7K $5.52/SF
− OpEx
−$8.0K −$1.66/SF
NOI
$18.7K $3.86/SF
Area
Lawrence County, OH
Vacancy
4.20%
Lease Rate
$5.76 /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%
$373,900
Cap Rate 7%
$267,071
Cap Rate 9%
$207,722
Alternative Uses
Best Use
Retail
$267.1K
$233.7K – $311.6K
NOI $18,695 @ 7.0% cap · market cap 5.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$964.0K – $1.29M
NOI $77,121 @ 7.0% cap · market cap 23.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
122k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 31%
Groceries 6%
Hotels & Casinos 2%
Speedway
Shops & Services
16,265 visits/mo
0.4 miles
Wendy's
Dining
14,727 visits/mo
0.1 miles
Dollar General
Shops & Services
12,527 visits/mo
0.3 miles
Dollar Tree
Shops & Services
11,226 visits/mo
0.1 miles
Save-A-Lot
Groceries
7,918 visits/mo
0.1 miles
Demographics for 45638, OH
20,114
Population
9,039
Households
2.2
Avg Household Size
43
Median Age
16%
College-Educated
90%
High-School Grad
76.9 sq mi
ZIP Area
262
Density / Sq Mi
$49,544
Median Household Income
$34,972
Median Earnings
$782
Median Rent
$118,500
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 - Brick two-story storefront building with two street-facing entrances and central natural gas heat with central air.
Where is this storefront property located?
The property is located at 121-123 S 3rd St. Ironton, OH.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 0.05‑acre corner lot storefront building; 4,840 SF two‑story brick retail storefront; Main level has two separate storefronts for flexible tenancy
