Medical Office with Rear
New
For Sale
$490,000
1215 Newark Rd, Zanesville, OH 43701
Former medical-practice layout with reception, exam rooms, private office, and multiple bathrooms.
Property Size2,933 SF
Lot Size0.84 Acres
Days on Market1
Property Features for 1215 Newark Rd
General Information
Standard status
Active
Size
2,933 SF
Class
B
Lot size
0.84 Acres
Property subtype
Office - General Office
Additional Details
Road Access
Yes
Building Details
Building Size
2,933 SF
Year Built
1950
Buildings
1
Units
1
Listing Agency:
Lepi & Associates Real Estate Services
Listed By:
Roberta (Bobbi) Lepi · License #284700
(740) 891-1068
Source:
Commercialcafe
Added: Sep 5
Last Checked: Sep 5 at 3:28PM
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 Lepi & Associates Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1950, this medical office property offers a functional main-level layout with just under 3,000 square feet. The interior includes a reception area, front desk and office space, exam rooms with individual sinks, four bathrooms, and a private executive office with an attached bathroom. Solid wood trim and doors add a distinctive finish, while a bonus multipurpose area provides additional flexibility.
The property sits on a 0.84-acre lot at 1215 Newark Rd in Zanesville, Ohio, with access from both Newark Rd and the rear of the site. A basement exceeding 2,000 square feet provides space for files, storage, or future expansion. A new septic system was installed in September 2024.
The property sits on a 0.84-acre lot at 1215 Newark Rd in Zanesville, Ohio, with access from both Newark Rd and the rear of the site. A basement exceeding 2,000 square feet provides space for files, storage, or future expansion. A new septic system was installed in September 2024.
Key Highlights
- Just under 3,000 square feet on the main level
- 0.84‑acre lot with frontage and rear access
- Over 2,000 square feet of basement space
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
$34,743
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
7.09%
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%
$694,860
$694.9K
Cap Rate 7%
$496,329
$496.3K
Cap Rate 9%
$386,033
$386.0K
Market Conditions
NOI Build-Up for 2,933 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
$63.4K $21.60/SF
− Vacancy
−$5.4K −$1.86/SF
EGI
$57.9K $19.74/SF
− OpEx
−$23.2K −$7.90/SF
NOI
$34.7K $11.85/SF
Area
Muskingum County, OH
Vacancy
8.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$694,860
Cap Rate 7%
$496,329
Cap Rate 9%
$386,033
Alternative Uses
Best Use
Healthcare Medical
$496.3K
$434.3K – $579.1K
NOI $34,743 @ 7.0% cap · market cap 7.09%
Second Best
Office B
$470.6K
$411.8K – $549.1K
NOI $32,943 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$636.6K
$557.0K – $742.7K
NOI $44,561 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
166
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 Office 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?
Medical Office Space - Former medical-practice layout with reception, exam rooms, private office, and multiple bathrooms.
Where is this medical office space located?
The property is located at 1215 Newark Rd Zanesville, OH.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Just under 3,000 square feet on the main level; 0.84‑acre lot with frontage and rear access; Over 2,000 square feet of basement space
