Restored Mixed-Use
For Sale
Contact for pricing
Pending
123 N Broad Street, Lancaster, OH 43130
Furnished apartments, hotel suites, a restaurant, and a coffee shop occupy this downtown commercial property.
Property Size30,024 SF
Days on Market1001
Property Features for 123 N Broad Street
General Information
Standard status
Pending
Size
30,024 SF
Property subtype
Mixed Use, Retail, Multifamily, Hospitality
Occupancy
98%
Net Operating Income
$172,753
Additional Details
Furnished
Yes
Multifamily Units
17
Building Details
Year Built
1939
Year Renovated
2020
Buildings
1
Stories
6
Tenancy
Multi
Listing Agency:
Thomas Fortin & Company LLC.
(614) 348-7876
Listed By:
Thomas Fortin · License #2007003846
Source:
Crexi
Added: Dec 3, 2023
Changed: Aug 30
Last Checked: Aug 30 at 8:06AM
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 Thomas Fortin & Company LLC.
Investment Insights
Based on property information with market context.
The 30,024-square-foot mixed-use property combines residential, hospitality, and food-service components in one building. The layout includes 17 furnished studio and one-bedroom apartments, four hotel suites, an established restaurant, and a coffee shop. Restoration work was completed in 11/2020, and the building dates to 1939.
Located at 123 N Broad Street in downtown Lancaster, the property includes paved private parking. Its combination of apartments, guest accommodations, dining space, and coffee service creates a varied operating configuration within a single commercial asset.
Located at 123 N Broad Street in downtown Lancaster, the property includes paved private parking. Its combination of apartments, guest accommodations, dining space, and coffee service creates a varied operating configuration within a single commercial asset.
Key Highlights
- 30,024‑square‑foot mixed‑use property at 123 N Broad Street
- 17 furnished studio and 1BR apartments
- 4 hotel suites included in the building
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
$126,850
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
4.62%
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%
$2,537,000
$2.5M
Cap Rate 7%
$1,812,143
$1.8M
Cap Rate 9%
$1,409,444
$1.4M
Market Conditions
NOI Build-Up for 30,024 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
$172.9K $5.76/SF
− Vacancy
−$3.8K −$0.13/SF
EGI
$169.1K $5.63/SF
− OpEx
−$42.3K −$1.41/SF
NOI
$126.9K $4.22/SF
Area
Fairfield County, OH
Vacancy
2.20%
Lease Rate
$5.76 /SF/Yr
Expense Ratio
25.00%
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%
$2,537,000
Cap Rate 7%
$1,812,143
Cap Rate 9%
$1,409,444
Alternative Uses
Best Use
Mixed Use
$4.25M
$3.72M – $4.95M
NOI $297,238 @ 7.0% cap · market cap 10.83%
Second Best
Apartment 5plus
$3.80M
$3.32M – $4.43M
NOI $265,780 @ 7.0% cap · market cap 9.68%
Theoretical Best
Warehouse
$6.05M
$5.29M – $7.06M
NOI $423,598 @ 7.0% cap · market cap 15.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,330
Businesses Nearby
Explore this area
Business Placement
Demographics for 43130, OH
62,010
Population
26,434
Households
2.3
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
164.5 sq mi
ZIP Area
377
Density / Sq Mi
$68,242
Median Household Income
$43,936
Median Earnings
$1,031
Median Rent
$215,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Furnished apartments, hotel suites, a restaurant, and a coffee shop occupy this downtown commercial property.
Where is this mixed-use property located?
The property is located at 123 N Broad Street Lancaster, OH.
What is the asking price?
The asking price for this property is $2,745,000.
What are key features of this property?
This property features: 30,024‑square‑foot mixed‑use property at 123 N Broad Street; 17 furnished studio and 1BR apartments; 4 hotel suites included in the building
