Free-Standing Office Building with
For Sale
Contact for pricing
1240 CRESCENT HEIGHTS RD MARION OH 43302, Marion, OH 43302
Versatile office building with an adaptable exam-room layout, 18 paved parking spaces, and O-I-A zoning for professional uses.
Property Size1,908 SF
Lot Size0.50 Acres
Price / SF$144.08
Days on Market68
Property Features for 1240 CRESCENT HEIGHTS RD MARION OH 43302
General Information
Standard status
Active
Size
1,908 SF
Total Parking Spaces
18
Lot size
0.50 Acres
Property subtype
Office
Zoning
O-I-A
Additional Details
Highway Access
Yes
Building Details
Year Built
1991
Stories
1
Tenancy
Multi
Listing Agency:
RE/MAX Connection, Realtors
Listed By:
DeLena Ciamacco · License #367326
(614) 882-6725
Source:
Crexi
Added: Jul 3
Changed: Aug 14
Last Checked: Sep 7 at 11:01AM
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 RE/MAX Connection, Realtors
Investment Insights
Based on property information with market context.
This free-standing office building is well-suited for professional or medical-oriented operations, with a functional interior layout that has operated as a dental practice for decades. The floor plan includes a reception area, waiting room, 1.5 baths, an X-ray nook, multiple exam rooms with both private and semi-private configurations, along with lab and prep areas and a large private office. The space is described as adaptable for a variety of business needs.
The property sits on nearly 1/2 acre with abundant parking and convenient accessibility. It is located near shopping and dining and provides major freeway access, supporting client, customer, and employee convenience.
Currently zoned O-I-A (Office-Institutional-Apartment District), the property may align with a range of professional or institutional uses per zoning regulations, including medical or dental offices, banking, insurance, legal services, real estate, accounting, architectural firms, and educational or similar institutional uses. The site includes 18 paved parking spaces.
The property sits on nearly 1/2 acre with abundant parking and convenient accessibility. It is located near shopping and dining and provides major freeway access, supporting client, customer, and employee convenience.
Currently zoned O-I-A (Office-Institutional-Apartment District), the property may align with a range of professional or institutional uses per zoning regulations, including medical or dental offices, banking, insurance, legal services, real estate, accounting, architectural firms, and educational or similar institutional uses. The site includes 18 paved parking spaces.
Key Highlights
- Free‑standing office building built in 1991 with approximately 2,000 SF and a versatile layout for many professional or institutional uses
- Nearly 1/2‑acre lot with 18 paved parking spaces and abundant on‑site parking
- Current zoning: O‑I‑A (Office‑Institutional‑Apartment District), allowing for multiple potential professional and institutional uses per zoning regulations
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
$23,446
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
8.53%
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%
$468,920
$468.9K
Cap Rate 7%
$334,943
$334.9K
Cap Rate 9%
$260,511
$260.5K
Market Conditions
NOI Build-Up for 1,908 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
$41.1K $21.53/SF
− Vacancy
−$9.8K −$5.15/SF
EGI
$31.3K $16.38/SF
− OpEx
−$7.8K −$4.10/SF
NOI
$23.4K $12.29/SF
Area
Marion County, OH
Vacancy
23.90%
Lease Rate
$21.53 /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%
$468,920
Cap Rate 7%
$334,943
Cap Rate 9%
$260,511
Alternative Uses
Best Use
Office B
$334.9K
$293.1K – $390.8K
NOI $23,446 @ 7.0% cap · market cap 8.53%
Second Best
Healthcare Medical
$321.1K
$281.0K – $374.6K
NOI $22,476 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$385.2K
$337.0K – $449.4K
NOI $26,961 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
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 - Versatile office building with an adaptable exam-room layout, 18 paved parking spaces, and O-I-A zoning for professional uses.
Where is this medical office space located?
The property is located at 1240 CRESCENT HEIGHTS RD MARION OH 43302 Marion, OH.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Free‑standing office building built in 1991 with approximately 2,000 SF and a versatile layout for many professional or institutional uses; Nearly 1/2‑acre lot with 18 paved parking spaces and abundant on‑site parking; Current zoning: O‑I‑A (Office‑Institutional‑Apartment District), allowing for multiple potential professional and institutional uses per zoning regulations
