Freestanding Office
For Sale
$274,900
1240 Crescent Heights Road, Marion, OH 43302
Flexible layout with reception, waiting, exam, lab, and private office areas for professional or institutional use.
Property Size2,000 SF
Lot Size0.50 Acres
Price / SF$137.45
Days on Market41
Property Features for 1240 Crescent Heights Road
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
18
Lot size
0.50 Acres
Property subtype
Office
Zoning
O-I-A
Additional Details
Asking Price
$274,900
Highway Access
Yes
Building Details
Buildings
1
Building Size
2,000 SF
Tenancy
Single
Listing Agency:
RE/MAX Connection
(614) 478-2121
Listed By:
DeLena Ciamacco · License #367326
(614) 882-6725
Source:
Maryhatem
Added: Jul 30
Changed: Sep 8
Last Checked: Sep 8 at 7:45AM
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
Investment Insights
Based on property information with market context.
This freestanding office building offers approximately 2,000 SF on nearly 1/2 acre, with a functional layout previously operated as a dental practice for decades. Interior features include a reception area, waiting room, 1.5 baths, X-ray nook, multiple private and semi-private exam rooms, lab and prep areas, and a large private office.
The property includes 18 paved parking spaces and is located near shopping, dining, and major freeway access. Zoned O-I-A (Office-Institutional-Apartment District), the site allows numerous potential uses, including medical or dental offices, banking, insurance, legal services, real estate, accounting, architectural firms, educational facilities, museums, churches, and other professional or institutional uses. The property is in Marion City Schools.
The property includes 18 paved parking spaces and is located near shopping, dining, and major freeway access. Zoned O-I-A (Office-Institutional-Apartment District), the site allows numerous potential uses, including medical or dental offices, banking, insurance, legal services, real estate, accounting, architectural firms, educational facilities, museums, churches, and other professional or institutional uses. The property is in Marion City Schools.
Key Highlights
- Approximately 2,000 SF freestanding office building on nearly 1/2 acre
- 18 paved parking spaces
- Previously operated as a dental practice for decades
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
$24,576
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
8.94%
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%
$491,520
$491.5K
Cap Rate 7%
$351,086
$351.1K
Cap Rate 9%
$273,067
$273.1K
Market Conditions
NOI Build-Up for 2,000 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
$43.1K $21.53/SF
− Vacancy
−$10.3K −$5.15/SF
EGI
$32.8K $16.38/SF
− OpEx
−$8.2K −$4.10/SF
NOI
$24.6K $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%
$491,520
Cap Rate 7%
$351,086
Cap Rate 9%
$273,067
Alternative Uses
Best Use
Office B
$351.1K
$307.2K – $409.6K
NOI $24,576 @ 7.0% cap · market cap 8.94%
Second Best
Healthcare Medical
$336.6K
$294.5K – $392.7K
NOI $23,559 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$403.7K
$353.3K – $471.0K
NOI $28,260 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
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?
Office building - Flexible layout with reception, waiting, exam, lab, and private office areas for professional or institutional use.
Where is this office building located?
The property is located at 1240 Crescent Heights Road 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: Approximately 2,000 SF freestanding office building on nearly 1/2 acre; 18 paved parking spaces; Previously operated as a dental practice for decades
