Commercial Land with Service
For Sale
$750,000
1250 Collins Road NW, Lancaster, OH 43130
2.43-acre commercial lot with a centrally located building featuring three garage bays, office space, and a bathroom.
Property Size2,600 SF
Lot Size2.43 Acres
Price / SF$288.46
Days on Market49
Property Features for 1250 Collins Road NW
General Information
Standard status
Active
Size
2,600 SF
Lot size
2.43 Acres
Property subtype
Commercial
Additional Details
Highway Access
Yes
Service Bays
3
Building Details
Year Built
1980
Listing Agency:
CRT, Realtors
Listed By:
Gary Mader · License #666500761
(740) 654-5552
Source:
Carletonrealty
Added: Jul 22
Changed: Aug 8
Last Checked: Sep 7 at 5:09AM
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 CRT, Realtors
Investment Insights
Based on property information with market context.
This for-sale property offers 2.43 acres of commercial land with a large front and back lot. A commercial building sits in the middle of the property and is described as clean and well maintained, totaling 2,600 square feet and including three garage bays, a bathroom, and office space.
The property was recently utilized as a used car/wholesale lot. Current setup is for automotive detail and repair, and the space is described as convertible to fit other needs.
Site layout includes substantial room on both the front and back portions of the property, supporting flexibility for storage, fleet operations, a service garage, or other uses consistent with the existing commercial improvements.
The property was recently utilized as a used car/wholesale lot. Current setup is for automotive detail and repair, and the space is described as convertible to fit other needs.
Site layout includes substantial room on both the front and back portions of the property, supporting flexibility for storage, fleet operations, a service garage, or other uses consistent with the existing commercial improvements.
Key Highlights
- 2.43‑acre commercial property with a large front and back lot
- Centrally located 2,600 SF commercial building with 3 garage bays, a bathroom, and office space
- Building currently set up for automotive detail and repair, with potential to be converted to suit needs
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
$30,209
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
4.03%
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%
$604,180
$604.2K
Cap Rate 7%
$431,557
$431.6K
Cap Rate 9%
$335,656
$335.7K
Market Conditions
NOI Build-Up for 2,600 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
$56.8K $21.84/SF
− Vacancy
−$13.6K −$5.24/SF
EGI
$43.2K $16.60/SF
− OpEx
−$12.9K −$4.98/SF
NOI
$30.2K $11.62/SF
Area
Fairfield County, OH
Vacancy
24.00%
Lease Rate
$21.84 /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%
$604,180
Cap Rate 7%
$431,557
Cap Rate 9%
$335,656
Alternative Uses
Best Use
Industrial
$431.6K
$377.6K – $503.5K
NOI $30,209 @ 7.0% cap · market cap 4.03%
Second Best
Retail
$142.9K
$125.0K – $166.7K
NOI $10,003 @ 7.0% cap · market cap 1.33%
Theoretical Best
Warehouse
$524.0K
$458.5K – $611.4K
NOI $36,682 @ 7.0% cap · market cap 4.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
164k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 42%
Dining 35%
Shops & Services 17%
Home Improvements & Furnishings 7%
Meijer
Groceries
68,761 visits/mo
0.3 miles
Texas Roadhouse
Dining
34,797 visits/mo
0.2 miles
Speedway
Shops & Services
14,857 visits/mo
0.3 miles
Steak 'n Shake
Dining
13,338 visits/mo
0.3 miles
Harbor Freight Tools
Home Improvements & Furnishings
10,719 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 2.43-acre commercial lot with a centrally located building featuring three garage bays, office space, and a bathroom.
Where is this commercial land located?
The property is located at 1250 Collins Road NW Lancaster, OH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2.43‑acre commercial property with a large front and back lot; Centrally located 2,600 SF commercial building with 3 garage bays, a bathroom, and office space; Building currently set up for automotive detail and repair, with potential to be converted to suit needs
