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    Downtown Multi-Tenant Office Building Title is generated by Realmo AI

    10 N Ludlow St, Dayton, OH 45402

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    Downtown Dayton institutional office asset with courthouse-front presence and strong window lines for long-term tenant demand.

    Type:Office
    Property size:
    160,000 SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 2 at 6:54 am

    Property Features for 10 N Ludlow St

    General Information

    Standard status
    Active
    Size
    160,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1976

    We can help!

    Listing Contact
    Steven Silverman

    Listing agent Steven Silverman

    Listing office Friedman Integrated Real Estate - Corporate

    Listing date Jun 2, 2026

    Source Friedmanrealestate

    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 Friedman Integrated Real Estate - Corporate

    HighLights

    • 160,000 SF, 12‑story institutional office building with mechanical penthouse, built in 1976
    • Prominent Courthouse Square frontage on‑site, directly on Courthouse Square
    • Occupancy of about 38%: 152,000 SF leased and 85,000 SF immediately available
    • 137,000 SF total leasable space with efficient floor plates and strong window lines
    • In‑place tenants include GSA and the Downtown Dayton Partnership, plus other institutional and service‑oriented users
    • Ground lease (leasehold interest) in place through 2041 with two additional 25‑year renewal options

    Overview

    A 12-story, multi-tenant office building totaling approximately 160,000 square feet, including a mechanical penthouse. The property is described as an institutional office asset with efficient floor plates and strong window lines throughout, providing practical layouts for a range of office users.

    The building is located directly on Courthouse Square in the core of Downtown Dayton, with prominent frontage and a highly visible setting. It is across from The Arcade redevelopment and is surrounded by ongoing downtown investment, government offices, and urban amenities, supporting steady demand from service-oriented and institutional organizations.

    With strong in-place tenancy and a mix that includes GSA and the Downtown Dayton Partnership, the property is well positioned for continued office leasing under a ground lease structure. The leasehold interest is in place through 2041, with two additional 25-year renewal options, which can support buyers or operators looking for a long-horizon ownership and leasing plan. Approximately 38% is currently occupied, with additional space immediately available, offering room for targeted leasing to round out the tenant mix.
    Location Intelligence

    Current Use by Public Records

    Flanagan, Lieberman & Rambo Law Firm Catapult Creative Marketing & Advertising Rodman Rachael L Law Firm Ohio Association of Regional ... Association Or Organization Courthouse Plaza SW Department Store

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Dayton
    County
    Greene
    State
    Ohio
    Longitude
    -84.1934352
    Latitude
    39.7595533

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    FAQs

    What type of property is this?
    Office building - Downtown Dayton institutional office asset with courthouse-front presence and strong window lines for long-term tenant demand.
    Where is this office building located?
    The property is located at 10 N Ludlow St Dayton, OH.
    What are key features of this property?
    This property features: 160,000 SF, 12‑story institutional office building with mechanical penthouse, built in 1976; Prominent Courthouse Square frontage on‑site, directly on Courthouse Square; Occupancy of about 38%: 152,000 SF leased and 85,000 SF immediately available
    (248) 324-2000
    We can help!
    Listing Contact
    Steven Silverman
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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