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127 East Elm Street, Granville, OH 43023
Village Business District setting with porch, private driveway, and detached garage supports a flexible small-business workspace.
Property Size1,440 SF
Price / SF$347.22
Days on Market6
Property Features for 127 East Elm Street
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Retail, Office
Zoning
village business district
Building Details
Year Built
1901
Listing Agency:
RE/MAX Revealty
(614) 561-1972
Listed By:
thomas knecht · License #2021002980
Source:
Crexi
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 12:01AM
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 Revealty
Investment Insights
Based on property information with market context.
Built in 1901, this 1,440-square-foot office building combines traditional architectural details with a layout suited to business use. The first floor includes generously sized rooms, a kitchen, and a half bath, while four additional rooms and a full bath occupy the second level. Original hardwood floors, substantial wood trim, solid doors, and an oak staircase add distinctive interior character. A wraparound front porch welcomes visitors, and the property includes a private driveway with a detached garage.
The building is located at 127 East Elm Street in Granville, Ohio, within the Village Business District. Downtown Granville shops and restaurants, Denison University, and established businesses are within walking distance. Permitted uses should be verified with the Village of Granville.
The building is located at 127 East Elm Street in Granville, Ohio, within the Village Business District. Downtown Granville shops and restaurants, Denison University, and established businesses are within walking distance. Permitted uses should be verified with the Village of Granville.
Key Highlights
- 1,440‑square‑foot office building constructed in 1901
- Village Business District zoning
- Four second‑floor rooms plus a full bath
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
$17,729
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
3.55%
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%
$354,580
$354.6K
Cap Rate 7%
$253,271
$253.3K
Cap Rate 9%
$196,989
$197.0K
Market Conditions
NOI Build-Up for 1,440 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
$31.1K $21.60/SF
− Vacancy
−$7.5K −$5.18/SF
EGI
$23.6K $16.42/SF
− OpEx
−$5.9K −$4.10/SF
NOI
$17.7K $12.31/SF
Area
Licking County, OH
Vacancy
24.00%
Lease Rate
$21.60 /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%
$354,580
Cap Rate 7%
$253,271
Cap Rate 9%
$196,989
Alternative Uses
Best Use
Office B
$253.3K
$221.6K – $295.5K
NOI $17,729 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$1.16M
$1.01M – $1.35M
NOI $80,955 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
638
Businesses Nearby
Explore this area
Business Placement
Demographics for 43023, OH
14,462
Population
5,344
Households
2.7
Avg Household Size
36
Median Age
55%
College-Educated
98%
High-School Grad
49.9 sq mi
ZIP Area
290
Density / Sq Mi
$136,127
Median Household Income
$48,318
Median Earnings
$1,094
Median Rent
$428,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Village Business District setting with porch, private driveway, and detached garage supports a flexible small-business workspace.
Where is this office building located?
The property is located at 127 East Elm Street Granville, OH.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 1,440‑square‑foot office building constructed in 1901; Village Business District zoning; Four second‑floor rooms plus a full bath
