Building Details

Building Size 3,040 SF

Year Built 1900

Listing Agency: SVN Ascension b***@svn.com Show Phone

Listed By: Brian Downey · License #OH #2012001418 Show Phone

Source: Svn

Added: Jul 8 Changed: Aug 26 Last Checked: Aug 30 at 1:05PM

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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 SVN Ascension

Investment Insights

Based on property information with market context.

This for-sale retail storefront building is currently operating under a sale-leaseback structure with a 10-year modified gross lease in place. Under the lease terms, the tenant covers utilities.

The property is described as the only commercial building currently listed on the market in downtown Grand Rapids, Ohio.

Additional property details beyond the lease structure and retail storefront use were not provided.

Key Highlights

• 10‑year modified gross lease in place with sale‑leaseback
• Tenant covers utilities under the modified gross lease
• Currently the only commercial building on the market in downtown Grand Rapids, Ohio

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

$12,012

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

4.80%

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%

$240,240 $240.2K

Cap Rate 7%

$171,600 $171.6K

Cap Rate 9%

$133,467 $133.5K

Market Conditions

NOI Build-Up for 3,040 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

$17.9K $5.88/SF

− Vacancy

−$715 −$0.24/SF

EGI

$17.2K $5.64/SF

− OpEx

−$5.1K −$1.69/SF

NOI

$12.0K $3.95/SF

Area

Wood County, OH

Vacancy

4.00%

Lease Rate

$5.88 /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%

$240,240

Cap Rate 7%

$171,600

Cap Rate 9%

$133,467

Alternative Uses

Best Use

Retail

$171.6K

$150.2K – $200.2K (±1% cap)

NOI $12,012 @ 7.0% cap · market cap 4.80%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$708.1K

$619.6K – $826.1K (±1% cap)

NOI $49,566 @ 7.0% cap · market cap 19.83%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Snyder’s Pizza Restaurant

Suggested Use

Top Pick Building Supply Auto Parts Store Dental Office Auto Repair Shop Law Firm Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

155

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 43522, OH

3,249

Population

1,468

Households

2.2

Avg Household Size

46

Median Age

23%

College-Educated

94%

High-School Grad

31.2 sq mi

ZIP Area

104

Density / Sq Mi

$77,076

Median Household Income

$37,201

Median Earnings

$1,058

Median Rent

$196,500

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - Retail storefront building for sale with a 10-year modified gross lease in place.

Where is this storefront property located?

The property is located at 24098 Front St Grand Rapids, OH.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: 10‑year modified gross lease in place with sale‑leaseback; Tenant covers utilities under the modified gross lease; Currently the only commercial building on the market in downtown Grand Rapids, Ohio