Turnkey Office and Retail
For Sale
$379,900
56 N Franklin Street Delaware, Delaware, OH 43015
Updated two-story office and retail building with multiple rooms, staff parking, and designated on-site laundry.
Property Size2,773 SF
Price / SF$136
Days on Market49
Property Features for 56 N Franklin Street Delaware
General Information
Standard status
Active
Size
2,773 SF
Zoning
Downtown Commercial District
Taxes and HOA fees
Annual Taxes
$5,575
Amenities
coffee bar
laundry room
private kitchen
staff retreat
No
Public
0.08
2773.0
Building Details
Building Size
2,773 SF
Year Built
1920
Year Renovated
2022
Stories
2
Listing Agency:
(614) 660-5959
Listed By:
Brian McLaughlin
(614) 660-5959
Source:
Movenowohio
Added: Jul 4
Changed: Aug 19
Last Checked: Aug 21 at 4:03AM
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 Brian McLaughlin
Investment Insights
Based on property information with market context.
56 N Franklin St. is a 2,773 SF, two-story office and retail building that was fully renovated in 2022. The property is currently operating as a day spa and includes newer HVAC units, new flooring, fresh paint, and updated doors. Inside, the main level features a reception area with built-in shelving for product display, a client seating area with a coffee bar, and multiple treatment or office rooms, supported by on-site laundry. The second floor offers a private kitchen and staff retreat, a restroom, and additional client rooms, with proximity to the rear entrance supporting potential multi-tenant use.
The building includes designated staff parking and convenient street parking for clients. It is zoned within the Downtown Commercial District, which allows for a wide range of uses.
Located in a historic downtown community, the property sits in close proximity to Ohio Wesleyan University, home to approximately 1,600 students. Nearby businesses include breweries, coffee shops, boutiques, and salons.
The building includes designated staff parking and convenient street parking for clients. It is zoned within the Downtown Commercial District, which allows for a wide range of uses.
Located in a historic downtown community, the property sits in close proximity to Ohio Wesleyan University, home to approximately 1,600 students. Nearby businesses include breweries, coffee shops, boutiques, and salons.
Key Highlights
- 2,773 SF two‑story office/retail building at 56 N Franklin St.
- Fully renovated in 2022 with new flooring, fresh paint, and updated doors.
- Both HVAC units are newer; updates completed with City of Delaware Fire Marshal, business insurance, and Board of Cosmetology.
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
$34,141
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
8.99%
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%
$682,820
$682.8K
Cap Rate 7%
$487,729
$487.7K
Cap Rate 9%
$379,344
$379.3K
Market Conditions
NOI Build-Up for 2,773 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
$59.9K $21.60/SF
− Vacancy
−$14.4K −$5.18/SF
EGI
$45.5K $16.42/SF
− OpEx
−$11.4K −$4.10/SF
NOI
$34.1K $12.31/SF
Area
Delaware 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%
$682,820
Cap Rate 7%
$487,729
Cap Rate 9%
$379,344
Alternative Uses
Best Use
Office B
$487.7K
$426.8K – $569.0K
NOI $34,141 @ 7.0% cap · market cap 8.99%
Second Best
Healthcare Medical
$418.9K
$366.5K – $488.7K
NOI $29,321 @ 7.0% cap · market cap 7.72%
Theoretical Best
Warehouse
$558.9K
$489.0K – $652.1K
NOI $39,123 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,106
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43015, OH
57,563
Population
23,287
Households
2.5
Avg Household Size
38
Median Age
47%
College-Educated
96%
High-School Grad
127.9 sq mi
ZIP Area
450
Density / Sq Mi
$99,622
Median Household Income
$50,799
Median Earnings
$1,207
Median Rent
$311,900
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.
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Frequently Asked Questions
What type of property is this?
Spa & wellness property - Updated two-story office and retail building with multiple rooms, staff parking, and designated on-site laundry.
Where is this spa & wellness property located?
The property is located at 56 N Franklin Street Delaware Delaware, OH.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 2,773 SF two‑story office/retail building at 56 N Franklin St.; Fully renovated in 2022 with new flooring, fresh paint, and updated doors.; Both HVAC units are newer; updates completed with City of Delaware Fire Marshal, business insurance, and Board of Cosmetology.
