Historic Mixed-Use Commercial
For Sale
$250,000
18 E Main St, Seville, OH 44273
Built in 1900, this property currently operates as a medical practice with flexible space for additional uses.
Property Size1,659 SF
Price / SF$150.69
Days on Market38
Property Features for 18 E Main St
General Information
Standard status
Active
Size
1,659 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1900
Listing Agency:
Keller Williams Elevate
(330) 969-9260
Listed By:
Ben Gilbert · License #2018004240
Source:
Kmlkrealty
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 29 at 11:54AM
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 Keller Williams Elevate
Investment Insights
Based on property information with market context.
Built in 1900, this historic commercial building currently operates as a medical practice. The property offers flexible configuration, with space that can support professional office use as well as medical or healthcare services, retail, or mixed-use development.
The upper level provides an opportunity for conversion into residential apartments, and the building’s current operation adds practical continuity for an owner-occupant or investor. Accessibility is supported by quick access to State Routes 3, 57, and 224, along with Interstates 71 and 76.
The building may be purchased independently or together with the established medical practice, offering flexibility in acquisition structure based on the buyer’s plans.
The upper level provides an opportunity for conversion into residential apartments, and the building’s current operation adds practical continuity for an owner-occupant or investor. Accessibility is supported by quick access to State Routes 3, 57, and 224, along with Interstates 71 and 76.
The building may be purchased independently or together with the established medical practice, offering flexibility in acquisition structure based on the buyer’s plans.
Key Highlights
- Historic commercial building built in 1900 currently operating as a medical practice
- Flexible space with multiple potential uses including professional office, medical/healthcare, retail, or mixed‑use development
- Spacious upper level offers potential conversion into a residential apartment for added income or owner‑occupant use
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
$20,339
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
8.14%
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%
$406,780
$406.8K
Cap Rate 7%
$290,557
$290.6K
Cap Rate 9%
$225,989
$226.0K
Market Conditions
NOI Build-Up for 1,659 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
$35.6K $21.48/SF
− Vacancy
−$8.5K −$5.13/SF
EGI
$27.1K $16.35/SF
− OpEx
−$6.8K −$4.09/SF
NOI
$20.3K $12.26/SF
Area
Medina County, OH
Vacancy
23.90%
Lease Rate
$21.48 /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%
$406,780
Cap Rate 7%
$290,557
Cap Rate 9%
$225,989
Alternative Uses
Best Use
Office B
$290.6K
$254.2K – $339.0K
NOI $20,339 @ 7.0% cap · market cap 8.14%
Second Best
Healthcare Medical
$89.9K
$78.7K – $104.9K
NOI $6,294 @ 7.0% cap · market cap 2.52%
Theoretical Best
Specialty Retail
$462.7K
$404.9K – $539.9K
NOI $32,392 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44273, OH
6,900
Population
2,791
Households
2.5
Avg Household Size
46
Median Age
27%
College-Educated
92%
High-School Grad
38.7 sq mi
ZIP Area
178
Density / Sq Mi
$93,328
Median Household Income
$48,479
Median Earnings
$943
Median Rent
$242,900
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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Built in 1900, this property currently operates as a medical practice with flexible space for additional uses.
Where is this medical office space located?
The property is located at 18 E Main St Seville, 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: Historic commercial building built in 1900 currently operating as a medical practice; Flexible space with multiple potential uses including professional office, medical/healthcare, retail, or mixed‑use development; Spacious upper level offers potential conversion into a residential apartment for added income or owner‑occupant use
