Auto Repair and Body
For Sale
Contact for pricing
237 Curtis St, Delaware, OH 43015
Auto repair and auto body facility with multiple drive-in doors, paint booth, and 13–15' clear height, zoned M2.
Property Size17,244 SF
Price / SF$113.08
Days on Market733
Property Features for 237 Curtis St
General Information
Standard status
Active
Size
17,244 SF
Property subtype
INDUSTRIAL
Zoning
M2
Warehouse & Industrial
Clear Height
15 ft
Drive-In Doors
4
Heavy Power
Yes
Building Details
Year Built
1976
Year Renovated
2022
Listing Agency:
Alterra Real Estate Advisors
(380) 204-7784
Listed By:
Brad L Kitchen, SIOR
(614) 327-4366
Source:
Moodyscre
Added: Sep 10, 2024
Changed: Sep 11
Last Checked: Sep 11 at 12:47PM
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 Alterra Real Estate Advisors
Investment Insights
Based on property information with market context.
This auto repair/auto body shop property is currently operating as a repair facility. Built in 1976 and remodeled in 2022, it includes a paint booth, radiant and gas Reznor heaters in the warehouse, and a Clean Burn Energy System for waste oil burning via furnace. The building offers multiple drive-in doors, including three 14' x 14' doors plus one 9' x 10' drive-in door. Clear height is listed at 13' to 15', supported by 3-phase power (120/240).
The property is zoned M2. Annual real estate taxes are reported as $12,860 per year.
With its drive-in access and shop-specific improvements such as the paint booth and furnace system, the layout is designed for vehicle work and related operations.
The property is zoned M2. Annual real estate taxes are reported as $12,860 per year.
With its drive-in access and shop-specific improvements such as the paint booth and furnace system, the layout is designed for vehicle work and related operations.
Key Highlights
- Auto repair/auto body shop currently in use with paint booth
- Zoned M2; built in 1976 and remodeled in 2022
- Multiple drive‑in doors: three 14' x 14', one 9' x 10' (plus three more doors noted as 14' x 14')
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
$67,039
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
3.44%
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%
$1,340,780
$1.3M
Cap Rate 7%
$957,700
$957.7K
Cap Rate 9%
$744,878
$744.9K
Market Conditions
NOI Build-Up for 17,244 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
$99.3K $5.76/SF
− Vacancy
−$3.6K −$0.21/SF
EGI
$95.8K $5.55/SF
− OpEx
−$28.7K −$1.67/SF
NOI
$67.0K $3.89/SF
Area
Delaware County, OH
Vacancy
3.58%
Lease Rate
$5.76 /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%
$1,340,780
Cap Rate 7%
$957,700
Cap Rate 9%
$744,878
Alternative Uses
Best Use
Industrial
$2.86M
$2.50M – $3.34M
NOI $200,356 @ 7.0% cap · market cap 10.27%
Second Best
Retail
$957.7K
$838.0K – $1.12M
NOI $67,039 @ 7.0% cap · market cap 3.44%
Theoretical Best
Warehouse
$3.48M
$3.04M – $4.05M
NOI $243,289 @ 7.0% cap · market cap 12.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
15 ft
Clear height
4
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Well-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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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- MD Transmissions Ltd — 320 London Rd Ste 108, Delaware, OH 43015
- Bauerle Automotive — 223 Curtis St, Delaware, OH 43015
Frequently Asked Questions
What type of property is this?
Auto shop - Auto repair and auto body facility with multiple drive-in doors, paint booth, and 13–15' clear height, zoned M2.
Where is this auto shop located?
The property is located at 237 Curtis St Delaware, OH.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Auto repair/auto body shop currently in use with paint booth; Zoned M2; built in 1976 and remodeled in 2022; Multiple drive‑in doors: three 14' x 14', one 9' x 10' (plus three more doors noted as 14' x 14')
