Flex Space with
For Sale
$481,500
131 & 123 N Chestnut Street, Jefferson, OH 44047
CommercialSale, Jefferson, OH
Property Size3,764 SF
Lot Size0.68 Acres
Price / SF$127.92
Days on Market47
Property Features for 131 & 123 N Chestnut Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Parking
15
Elementary school district
Jefferson Area LSD - 406
Middle school district
Jefferson Area LSD - 406
High school district
Jefferson Area LSD - 406
Directions
Located on the west side of N. Chestnut (Rt. 46) just south W Ashtabula St and north of W Walnut St.
Standard status
Active
APN
260190011500
Lot size
0.68 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
38 & 40 ASHTABULA ST
Tax Annual Amount
2614
Legal Description
38 & 40 ASHTABULA ST
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1950
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty
(440) 576-6985
Listed By:
Victoria S Miller · License #412174
(440) 813-3379
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 30 at 5:06PM
MLS# 5206833
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex space combines 2,604 square feet of retail or showroom area with 1,160 square feet of warehouse space, creating a practical configuration for customer-facing activity, inventory, storage, and workspace. The property contains 3,764 square feet within a building constructed in 1950 and sits on a 0.68-acre parcel. Natural gas forced-air heating and public water serve the building.
The property is located at 131 & 123 N Chestnut Street on the west side of State Route 46 in Jefferson, Ohio. Approximately 142 feet of road frontage provides direct exposure along the corridor. The parcel offers room for customer parking and deliveries, with flexibility for an owner-occupant, investor, or business requiring both finished commercial space and rear warehouse capacity.
The property is located at 131 & 123 N Chestnut Street on the west side of State Route 46 in Jefferson, Ohio. Approximately 142 feet of road frontage provides direct exposure along the corridor. The parcel offers room for customer parking and deliveries, with flexibility for an owner-occupant, investor, or business requiring both finished commercial space and rear warehouse capacity.
Key Highlights
- 3,764 square feet total building area
- 2,604 square feet of retail or showroom space
- 1,160 square feet of warehouse space
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
$21,444
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
4.45%
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%
$428,880
$428.9K
Cap Rate 7%
$306,343
$306.3K
Cap Rate 9%
$238,267
$238.3K
Market Conditions
NOI Build-Up for 3,764 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
$37.5K $9.96/SF
− Vacancy
−$4.5K −$1.20/SF
EGI
$33.0K $8.76/SF
− OpEx
−$11.5K −$3.07/SF
NOI
$21.4K $5.70/SF
Area
Ashtabula County, OH
Vacancy
12.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$428,880
Cap Rate 7%
$306,343
Cap Rate 9%
$238,267
Alternative Uses
Best Use
Retail
$659.9K
$577.4K – $769.9K
NOI $46,193 @ 7.0% cap · market cap 9.59%
Second Best
Flex RnD
$306.3K
$268.1K – $357.4K
NOI $21,444 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$701.4K
$613.7K – $818.3K
NOI $49,099 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44047, OH
9,156
Population
4,075
Households
2.2
Avg Household Size
45
Median Age
18%
College-Educated
90%
High-School Grad
107.0 sq mi
ZIP Area
86
Density / Sq Mi
$59,720
Median Household Income
$39,850
Median Earnings
$985
Median Rent
$182,500
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - A mixed retail and warehouse layout supports customer-facing operations alongside storage and work areas.
Where is this flex space located?
The property is located at 131 & 123 N Chestnut Street Jefferson, OH.
What is the asking price?
The asking price for this property is $481,500.
What are key features of this property?
This property features: 3,764 square feet total building area; 2,604 square feet of retail or showroom space; 1,160 square feet of warehouse space
