Open-Span Office
For Sale
$795,000
209 N 2nd St, Ironton, OH 45638
Three-phase power, parking, and high daily traffic exposure support a flexible commercial configuration.
Property Size6,800 SF
Price / SF$116.91
Days on Market51
Property Features for 209 N 2nd St
General Information
Standard status
Active
Size
6,800 SF
Building Details
Year Built
1926
Listing Agency:
M & M Realty Services Inc
(606) 923-9770
Listed By:
Debra Dickens
Source:
Thelorilynngroup
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 31 at 7:03PM
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 M & M Realty Services Inc
Investment Insights
Based on property information with market context.
This 6,800-square-foot office building, constructed in 1976, features an open-span interior that can accommodate a range of commercial layouts. The property includes three-phase power and parking for customers and employees. The configuration is identified as suitable for medical operations, professional offices, retail showroom use, separate retail spaces, or a church, subject to applicable requirements.
The building benefits from visibility along a route carrying nearly 8,000 vehicles daily. Access is provided via a direct route from the Russell Bridge, serving customers and clients traveling from both Ohio and Kentucky.
The building benefits from visibility along a route carrying nearly 8,000 vehicles daily. Access is provided via a direct route from the Russell Bridge, serving customers and clients traveling from both Ohio and Kentucky.
Key Highlights
- 6,800‑square‑foot open‑span office building
- Three‑phase power installed
- Parking available for customers and employees
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
$67,369
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
8.47%
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%
$1,347,380
$1.3M
Cap Rate 7%
$962,414
$962.4K
Cap Rate 9%
$748,544
$748.5K
Market Conditions
NOI Build-Up for 6,800 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
$130.6K $19.20/SF
− Vacancy
−$18.3K −$2.69/SF
EGI
$112.3K $16.51/SF
− OpEx
−$44.9K −$6.60/SF
NOI
$67.4K $9.91/SF
Area
Lawrence County, OH
Vacancy
14.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,347,380
Cap Rate 7%
$962,414
Cap Rate 9%
$748,544
Alternative Uses
Best Use
Healthcare Medical
$962.4K
$842.1K – $1.12M
NOI $67,369 @ 7.0% cap · market cap 8.47%
Second Best
Office B
$930.2K
$814.0K – $1.09M
NOI $65,117 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,352 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 45638, OH
20,114
Population
9,039
Households
2.2
Avg Household Size
43
Median Age
16%
College-Educated
90%
High-School Grad
76.9 sq mi
ZIP Area
262
Density / Sq Mi
$49,544
Median Household Income
$34,972
Median Earnings
$782
Median Rent
$118,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-phase power, parking, and high daily traffic exposure support a flexible commercial configuration.
Where is this office building located?
The property is located at 209 N 2nd St Ironton, OH.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 6,800‑square‑foot open‑span office building; Three‑phase power installed; Parking available for customers and employees
