Office Buildings with Private
For Sale
$185,000
166 W Main St, Chillicothe, OH 45601
Two income-producing buildings occupy a downtown commercial setting with on-site parking.
Property Size1,516 SF
Price / SF$122.03
Days on Market479
Property Features for 166 W Main St
General Information
Standard status
Active
Size
1,516 SF
Taxes and HOA fees
Annual Taxes
$1,452
Listing Agency:
eXp Realty, LLC (C)
(740) 701-9915
Listed By:
Meredith Tomlinson · License #2006006398
(740) 701-9915
Source:
Exprealty
Added: May 9, 2025
Changed: Aug 29
Last Checked: Aug 29 at 8:51PM
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 eXp Realty, LLC (C)
Investment Insights
Based on property information with market context.
This office property includes two buildings that currently generate income, complemented by an additional 1,700-square-foot structure. The improvements provide multiple building components within one commercial holding and support consideration by an owner-occupant or incoming tenant.
The property is located at 166 W Main St in Chillicothe, Ohio, on a high-traffic street within the downtown business district. A private parking lot is included, adding on-site parking to the property’s commercial configuration. The source information also identifies retail and office space as potential uses for the property.
The property is located at 166 W Main St in Chillicothe, Ohio, on a high-traffic street within the downtown business district. A private parking lot is included, adding on-site parking to the property’s commercial configuration. The source information also identifies retail and office space as potential uses for the property.
Key Highlights
- Two income‑generating buildings included
- Additional 1,700‑square‑foot structure
- Private parking lot on the property
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
$14,517
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
7.85%
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%
$290,340
$290.3K
Cap Rate 7%
$207,386
$207.4K
Cap Rate 9%
$161,300
$161.3K
Market Conditions
NOI Build-Up for 1,516 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
$24.2K $15.96/SF
− Vacancy
−$4.8K −$3.19/SF
EGI
$19.4K $12.77/SF
− OpEx
−$4.8K −$3.19/SF
NOI
$14.5K $9.58/SF
Area
Ross County, OH
Vacancy
20.00%
Lease Rate
$15.96 /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%
$290,340
Cap Rate 7%
$207,386
Cap Rate 9%
$161,300
Alternative Uses
Best Use
Office B
$207.4K
$181.5K – $242.0K
NOI $14,517 @ 7.0% cap · market cap 7.85%
Second Best
Retail
$160.7K
$140.6K – $187.5K
NOI $11,247 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$286.1K
$250.3K – $333.8K
NOI $20,026 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,207
Businesses Nearby
Explore this area
Business Placement
Demographics for 45601, OH
56,849
Population
23,358
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
348.7 sq mi
ZIP Area
163
Density / Sq Mi
$57,430
Median Household Income
$39,973
Median Earnings
$858
Median Rent
$160,800
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 - Two income-producing buildings occupy a downtown commercial setting with on-site parking.
Where is this office building located?
The property is located at 166 W Main St Chillicothe, OH.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two income‑generating buildings included; Additional 1,700‑square‑foot structure; Private parking lot on the property
