Fully Renovated Flex
For Sale
$725,000
1368 St Rt 131, Milford, OH 45150
Commercial Sale, Miami Twp, OH
Property Size3,940 SF
Lot Size0.53 Acres
Price / SF$184.01
Days on Market47
Property Features for 1368 St Rt 131
General Information
Property type
Commercial Sale
Property subtype
Other
Exterior features
Part Fenced, Sidewalks
Fencing
Fenced
Directions
275 to E at Milford/SR 28 exit, R Wolfpen-Pleasant Hill Rd, L SR 131-1 mile on left just past Miami Market across from firehouse & Sugar Camp Rd
Subdivision
Clermont-C02
Standard status
Active
APN
18-46-12C-072
Size
3,940 SF
Lot size
0.53 Acres
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1970
Flooring type
Vinyl
Building materials
Brick
Roof type
Shingle
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 874-3300
Listed By:
Victoria Davis
(513) 766-9200
Added: Jul 16
Changed: Aug 19
Last Checked: Aug 31 at 7:06PM
MLS# 1887118
Copyright © 2026 MLS of Greater Cincinnati, Inc. 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 fully renovated flex space was extensively rebuilt following a fire. Improvements include new framing and roof structure with gutters, downspouts, and shingles, plus updated electrical, plumbing, HVAC, water heater, and lighting. Interior finishes were refreshed with new flooring, doors, drywall, and paint. The building includes four offices, two restrooms, and a washroom that can serve as a kitchenette or coffee station, along with spacious warehouse and garage areas and five garage doors. A French drain is also included.
The property sits on a 0.533-acre lot with 112' of road frontage and has 21 parking spaces, supporting convenient customer or employee access. Exterior features include brick construction, part fencing, and sidewalks, with electric heating and a shingle roof.
Built in 1970, this configuration is suited to an owner-occupant operation or a tenant seeking a flexible workspace with office support and warehouse/garage functionality.
The property sits on a 0.533-acre lot with 112' of road frontage and has 21 parking spaces, supporting convenient customer or employee access. Exterior features include brick construction, part fencing, and sidewalks, with electric heating and a shingle roof.
Built in 1970, this configuration is suited to an owner-occupant operation or a tenant seeking a flexible workspace with office support and warehouse/garage functionality.
Key Highlights
- 112' road frontage
- 21 parking spaces
- Extensively rebuilt after fire
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
$25,025
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
3.45%
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%
$500,500
$500.5K
Cap Rate 7%
$357,500
$357.5K
Cap Rate 9%
$278,056
$278.1K
Market Conditions
NOI Build-Up for 3,940 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
$30.7K $7.80/SF
− Vacancy
−$1.3K −$0.33/SF
EGI
$29.4K $7.47/SF
− OpEx
−$4.4K −$1.12/SF
NOI
$25.0K $6.35/SF
Area
Clermont County, OH
Vacancy
4.20%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
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%
$500,500
Cap Rate 7%
$357,500
Cap Rate 9%
$278,056
Alternative Uses
Best Use
Warehouse
$357.5K
$312.8K – $417.1K
NOI $25,025 @ 7.0% cap · market cap 3.45%
Second Best
Industrial
$294.4K
$257.6K – $343.5K
NOI $20,609 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$706.4K
$618.1K – $824.1K
NOI $49,445 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45150, OH
33,735
Population
14,432
Households
2.3
Avg Household Size
42
Median Age
41%
College-Educated
95%
High-School Grad
32.3 sq mi
ZIP Area
1,044
Density / Sq Mi
$91,780
Median Household Income
$51,494
Median Earnings
$1,033
Median Rent
$267,900
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 - Fully renovated flex space with four offices, two restrooms, and a spacious warehouse and garage area.
Where is this flex space located?
The property is located at 1368 St Rt 131 Milford, OH.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 112' road frontage; 21 parking spaces; Extensively rebuilt after fire
