Mixed-Use Building on Village
For Sale
$325,000
15 N Main St, Milan, OH 44846
A leased restaurant occupies the ground floor, with a vacant apartment above.
Property Size3,190 SF
Price / SF$101.88
Days on Market10
Property Features for 15 N Main St
General Information
Standard status
Active
Size
3,190 SF
Additional Details
Highway Access
Yes
Equipment Included
No
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$2,867
Building Details
Buildings
1
Listing Agency:
RE/MAX Quality Realty - Norwalk
(419) 663-3536
Listed By:
Patrick C. Spettel · License #SAL.2023004059
(419) 677-9060
Source:
Exprealty
Added: Oct 22
Changed: Oct 28
Last Checked: Oct 30 at 2:57PM
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 RE/MAX Quality Realty - Norwalk
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Investment Insights
Based on property information with market context.
This 3,190-square-foot mixed-use property has a restaurant tenant on the ground floor and a vacant apartment on the upper level. The apartment may serve as residential space or be adapted for office use. The sale covers the real estate only; the restaurant business and its equipment are excluded.
At 15 N Main St, the building is on Milan’s historic Village Square, just off US Route 250. The property has been updated by the current owner.
At 15 N Main St, the building is on Milan’s historic Village Square, just off US Route 250. The property has been updated by the current owner.
Key Highlights
- 3,190‑square‑foot mixed‑use property
- Ground floor is leased to a long‑established restaurant
- Vacant upstairs apartment may be used residentially or as office space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,679
Cap Rate
3.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$213,580
$213.6K
Cap Rate 7%
$152,557
$152.6K
Cap Rate 9%
$118,656
$118.7K
Market Conditions
NOI Build-Up for 3,190 SF
Gross rent
$18.7K $5.86/SF
− Vacancy
−$1.6K −$0.50/SF
EGI
$17.1K $5.36/SF
− OpEx
−$6.4K −$2.01/SF
NOI
$10.7K $3.35/SF
Area
Erie County, OH
Vacancy
8.60%
Lease Rate
$5.86 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$213,580
Cap Rate 7%
$152,557
Cap Rate 9%
$118,656
Alternative Uses
Best Use
Specialty Retail
$658.9K
$576.6K – $768.7K
NOI $46,124 @ 7.0% cap · market cap 14.19%
Second Best
Mixed Use
$152.6K
$133.5K – $178.0K
NOI $10,679 @ 7.0% cap · market cap 3.29%
Theoretical Best
Multifamily LT 5
$35.11M
$30.72M – $40.96M
NOI $2,457,393 @ 7.0% cap · market cap 756.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 44846, OH
3,322
Population
1,334
Households
2.5
Avg Household Size
44
Median Age
32%
College-Educated
96%
High-School Grad
22.3 sq mi
ZIP Area
149
Density / Sq Mi
$97,109
Median Household Income
$44,323
Median Earnings
$963
Median Rent
$235,200
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
Frequently Asked Questions
What type of property is this?
Mixed-use property - A leased restaurant occupies the ground floor, with a vacant apartment above.
Where is this mixed-use property located?
The property is located at 15 N Main St Milan, OH.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 3,190‑square‑foot mixed‑use property; Ground floor is leased to a long‑established restaurant; Vacant upstairs apartment may be used residentially or as office space
