Building Details

Building Size 3,584 SF

Year Built 1900

Buildings 3

Listing Agency: LPT Realty Show Phone

Listed By: Michael B Pillow Show Phone

Source: Camtaylor

Added: Jul 9 Changed: Aug 4 Last Checked: Aug 6 at 4:30AM

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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 LPT Realty

Investment Insights

Based on property information with market context.

This 3,584-square-foot former church property includes a primary facility dating to 1900, plus several newer accessory improvements. A 50' x 30' pole barn, completed in 2023, is configured as a two-bedroom, one-bath barndominium with laundry and carries a separate address at 152 E. Liberty Street. An attached 14' x 50' lean-to/carport adds covered space, while an 18' x 26' detached garage provides additional storage or workshop capacity.

The property is located at 166 E Liberty Street in Martinsburg, Ohio, and includes an asphalt parking lot with two separate driveway entrances. Both buildings use a shared septic system. The source information identifies the former church as suitable for consideration of commercial or live-work applications, subject to renovation and buyer verification of permitted uses.

Key Highlights

• Former church facility with 3,584 SF of property size
• 50' x 30' pole barn built in 2023
• Two‑bedroom, 1‑bath barndominium with laundry

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

$13,149

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

8.22%

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%

$262,980 $263.0K

Cap Rate 7%

$187,843 $187.8K

Cap Rate 9%

$146,100 $146.1K

Market Conditions

NOI Build-Up for 3,584 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

$23.0K $6.41/SF

− Vacancy

−$1.9K −$0.54/SF

EGI

$21.0K $5.87/SF

− OpEx

−$7.9K −$2.20/SF

NOI

$13.1K $3.67/SF

Area

Knox County, OH

Vacancy

8.42%

Lease Rate

$6.41 /SF/Yr

Expense Ratio

37.50%

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%

$262,980

Cap Rate 7%

$187,843

Cap Rate 9%

$146,100

Alternative Uses

Best Use

Office B

$587.0K

$513.7K – $684.9K (±1% cap)

NOI $41,093 @ 7.0% cap · market cap 25.68%

Second Best

Mixed Use

$187.8K

$164.4K – $219.2K (±1% cap)

NOI $13,149 @ 7.0% cap · market cap 8.22%

Theoretical Best

Specialty Retail

$999.7K

$874.7K – $1.17M (±1% cap)

NOI $69,978 @ 7.0% cap · market cap 43.74%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Injoy - Food Pantry Food Bank

Suggested Use

Top Pick Building Supply Auto Repair Shop Auto Parts Store Storage Facility Garden Center Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

41

Businesses Nearby

Explore this area Business Placement

Demographics for 43037, OH

323

Population

115

Households

2.8

Avg Household Size

43

Median Age

5%

College-Educated

95%

High-School Grad

3.2 sq mi

ZIP Area

101

Density / Sq Mi

$66,204

Median Household Income

$38,777

Median Earnings

$850

Median Rent

$264,800

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this churches & religious facilities located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Church & religious facility - Former church campus includes residential flexibility, accessory structures, and two driveway entrances serving the asphalt parking area.

Where is this church & religious facility located?

The property is located at 166 E Liberty Street Martinsburg, OH.

What is the asking price?

The asking price for this property is $160,000.

What are key features of this property?

This property features: Former church facility with 3,584 SF of property size; 50' x 30' pole barn built in 2023; Two‑bedroom, 1‑bath barndominium with laundry