Mixed-Use Property with
New
For Sale
$6,200,000
1675 1695 & 1699 Mount Vernon Road, Newark, OH 43055
The property combines self-storage, one-bedroom apartments, office space, and two on-site homes.
Property Size45,385 SF
Days on Market3
Property Features for 1675 1695 & 1699 Mount Vernon Road
General Information
Standard status
Active
Size
45,385 SF
Property subtype
Industrial
Warehouse & Industrial
Office Build-Out
1,523 SF
Self-Storage Units
180
Building Details
Building Size
45,385 SF
Buildings
18
Listing Agency:
Shai-Hess Commercial Real Estate
(740) 819-2673
Listed By:
Brandon Hess
(740) 819-2673
Source:
Shai-hess
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 12:42PM
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 Shai-Hess Commercial Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property spans just under 7 acres and brings together self-storage, multifamily, office, and residential improvements. The buildings total 45,385 SF, including approximately 180 storage units distributed among five buildings, 40 one-bedroom apartments in 10 apartment buildings, and a 1,523 SF management office.
Two homes add residential components to the site. The primary residence measures 4,200 SF and includes three bedrooms, 2.5 baths, an attached garage, multiple outdoor living spaces, and a roof installed in 2024. The second home is an approximately 2,274 SF ranch with three bedrooms, two full baths, and a garage. The property is located at 1675, 1695 & 1699 Mount Vernon Road in Newark, Ohio 43055.
Two homes add residential components to the site. The primary residence measures 4,200 SF and includes three bedrooms, 2.5 baths, an attached garage, multiple outdoor living spaces, and a roof installed in 2024. The second home is an approximately 2,274 SF ranch with three bedrooms, two full baths, and a garage. The property is located at 1675, 1695 & 1699 Mount Vernon Road in Newark, Ohio 43055.
Key Highlights
- 45,385 SF across multiple buildings on just under 7 acres
- Approximately 180 self‑storage units in 5 buildings
- 40 one‑bedroom apartments within 10 apartment buildings
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
$427,745
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
6.90%
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%
$8,554,900
$8.6M
Cap Rate 7%
$6,110,643
$6.1M
Cap Rate 9%
$4,752,722
$4.8M
Market Conditions
NOI Build-Up for 45,385 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
$653.5K $14.40/SF
− Vacancy
−$42.5K −$0.94/SF
EGI
$611.1K $13.46/SF
− OpEx
−$183.3K −$4.04/SF
NOI
$427.7K $9.42/SF
Area
Licking County, OH
Vacancy
6.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$8,554,900
Cap Rate 7%
$6,110,643
Cap Rate 9%
$4,752,722
Alternative Uses
Best Use
Mixed Use
$10.55M
$9.23M – $12.31M
NOI $738,454 @ 7.0% cap · market cap 11.91%
Second Best
Warehouse
$9.15M
$8.00M – $10.67M
NOI $640,321 @ 7.0% cap · market cap 10.33%
Theoretical Best
Flex RnD
$36.45M
$31.89M – $42.52M
NOI $2,551,477 @ 7.0% cap · market cap 41.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 43055, OH
62,590
Population
27,046
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
112.7 sq mi
ZIP Area
555
Density / Sq Mi
$61,807
Median Household Income
$39,412
Median Earnings
$920
Median Rent
$185,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines self-storage, one-bedroom apartments, office space, and two on-site homes.
Where is this mixed-use property located?
The property is located at 1675 1695 & 1699 Mount Vernon Road Newark, OH.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: 45,385 SF across multiple buildings on just under 7 acres; Approximately 180 self‑storage units in 5 buildings; 40 one‑bedroom apartments within 10 apartment buildings
