Flex Space with Loading
For Sale
$2,100,000
1679 State Route 29, Urbana, OH 43078
B-1 zoning combines office and warehouse functionality with paved parking and a fenced rear area.
Property Size16,020 SF
Lot Size3.00 Acres
Price / SF$131.09
Days on Market9
Property Features for 1679 State Route 29
General Information
Standard status
Active
Size
16,020 SF
Lot size
3.00 Acres
Property subtype
General Commercial
Zoning
B-1
Site & Location
Road Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Warehouse Space
15,000 SF
Office Build-Out
3,020 SF
Dock-High Doors
1
Taxes and HOA fees
Annual Taxes
$10,281
Building Details
Year Built
1980
Listing Agency:
REMAX Alliance Realty
(937) 652-1100
Listed By:
V. Patrick Hamilton · License #2004002933
(937) 652-1100
Source:
Xome
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 3:25PM
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 REMAX Alliance Realty
Investment Insights
Based on property information with market context.
Built in 1980, this 16,020-square-foot flex property combines professional office areas with warehouse space on a 3-acre parcel. The office component includes a lobby with extensive windows, eight private offices, and separate men’s and women’s restrooms. Warehouse improvements include three overhead doors, one configured as a loading dock, along with additional office space outside the main office area.
The property fronts State Route 29 just beyond Urbana’s city limits in Urbana Township, providing exposure along a high-traffic state route. Paved parking supports employee, customer, and delivery access, while part of the rear grounds is fenced for added site security. Zoned B-1, the property accommodates a range of stated potential uses, including retail, restaurants, personal services, drive-in businesses, service businesses, animal hospitals and clinics, with certain wholesale, warehousing, food processing, printing, public, and service facilities identified as conditional uses. The main office is leased to an independent company.
The property fronts State Route 29 just beyond Urbana’s city limits in Urbana Township, providing exposure along a high-traffic state route. Paved parking supports employee, customer, and delivery access, while part of the rear grounds is fenced for added site security. Zoned B-1, the property accommodates a range of stated potential uses, including retail, restaurants, personal services, drive-in businesses, service businesses, animal hospitals and clinics, with certain wholesale, warehousing, food processing, printing, public, and service facilities identified as conditional uses. The main office is leased to an independent company.
Key Highlights
- 3‑acre flex property with 16,020 square feet of building area
- Frontage along State Route 29 in Urbana Township
- B‑1 zoning with multiple stated permitted and conditional use categories
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
$192,719
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
9.18%
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%
$3,854,380
$3.9M
Cap Rate 7%
$2,753,129
$2.8M
Cap Rate 9%
$2,141,322
$2.1M
Market Conditions
NOI Build-Up for 16,020 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
$344.9K $21.53/SF
− Vacancy
−$88.0K −$5.49/SF
EGI
$257.0K $16.04/SF
− OpEx
−$64.2K −$4.01/SF
NOI
$192.7K $12.03/SF
Area
Champaign County, OH
Vacancy
25.50%
Lease Rate
$21.53 /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%
$3,854,380
Cap Rate 7%
$2,753,129
Cap Rate 9%
$2,141,322
Alternative Uses
Best Use
Office B
$2.75M
$2.41M – $3.21M
NOI $192,719 @ 7.0% cap · market cap 9.18%
Second Best
Warehouse
$1.14M
$999.2K – $1.33M
NOI $79,936 @ 7.0% cap · market cap 3.81%
Theoretical Best
Specialty Retail
$4.47M
$3.91M – $5.21M
NOI $312,791 @ 7.0% cap · market cap 14.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43078, OH
20,067
Population
8,904
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
133
Density / Sq Mi
$72,500
Median Household Income
$40,854
Median Earnings
$909
Median Rent
$176,300
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?
Flex space - B-1 zoning combines office and warehouse functionality with paved parking and a fenced rear area.
Where is this flex space located?
The property is located at 1679 State Route 29 Urbana, OH.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 3‑acre flex property with 16,020 square feet of building area; Frontage along State Route 29 in Urbana Township; B‑1 zoning with multiple stated permitted and conditional use categories
