Downtown Delaware Multi-Level Commercial
For Sale
$2,300,000
17 N Sandusky Street, Delaware, OH 43015
Unique commercial building in downtown Delaware, ideal for owner or investor.
Property Size18,229 SF
Price / SF$126.17
Days on Market273
Property Features for 17 N Sandusky Street
General Information
Standard status
Active
Size
18,229 SF
Property subtype
Retail
Building Details
Building Size
18,229 SF
Year Built
1850
Listing Agency:
3CRE Advisors, LLC - corporate
(740) 417-0946
Listed By:
Tracie Tormasi · License #OH #2020005601
Source:
3cre
Added: Nov 21, 2025
Changed: Aug 13
Last Checked: Aug 21 at 5:10AM
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 3CRE Advisors, LLC - corporate
Investment Insights
Based on property information with market context.
This multi-level commercial building is located on Sandusky Street in downtown Delaware, Ohio, close to shopping, boutiques, restaurants, and Ohio Wesleyan University. The property offers a spacious retail and office area. Recent renovations include metal ceilings, accents, and trims, along with hardwood floors throughout. The first floor is ideal for a restaurant, retail shop, or event space. A large public parking lot is located behind the building, and there is plentiful street parking in the front. The second floor features a large room with high ceilings and hardwood floors, suitable for event or office space, in addition to four large offices that can be rented separately or together. New windows, floors, refinished bathrooms, and all-new heating and cooling are present throughout the building. The third floor has six additional offices for lease. The building is currently vacant, presenting an opportunity for an owner-operator to utilize the entire building for their business or for an investor to lease out the spaces to chosen tenants. The property size is 18229 square feet.
Key Highlights
- Prime downtown Delaware location on Sandusky Street, close to amenities and Ohio Wesleyan University.
- Recently renovated with new windows, floors, bathrooms, heating, and cooling.
- Versatile multi‑level building suitable for owner‑operator or investor.
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
$70,868
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
3.08%
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%
$1,417,360
$1.4M
Cap Rate 7%
$1,012,400
$1.0M
Cap Rate 9%
$787,422
$787.4K
Market Conditions
NOI Build-Up for 18,229 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
$105.0K $5.76/SF
− Vacancy
−$3.8K −$0.21/SF
EGI
$101.2K $5.55/SF
− OpEx
−$30.4K −$1.67/SF
NOI
$70.9K $3.89/SF
Area
Delaware County, OH
Vacancy
3.58%
Lease Rate
$5.76 /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%
$1,417,360
Cap Rate 7%
$1,012,400
Cap Rate 9%
$787,422
Alternative Uses
Best Use
Office B
$3.21M
$2.81M – $3.74M
NOI $224,435 @ 7.0% cap · market cap 9.76%
Second Best
Retail
$1.01M
$885.9K – $1.18M
NOI $70,868 @ 7.0% cap · market cap 3.08%
Theoretical Best
Warehouse
$3.67M
$3.21M – $4.29M
NOI $257,186 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,123
Businesses Nearby
Explore this area
Business Placement
Demographics for 43015, OH
57,563
Population
23,287
Households
2.5
Avg Household Size
38
Median Age
47%
College-Educated
96%
High-School Grad
127.9 sq mi
ZIP Area
450
Density / Sq Mi
$99,622
Median Household Income
$50,799
Median Earnings
$1,207
Median Rent
$311,900
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?
Retail space - Unique commercial building in downtown Delaware, ideal for owner or investor.
Where is this retail space located?
The property is located at 17 N Sandusky Street Delaware, OH.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Prime downtown Delaware location on Sandusky Street, close to amenities and Ohio Wesleyan University.; Recently renovated with **new windows, floors, bathrooms, heating, and cooling.**; Versatile multi‑level building suitable for owner‑operator or investor.
