Multi-Tenant Shopping
For Sale
$5,300,000
1713 Marion Mount Gilead Rd, Marion, OH 43302
B-2 zoning supports retail, office, medical, and service-oriented uses.
Property Size61,250 SF
Lot Size6.94 Acres
Price / SF$86.53
Days on Market25
Property Features for 1713 Marion Mount Gilead Rd
General Information
Standard status
Active
Size
61,250 SF
Lot size
6.94 Acres
Zoning
B-2
Site & Location
Anchor Co-Tenants
Habitat for Humanity, Walmart, Kohl's, Lowe's, Meijer, Menards
Traffic Count
30,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
8.56%
Building Details
Tenancy
Multi
Listing Agency:
Di Lusso Real Estate
(614) 900-1000
Listed By:
Fisal Ikhmayes · License #2024003271
(614) 900-1000
Source:
Exprealty
Added: Jul 13
Changed: Aug 6
Last Checked: Aug 6 at 1:50AM
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 Di Lusso Real Estate
Investment Insights
Based on property information with market context.
Mallard Square is a multi-tenant shopping center combining retail and office space across approximately 61,250 SF on approximately 6.94 acres. The property includes more than 20 tenants, with OhioHealth, State Farm, T-Mobile, and Jet's Pizza among the occupants. Habitat for Humanity serves as an anchor, and the center reports an 8.56% cap rate. Vacant suites provide additional leasing inventory within the existing complex.
The property fronts State Route 95, also known as Marion-Mt. Gilead Rd, a retail corridor carrying more than 30,000 vehicles per day. It is directly across from The Ohio State University-Marion and Marion Technical College, which has 4,200 students, and offers immediate access to U.S. 23. Nearby co-tenancy includes Walmart, Kohl's, Lowe's, Meijer, and Menards. B-2 Community Business District zoning supports a range of retail, office, medical, and service uses.
The property fronts State Route 95, also known as Marion-Mt. Gilead Rd, a retail corridor carrying more than 30,000 vehicles per day. It is directly across from The Ohio State University-Marion and Marion Technical College, which has 4,200 students, and offers immediate access to U.S. 23. Nearby co-tenancy includes Walmart, Kohl's, Lowe's, Meijer, and Menards. B-2 Community Business District zoning supports a range of retail, office, medical, and service uses.
Key Highlights
- Approximately 61, 250 SF multi‑tenant retail and office center
- Approximately 6.94 acres fronting State Route 95 (Marion‑Mt. Gilead Rd)
- More than 20 tenants, including OhioHealth, State Farm, T‑Mobile, and Jet's Pizza
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
$238,946
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
4.51%
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%
$4,778,920
$4.8M
Cap Rate 7%
$3,413,514
$3.4M
Cap Rate 9%
$2,654,956
$2.7M
Market Conditions
NOI Build-Up for 61,250 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
$354.0K $5.78/SF
− Vacancy
−$12.7K −$0.21/SF
EGI
$341.4K $5.57/SF
− OpEx
−$102.4K −$1.67/SF
NOI
$238.9K $3.90/SF
Area
Marion County, OH
Vacancy
3.58%
Lease Rate
$5.78 /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%
$4,778,920
Cap Rate 7%
$3,413,514
Cap Rate 9%
$2,654,956
Alternative Uses
Best Use
Office B
$10.75M
$9.41M – $12.54M
NOI $752,655 @ 7.0% cap · market cap 14.20%
Second Best
Retail
$3.41M
$2.99M – $3.98M
NOI $238,946 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$12.36M
$10.82M – $14.42M
NOI $865,478 @ 7.0% cap · market cap 16.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
30,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - B-2 zoning supports retail, office, medical, and service-oriented uses.
Where is this shopping center located?
The property is located at 1713 Marion Mount Gilead Rd Marion, OH.
What is the asking price?
The asking price for this property is $5,300,000.
What are key features of this property?
This property features: Approximately 61, 250 SF multi‑tenant retail and office center; Approximately 6.94 acres fronting State Route 95 (Marion‑Mt. Gilead Rd); More than 20 tenants, including OhioHealth, State Farm, T‑Mobile, and Jet's Pizza
