Medical Condo Overlooking Lake
For Sale
$559,000
1725 Western Avenue C, Findlay, OH 45840
Medical condo with flexible space near I-75 and downtown.
Property Size2,220 SF
Days on Market169
Property Features for 1725 Western Avenue C
General Information
Standard status
Active
Size
2,220 SF
Total Parking Spaces
30
Property subtype
Office
Building Details
Building Size
2,220 SF
Year Built
1996
Stories
1
Listing Agency:
Coldwell Banker Flag City
(419) 434-9000
Listed By:
Brian Whitta · License #2017005805
(419) 434-9000
Source:
Cbcworldwide
Added: Mar 5
Changed: Aug 8
Last Checked: Apr 9 at 9:00PM
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 Coldwell Banker Flag City
Investment Insights
Based on property information with market context.
This medical condo overlooks Lake Cascades and offers multiple options for space utilization and modification to suit various business types. The property was most recently used for podiatric medicine and includes treatment rooms, retail space, a lab/xray area, an office, and a waiting room. It could potentially serve other medical disciplines or ancillary services such as DME, home health, massage, or nonprofit organizations. The owner is responsible for 12.1% of the actual association costs and has shared storage space in the adjoining basement. Ample on-site parking is available. The location provides convenient access to I-75, nearby doctors, a hospital, and downtown.
Key Highlights
- Overlooks Lake Cascades.
- Versatile space suitable for various business types.
- Equipped with treatment rooms, retail space, lab/xray, office, and waiting room.
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
$26,297
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
4.70%
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%
$525,940
$525.9K
Cap Rate 7%
$375,671
$375.7K
Cap Rate 9%
$292,189
$292.2K
Market Conditions
NOI Build-Up for 2,220 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
$48.0K $21.60/SF
− Vacancy
−$4.1K −$1.86/SF
EGI
$43.8K $19.74/SF
− OpEx
−$17.5K −$7.90/SF
NOI
$26.3K $11.85/SF
Area
Hancock County, OH
Vacancy
8.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$525,940
Cap Rate 7%
$375,671
Cap Rate 9%
$292,189
Alternative Uses
Best Use
Healthcare Medical
$375.7K
$328.7K – $438.3K
NOI $26,297 @ 7.0% cap · market cap 4.70%
Second Best
Office B
$303.7K
$265.7K – $354.3K
NOI $21,259 @ 7.0% cap · market cap 3.80%
Theoretical Best
Specialty Retail
$619.2K
$541.8K – $722.4K
NOI $43,346 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
575
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45840, OH
54,901
Population
25,396
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
95%
High-School Grad
166.5 sq mi
ZIP Area
330
Density / Sq Mi
$64,076
Median Household Income
$42,546
Median Earnings
$934
Median Rent
$203,800
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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical condo with flexible space near I-75 and downtown.
Where is this medical office space located?
The property is located at 1725 Western Avenue C Findlay, OH.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Overlooks Lake Cascades.; Versatile space suitable for various business types.; Equipped with treatment rooms, retail space, lab/xray, office, and waiting room.
