Mixed-Use Building with
For Sale
$299,000
175 Benedict Ave, Norwalk, OH 44857
School space includes three offices and an upstairs apartment with washer and dryer hookups.
Property Size5,292 SF
Price / SF$56.50
Days on Market138
Property Features for 175 Benedict Ave
General Information
Standard status
Active
Size
5,292 SF
Financials
Gross Income
$45,000
Average Monthly Rent
$1,250
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Building Details
Year Built
1919
Listing Agency:
RE/MAX Above & Beyond
Listed By:
Denise F Stiert · License #2001012200
(419) 706-1921
Source:
Theacclaimedrealty
Added: Apr 24
Changed: Sep 7
Last Checked: Sep 7 at 12:46PM
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 RE/MAX Above & Beyond
Investment Insights
Based on property information with market context.
Built in 1919, this mixed-use building combines an established school operation with residential space. The school area includes three offices and one bathroom, while the upper level contains a three-bedroom, two-bath apartment with washer and dryer hookups. The property offers 5,292 of building area and on-site parking.
Located on the south side of Norwalk, the building has a roof that is approximately six months old and siding replaced last year. The school space is subject to a lease extending through 2026, providing an existing occupancy arrangement alongside the upstairs residential component.
Located on the south side of Norwalk, the building has a roof that is approximately six months old and siding replaced last year. The school space is subject to a lease extending through 2026, providing an existing occupancy arrangement alongside the upstairs residential component.
Key Highlights
- Established school space with 3 offices and 1 bath
- Upstairs 3‑bedroom, 2‑bath apartment
- Washer and dryer hookup in the apartment
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
$19,416
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
6.49%
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%
$388,320
$388.3K
Cap Rate 7%
$277,371
$277.4K
Cap Rate 9%
$215,733
$215.7K
Market Conditions
NOI Build-Up for 5,292 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
$33.9K $6.41/SF
− Vacancy
−$2.9K −$0.54/SF
EGI
$31.1K $5.87/SF
− OpEx
−$11.6K −$2.20/SF
NOI
$19.4K $3.67/SF
Area
Huron County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
37.50%
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%
$388,320
Cap Rate 7%
$277,371
Cap Rate 9%
$215,733
Alternative Uses
Best Use
Apartment 5plus
$610.5K
$534.2K – $712.3K
NOI $42,737 @ 7.0% cap · market cap 14.29%
Second Best
Mixed Use
$277.4K
$242.7K – $323.6K
NOI $19,416 @ 7.0% cap · market cap 6.49%
Theoretical Best
Specialty Retail
$1.10M
$962.4K – $1.28M
NOI $76,994 @ 7.0% cap · market cap 25.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 44857, OH
23,619
Population
10,579
Households
2.2
Avg Household Size
41
Median Age
21%
College-Educated
93%
High-School Grad
81.6 sq mi
ZIP Area
289
Density / Sq Mi
$62,227
Median Household Income
$42,100
Median Earnings
$795
Median Rent
$170,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - School space includes three offices and an upstairs apartment with washer and dryer hookups.
Where is this mixed-use property located?
The property is located at 175 Benedict Ave Norwalk, OH.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Established school space with 3 offices and 1 bath; Upstairs 3‑bedroom, 2‑bath apartment; Washer and dryer hookup in the apartment
