Flex Building with Long-Term
For Sale
Contact for pricing
1793 North Main Street, Orrville, OH
12-unit flex building with established tenant and service garage.
Property Size6,040 SF
Lot Size1.38 Acres
Price / SF$202.81
Days on Market381
Property Features for 1793 North Main Street
General Information
Standard status
Active
Size
6,040 SF
Lot size
1.38 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Gerspacher Real Estate Group
(330) 634-5289
Listed By:
Sam Tecca
(330) 634-5289
Source:
Moodyscre
Added: Aug 15, 2025
Changed: Jul 6
Last Checked: Aug 30 at 8:32PM
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 Gerspacher Real Estate Group
Investment Insights
Based on property information with market context.
This 12-unit flex building, constructed in 2017, offers 12,080 square feet of space on a 1.38-acre lot. One suite, comprising 6,040 square feet, is configured as a service repair garage, featuring a front door reception area, a private office, a large training room, and restrooms. The remaining suite is leased to Lincare until April 30, 2029, generating an annual rent of $50,736.00, or $4,228.00 per month. Lincare is responsible for their own utilities. The property includes four 14-foot drive-in doors and 60 parking spaces. The parking lot was resurfaced in 2025. The property benefits from a 10-year 50% tax abatement, with 2 years remaining. Annual real estate taxes are $15,208.58.
Key Highlights
- Leased to Lincare until April 30, 2029, providing a stable income stream
- Significant rental income of $50,736.00 annually
- The right‑side suite offers a 6,040 SF service repair garage with office and training 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
$60,756
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
4.96%
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%
$1,215,120
$1.2M
Cap Rate 7%
$867,943
$867.9K
Cap Rate 9%
$675,067
$675.1K
Market Conditions
NOI Build-Up for 6,040 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
$90.6K $15.00/SF
− Vacancy
−$3.8K −$0.63/SF
EGI
$86.8K $14.37/SF
− OpEx
−$26.0K −$4.31/SF
NOI
$60.8K $10.06/SF
Area
Wayne County, OH
Vacancy
4.20%
Lease Rate
$15.00 /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%
$1,215,120
Cap Rate 7%
$867,943
Cap Rate 9%
$675,067
Alternative Uses
Best Use
Retail
$867.9K
$759.5K – $1.01M
NOI $60,756 @ 7.0% cap · market cap 4.96%
Second Best
Industrial
$354.6K
$310.3K – $413.7K
NOI $24,820 @ 7.0% cap · market cap 2.03%
Theoretical Best
Multifamily LT 5
$4.41M
$3.86M – $5.15M
NOI $309,015 @ 7.0% cap · market cap 25.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
81
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 12-unit flex building with established tenant and service garage.
Where is this flex space located?
The property is located at 1793 North Main Street Orrville, OH.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Leased to Lincare until April 30, 2029, providing a stable income stream; Significant rental income of $50,736.00 annually; The right‑side suite offers a 6,040 SF service repair garage with office and training room
