Building Details

Year Built 1896

Buildings 3

Stories 2

Units 2

Listed By: Cathy Smith Show Phone

Added: Sep 28, 2025 Changed: Mar 16

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Investment Insights

Based on property information with market context.

This mixed-use building is located in Uptown Waterville. The two-story building has 2,188 square feet of space and includes a second-floor two-bedroom apartment, as well as two out-buildings. Situated on an 11,001 square foot lot, the property currently operates as a veterinary hospital, complete with equipment and furnishings. The property's layout and location lend itself to various business opportunities, including a storefront retail store, health and wellness facility, bar, restaurant, shop, or salon. The building features over 85 feet of frontage in uptown Waterville. The property includes two bedrooms, two bathrooms, two kitchens, and a total of 13 rooms. City parking areas are close and accessible. There is a proposal for Waterville City to use vacant land near the back of this property to offer more parking for the town.

Key Highlights

• Vet Clinic and apartment, lends itself to storefront retail store, health and wellness facility, bar restaurant, shop, salon, with over 85 feet of uptown Waterville frontage.

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

$18,765

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

3.85%

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%

$375,300 $375.3K

Cap Rate 7%

$268,071 $268.1K

Cap Rate 9%

$208,500 $208.5K

Market Conditions

NOI Build-Up for 2,188 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

$36.0K $16.44/SF

− Vacancy

−$5.9K −$2.72/SF

EGI

$30.0K $13.72/SF

− OpEx

−$11.3K −$5.15/SF

NOI

$18.8K $8.58/SF

Area

Lucas County, OH

Vacancy

16.53%

Lease Rate

$16.44 /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%

$375,300

Cap Rate 7%

$268,071

Cap Rate 9%

$208,500

Alternative Uses

Best Use

Mixed Use

$268.1K

$234.6K – $312.8K (±1% cap)

NOI $18,765 @ 7.0% cap · market cap 3.85%

Second Best

Office B

$258.5K

$226.2K – $301.6K (±1% cap)

NOI $18,094 @ 7.0% cap · market cap 3.71%

Theoretical Best

Specialty Retail

$400.5K

$350.4K – $467.2K (±1% cap)

NOI $28,032 @ 7.0% cap · market cap 5.74%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Interactive Design Solutions Marketing & Advertising dotnet technologies Tech Support Center Black Swamp Gamers Community Center

Suggested Use

Top Pick Law Firm Dental Office Real Estate Agency HVAC Service Kitchen & Bath Showroom Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

209

Businesses Nearby

Explore this area Business Placement

Demographics for 43566, OH

8,371

Population

3,594

Households

2.3

Avg Household Size

43

Median Age

46%

College-Educated

98%

High-School Grad

18.4 sq mi

ZIP Area

455

Density / Sq Mi

$108,497

Median Household Income

$57,413

Median Earnings

$1,378

Median Rent

$283,500

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - PRIME UPTOWN WATERVILLE COMMERCIAL BUILDING - BUSINESS. 18 S Third Street Waterville, OHio 43566

Where is this office building located?

The property is located at 18 3Rd St Waterville, OH.

What is the asking price?

The asking price for this property is $488,000.

What are key features of this property?

This property features: Vet Clinic and apartment, lends itself to storefront retail store, health and wellness facility, bar restaurant, shop, salon, with over 85 feet of uptown Waterville frontage.