Downtown Delaware Mixed-Use Redevelopment
For Sale
$1,200,000
18 N Sandusky St, Delaware, OH 43015
Unique multi-level building in downtown Delaware with redevelopment potential.
Property Size17,000 SF
Price / SF$70.59
Days on Market273
Property Features for 18 N Sandusky St
General Information
Standard status
Active
Size
17,000 SF
Property subtype
Retail
Building Details
Year Built
1876
Listing Agency:
3CRE Advisors, LLC - corporate
(740) 972-8499
Listed By:
Brett Post · License #OH #2014000355
(740) 972-8499
Source:
3cre
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Aug 21 at 4:50AM
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 3CRE Advisors, LLC - corporate
Investment Insights
Based on property information with market context.
This mixed-use building is located on Sandusky Street in downtown Delaware. The building, originally constructed in 1850 and remodeled in 1968, presents a redevelopment opportunity. Historically, the first floor has been used for retail, while the second and third floors have accommodated mixed uses, including retail and a dance hall. The property offers central access on Sandusky Street and rear access to public parking. The first floor provides over 10,000 square feet of space, with the two floors above each offering 3,300 square feet. The third floor features vaulted ceilings. The building is currently unoccupied. Its location offers walkability and ease of access, with a public parking lot situated behind the building providing retail access. The property is within walking distance of Ohio Wesleyan College.
Key Highlights
- Prime Downtown Delaware Location: Situated on Sandusky Street, the primary block in downtown, offering central access and high visibility.
- Significant Redevelopment Potential: A unique opportunity to create a statement property in the downtown Delaware market with mixed‑use or redevelopment options.
- Substantial Square Footage: Over 10,000 SF on the first floor, plus two additional floors of 3,300 SF each.
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
$66,090
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
5.51%
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%
$1,321,800
$1.3M
Cap Rate 7%
$944,143
$944.1K
Cap Rate 9%
$734,333
$734.3K
Market Conditions
NOI Build-Up for 17,000 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
$97.9K $5.76/SF
− Vacancy
−$3.5K −$0.21/SF
EGI
$94.4K $5.55/SF
− OpEx
−$28.3K −$1.67/SF
NOI
$66.1K $3.89/SF
Area
Delaware County, OH
Vacancy
3.58%
Lease Rate
$5.76 /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%
$1,321,800
Cap Rate 7%
$944,143
Cap Rate 9%
$734,333
Alternative Uses
Best Use
Retail
$944.1K
$826.1K – $1.10M
NOI $66,090 @ 7.0% cap · market cap 5.51%
Second Best
Mixed Use
$813.0K
$711.4K – $948.5K
NOI $56,908 @ 7.0% cap · market cap 4.74%
Theoretical Best
Warehouse
$3.43M
$3.00M – $4.00M
NOI $239,847 @ 7.0% cap · market cap 19.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,123
Businesses Nearby
105k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 40%
Dining 40%
Superstores 15%
Electronics 4%
United Dairy Farmers
Shops & Services
18,005 visits/mo
0.3 miles
Big Lots
Superstores
15,871 visits/mo
0.5 miles
Tim Hortons
Dining
11,721 visits/mo
0.3 miles
Burger King
Dining
7,383 visits/mo
0.5 miles
Amato's
Dining
6,705 visits/mo
0.1 miles
Demographics for 43015, OH
57,563
Population
23,287
Households
2.5
Avg Household Size
38
Median Age
47%
College-Educated
96%
High-School Grad
127.9 sq mi
ZIP Area
450
Density / Sq Mi
$99,622
Median Household Income
$50,799
Median Earnings
$1,207
Median Rent
$311,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Unique multi-level building in downtown Delaware with redevelopment potential.
Where is this retail space located?
The property is located at 18 N Sandusky St Delaware, OH.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Prime Downtown Delaware Location: Situated on Sandusky Street, the primary block in downtown, offering central access and high visibility.; Significant Redevelopment Potential: A unique opportunity to create a statement property in the downtown Delaware market with mixed‑use or redevelopment options.; Substantial Square Footage: Over 10,000 SF on the first floor, plus two additional floors of 3,300 SF each.
