Mixed-Use Property with
For Sale
$240,000
191 S 2nd Street NE, Newark, OH 43055
Commercially zoned building with former bar space and an upstairs apartment.
Property Size1,858 SF
Days on Market67
Property Features for 191 S 2nd Street NE
General Information
Standard status
Active
Size
1,858 SF
Property subtype
Commercial
Zoning
Commercial 430
Taxes and HOA fees
Annual Taxes
$1,763
Building Details
Building Size
1,858 SF
Year Built
1920
Listing Agency:
Coldwell Banker Realty
(740) 975-1075
Listed By:
Maurice P Jhordan
(740) 975-1075
Source:
Carolgoffrealestate
Added: Jun 25
Changed: Aug 28
Last Checked: Aug 28 at 11:31AM
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 Realty
Investment Insights
Based on property information with market context.
Built in 1920, this mixed-use property includes a former bar area at the street level and an apartment on the upper floor. The building is identified as Commercial 430 zoning, supporting its commercial mixed-use classification.
Located at 191 S 2nd Street NE in Newark, Ohio, the property combines commercial space with an existing residential component within one building.
Located at 191 S 2nd Street NE in Newark, Ohio, the property combines commercial space with an existing residential component within one building.
Key Highlights
- Commercial 430 zoning designation
- Former bar space on the main level
- Apartment located upstairs
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
$7,739
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
3.22%
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%
$154,780
$154.8K
Cap Rate 7%
$110,557
$110.6K
Cap Rate 9%
$85,989
$86.0K
Market Conditions
NOI Build-Up for 1,858 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
$10.7K $5.76/SF
− Vacancy
−$383 −$0.21/SF
EGI
$10.3K $5.55/SF
− OpEx
−$2.6K −$1.39/SF
NOI
$7.7K $4.17/SF
Area
Licking County, OH
Vacancy
3.58%
Lease Rate
$5.76 /SF/Yr
Expense Ratio
25.00%
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%
$154,780
Cap Rate 7%
$110,557
Cap Rate 9%
$85,989
Alternative Uses
Best Use
Mixed Use
$431.9K
$377.9K – $503.9K
NOI $30,231 @ 7.0% cap · market cap 12.60%
Second Best
Specialty Retail
$110.6K
$96.7K – $129.0K
NOI $7,739 @ 7.0% cap · market cap 3.22%
Theoretical Best
Flex RnD
$1.49M
$1.31M – $1.74M
NOI $104,454 @ 7.0% cap · market cap 43.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Explore this area
Business Placement
Demographics for 43055, OH
62,590
Population
27,046
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
112.7 sq mi
ZIP Area
555
Density / Sq Mi
$61,807
Median Household Income
$39,412
Median Earnings
$920
Median Rent
$185,300
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?
Mixed-use property - Commercially zoned building with former bar space and an upstairs apartment.
Where is this mixed-use property located?
The property is located at 191 S 2nd Street NE Newark, OH.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Commercial 430 zoning designation; Former bar space on the main level; Apartment located upstairs
