Downtown Retail Storefront
For Sale
$735,000
195 S Main St, Waynesville, OH 45068
Storefront property with five established retail tenants and an additional vacant lot for future expansion.
Property Size3,295 SF
Price / SF$223.07
Days on Market151
Property Features for 195 S Main St
General Information
Standard status
Active
Size
3,295 SF
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$8,145
Building Details
Tenancy
Multi
Listing Agency:
Keller Williams Advisors
(513) 227-9151
Listed By:
John M. Bissman · License #2013003960
(513) 800-0675
Source:
Exprealty
Added: Apr 7
Changed: Sep 2
Last Checked: Sep 4 at 9:33AM
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 Keller Williams Advisors
Investment Insights
Based on property information with market context.
This income-producing Main Street retail property in historic Waynesville, Ohio features multiple storefront units occupied by five established retail tenants. The offering is also complemented by an additional vacant lot that provides space for future expansion or development potential. The property is being sold as-is.
The asset is positioned in a high-visibility, walkable downtown district and is described as benefiting from steady foot traffic associated with local shops, dining, and year-round events. It also offers proximity to Caesar Creek State Park, the Little Miami Scenic Trail, and the Ohio Renaissance Festival.
The tenant occupancy generates stated income of $4,500 per month, creating immediate cash-flow for an investor seeking an operating retail asset with room for growth via the included vacant lot.
The asset is positioned in a high-visibility, walkable downtown district and is described as benefiting from steady foot traffic associated with local shops, dining, and year-round events. It also offers proximity to Caesar Creek State Park, the Little Miami Scenic Trail, and the Ohio Renaissance Festival.
The tenant occupancy generates stated income of $4,500 per month, creating immediate cash-flow for an investor seeking an operating retail asset with room for growth via the included vacant lot.
Key Highlights
- Income‑producing Main Street retail property in historic Waynesville, Ohio with 5 established retail tenants
- Tenants currently generate $4,500/month in rental income
- Includes an additional vacant lot for future expansion or development
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
$32,176
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
4.38%
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%
$643,520
$643.5K
Cap Rate 7%
$459,657
$459.7K
Cap Rate 9%
$357,511
$357.5K
Market Conditions
NOI Build-Up for 3,295 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
$49.4K $15.00/SF
− Vacancy
−$3.5K −$1.05/SF
EGI
$46.0K $13.95/SF
− OpEx
−$13.8K −$4.19/SF
NOI
$32.2K $9.76/SF
Area
Warren County, OH
Vacancy
7.00%
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%
$643,520
Cap Rate 7%
$459,657
Cap Rate 9%
$357,511
Alternative Uses
Best Use
Retail
$459.7K
$402.2K – $536.3K
NOI $32,176 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$736.0K
$644.0K – $858.7K
NOI $51,519 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
329
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 45068, OH
11,911
Population
4,605
Households
2.6
Avg Household Size
43
Median Age
43%
College-Educated
96%
High-School Grad
70.6 sq mi
ZIP Area
169
Density / Sq Mi
$95,040
Median Household Income
$55,262
Median Earnings
$1,252
Median Rent
$325,000
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?
Storefront property - Storefront property with five established retail tenants and an additional vacant lot for future expansion.
Where is this storefront property located?
The property is located at 195 S Main St Waynesville, OH.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Income‑producing Main Street retail property in historic Waynesville, Ohio with 5 established retail tenants; Tenants currently generate $4,500/month in rental income; Includes an additional vacant lot for future expansion or development
