Renovated Spa and Wellness
For Sale
$699,000
1971 Central Ave, Middletown, OH 45044
Freestanding commercial property with private suites, an open lobby, dedicated parking, and dual-street access.
Property Size5,551 SF
Price / SF$125.92
Days on Market10
Property Features for 1971 Central Ave
General Information
Standard status
Active
Size
5,551 SF
Zoning
B-3
Site & Location
Corner Location
Yes
Drive-Thru
Yes
Road Access
Yes
Additional Details
Gross Income
$60,000
Taxes and HOA fees
Annual Taxes
$2,558
Amenities
drive-thru canopy
high-visibility signage
open lobby
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
eXp Realty
(323) 994-9346
Listed By:
Luana King · License #2024005617
(323) 994-9346
Source:
Exprealty
Added: Aug 12
Changed: Aug 19
Last Checked: Aug 20 at 12:41PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This freestanding commercial building has been fully renovated for a modern salon suite operation, with four active tenants currently in place. Interior improvements include epoxy flooring, private individual suites and offices, turnkey finishes, and an open lobby. An ATM lease provides an additional income stream.
The property occupies the corner of Central Ave and N Sutphin St in Middletown, Ohio, with access from both streets. A preserved multi-lane drive-through canopy remains from the building’s former bank branch use. The site also includes a dedicated parking lot and high-visibility signage.
B-3 zoning supports a range of commercial applications identified in the property information, including medical clinics, dental offices, professional or legal offices, retail, and fast-casual or food service uses.
The property occupies the corner of Central Ave and N Sutphin St in Middletown, Ohio, with access from both streets. A preserved multi-lane drive-through canopy remains from the building’s former bank branch use. The site also includes a dedicated parking lot and high-visibility signage.
B-3 zoning supports a range of commercial applications identified in the property information, including medical clinics, dental offices, professional or legal offices, retail, and fast-casual or food service uses.
Key Highlights
- Four active tenants occupy the current salon suite operation
- B‑3 zoning supports medical, dental, office, retail, and fast‑casual or food service uses
- Preserved multi‑lane drive‑through canopy from the former bank branch
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
$63,218
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
9.04%
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%
$1,264,360
$1.3M
Cap Rate 7%
$903,114
$903.1K
Cap Rate 9%
$702,422
$702.4K
Market Conditions
NOI Build-Up for 5,551 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
$113.9K $20.52/SF
− Vacancy
−$29.6K −$5.34/SF
EGI
$84.3K $15.18/SF
− OpEx
−$21.1K −$3.80/SF
NOI
$63.2K $11.39/SF
Area
Butler County, OH
Vacancy
26.00%
Lease Rate
$20.52 /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%
$1,264,360
Cap Rate 7%
$903,114
Cap Rate 9%
$702,422
Alternative Uses
Best Use
Office B
$903.1K
$790.2K – $1.05M
NOI $63,218 @ 7.0% cap · market cap 9.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$960.4K – $1.28M
NOI $76,828 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45044, OH
56,128
Population
21,645
Households
2.6
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
37.8 sq mi
ZIP Area
1,485
Density / Sq Mi
$71,942
Median Household Income
$40,568
Median Earnings
$1,034
Median Rent
$230,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Middletown Area Family YMCA — 1020 Manchester Ave, Middletown, OH 45042
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Freestanding commercial property with private suites, an open lobby, dedicated parking, and dual-street access.
Where is this spa & wellness property located?
The property is located at 1971 Central Ave Middletown, OH.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Four active tenants occupy the current salon suite operation; B‑3 zoning supports medical, dental, office, retail, and fast‑casual or food service uses; Preserved multi‑lane drive‑through canopy from the former bank branch
