Freestanding Storefront with
New
For Sale
$199,999
1971 Central Avenue, Middletown, OH 45044
Corner commercial building with basement, parking, and multiple drive-thru lanes.
Property Size3,351 SF
Days on Market2
Property Features for 1971 Central Avenue
General Information
Standard status
Active
Size
3,351 SF
Property subtype
Street Retail
Building Details
Building Size
3,351 SF
Listing Agency:
RIOsource Group
(937) 206-1925
Listed By:
Douglas Klang
(937) 206-1925
Source:
Thebrokerlist
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 3:56AM
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 RIOsource Group
Investment Insights
Based on property information with market context.
This freestanding storefront property includes approximately 3,351 square feet on 0.81 acres, along with a full basement of approximately 2,200 square feet. The building was formerly occupied by a bank and was most recently used as a pharmacy. Five drive-thru lanes, on-site parking, a pylon sign, and frontage along Central Avenue add practical features for commercial use.
The property occupies the corner of Central Avenue and North Sutphin Street in downtown Middletown, Ohio. Its position provides direct exposure along Central Avenue and places the building within a dense population base. The address is 1971 Central Avenue, Middletown, OH 45044.
The property occupies the corner of Central Avenue and North Sutphin Street in downtown Middletown, Ohio. Its position provides direct exposure along Central Avenue and places the building within a dense population base. The address is 1971 Central Avenue, Middletown, OH 45044.
Key Highlights
- 3,351 +/- SF freestanding building on 0.81 acres
- Full basement measuring approximately 2,200 +/- SF
- Five drive‑thru lanes
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
$14,227
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
7.11%
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%
$284,540
$284.5K
Cap Rate 7%
$203,243
$203.2K
Cap Rate 9%
$158,078
$158.1K
Market Conditions
NOI Build-Up for 3,351 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
$21.7K $6.48/SF
− Vacancy
−$1.4K −$0.41/SF
EGI
$20.3K $6.07/SF
− OpEx
−$6.1K −$1.82/SF
NOI
$14.2K $4.25/SF
Area
Butler County, OH
Vacancy
6.40%
Lease Rate
$6.48 /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%
$284,540
Cap Rate 7%
$203,243
Cap Rate 9%
$158,078
Alternative Uses
Best Use
Specialty Retail
$504.1K
$441.1K – $588.1K
NOI $35,286 @ 7.0% cap · market cap 17.64%
Second Best
Retail
$203.2K
$177.8K – $237.1K
NOI $14,227 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$662.6K
$579.7K – $773.0K
NOI $46,379 @ 7.0% cap · market cap 23.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Corner commercial building with basement, parking, and multiple drive-thru lanes.
Where is this storefront property located?
The property is located at 1971 Central Avenue Middletown, OH.
What is the asking price?
The asking price for this property is $199,999.
What are key features of this property?
This property features: 3,351 +/- SF freestanding building on 0.81 acres; Full basement measuring approximately 2,200 +/- SF; Five drive‑thru lanes
