Building Details

Year Built 1865

Buildings 1

Stories 2

Listing Agency: Epique Inc. Show Phone

Listed By: Christopher Swain

Source: Lovdalgroup

Added: Jul 20 Changed: Aug 29 Last Checked: Aug 25 at 5:05AM

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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 Epique Inc.

Investment Insights

Based on property information with market context.

Constructed in 1865, this approximately 4,500-square-foot mixed-use building spans two stories at 2 Main St in College Corner. The ground level can accommodate retail, office, restaurant, or other commercial functions, while the upper level offers flexibility for apartments, short-term rentals, office suites, or additional income-producing space.

The property combines a Main Street setting with a building layout suited to adaptive reuse. Its configuration supports a range of commercial and residential concepts, including a business headquarters, live/work arrangement, or a combination of storefront and upper-level occupancy. Existing architectural character and the two-story structure provide a defined framework for redevelopment.

Key Highlights

• Approximately 4,500 square feet across two stories
• Built in 1865
• Main Street location at 2 Main St, College Corner, OH 45003

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

$15,115

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

7.60%

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%

$302,300 $302.3K

Cap Rate 7%

$215,929 $215.9K

Cap Rate 9%

$167,944 $167.9K

Market Conditions

NOI Build-Up for 4,500 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

$26.5K $5.88/SF

− Vacancy

−$2.3K −$0.51/SF

EGI

$24.2K $5.37/SF

− OpEx

−$9.1K −$2.02/SF

NOI

$15.1K $3.36/SF

Area

Butler County, OH

Vacancy

8.60%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

37.50%

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%

$302,300

Cap Rate 7%

$215,929

Cap Rate 9%

$167,944

Alternative Uses

Best Use

Retail

$272.9K

$238.8K – $318.4K (±1% cap)

NOI $19,106 @ 7.0% cap · market cap 9.60%

Second Best

Mixed Use

$215.9K

$188.9K – $251.9K (±1% cap)

NOI $15,115 @ 7.0% cap · market cap 7.60%

Theoretical Best

Office A

$889.7K

$778.5K – $1.04M (±1% cap)

NOI $62,282 @ 7.0% cap · market cap 31.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Jackson's Antiques And Music (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Grocery & Convenience Store Bakery Barber Shop Real Estate Agency Auto Repair Shop Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

98

Businesses Nearby

Explore this area Business Placement

Demographics for 45003, OH

818

Population

362

Households

2.3

Avg Household Size

43

Median Age

30%

College-Educated

89%

High-School Grad

15.2 sq mi

ZIP Area

54

Density / Sq Mi

$67,685

Median Household Income

$42,639

Median Earnings

$783

Median Rent

$170,600

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Main Street property with retail, office, restaurant, residential, and live/work applications across its two-story configuration.

Where is this mixed-use property located?

The property is located at 2 Main St College Corner, OH.

What is the asking price?

The asking price for this property is $199,000.

What are key features of this property?

This property features: Approximately 4,500 square feet across two stories; Built in 1865; Main Street location at 2 Main St, College Corner, OH 45003