Historic Post Office
For Sale
$350,000
201 W Chillicothe Avenue Bellefontaine, Bellefontaine, OH 43311
Architectural landmark with tall ceilings and large windows; updated roof and windows support flexible hospitality or retail uses.
Property Size4,872 SF
Price / SF$71.84
Days on Market34
Property Features for 201 W Chillicothe Avenue Bellefontaine
General Information
Standard status
Active
Size
4,872 SF
Taxes and HOA fees
Annual Taxes
$2,557
Amenities
No
0.33
4872.0
Building Details
Building Size
4,872 SF
Year Built
1900
Stories
2
Listing Agency:
(614) 660-5959
Listed By:
Penny Ray
(614) 660-5959
Source:
Movenowohio
Added: Jul 7
Changed: Aug 8
Last Checked: Aug 8 at 3:28AM
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 Penny Ray
Investment Insights
Based on property information with market context.
The Historic Post Office is a landmark property originally dedicated in 1914, offering distinctive architectural character throughout its interior. The building features tall ceilings, large windows designed to bring in natural light, and visible design details including intricate iron work and ornate moldings. Measuring approximately 4,800 square feet, the versatile layout supports a range of adaptive uses, including a boutique hotel, an upscale restaurant, or an art gallery. Updates include a new Duralast roof installed in 2017 and some new and some updated windows.
Located at 201 W Chillicothe Avenue in Bellefontaine, the property is positioned downtown. A public city parking lot is within walking distance, helping provide convenient parking access for visitors and patrons.
For prospective tenants, operators, or buyers, the building’s historic features and flexible configuration can fit concepts that benefit from character-forward space and abundant daylight. The combination of period details, ceiling height, and recent exterior improvements may reduce near-term capital needs compared with fully unaltered historic structures, while still allowing a new operator to tailor the space to their business model.
Located at 201 W Chillicothe Avenue in Bellefontaine, the property is positioned downtown. A public city parking lot is within walking distance, helping provide convenient parking access for visitors and patrons.
For prospective tenants, operators, or buyers, the building’s historic features and flexible configuration can fit concepts that benefit from character-forward space and abundant daylight. The combination of period details, ceiling height, and recent exterior improvements may reduce near-term capital needs compared with fully unaltered historic structures, while still allowing a new operator to tailor the space to their business model.
Key Highlights
- Historic Post Office landmark dedicated in 1914 in downtown Bellefontaine
- 4,872 total building area with tall ceilings and large windows for abundant natural light
- New Duralast roof installed in 2017
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
$29,506
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
8.43%
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%
$590,120
$590.1K
Cap Rate 7%
$421,514
$421.5K
Cap Rate 9%
$327,844
$327.8K
Market Conditions
NOI Build-Up for 4,872 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
$73.1K $15.00/SF
− Vacancy
−$11.0K −$2.25/SF
EGI
$62.1K $12.75/SF
− OpEx
−$32.6K −$6.69/SF
NOI
$29.5K $6.06/SF
Area
Logan County, OH
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$590,120
Cap Rate 7%
$421,514
Cap Rate 9%
$327,844
Alternative Uses
Best Use
Hotel Hospitality
$421.5K
$368.8K – $491.8K
NOI $29,506 @ 7.0% cap · market cap 8.43%
Second Best
Specialty Retail
$295.9K
$259.0K – $345.3K
NOI $20,716 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$983.5K
$860.5K – $1.15M
NOI $68,843 @ 7.0% cap · market cap 19.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
Explore this area
Business Placement
Demographics for 43311, OH
20,029
Population
9,497
Households
2.1
Avg Household Size
40
Median Age
17%
College-Educated
93%
High-School Grad
103.8 sq mi
ZIP Area
193
Density / Sq Mi
$64,217
Median Household Income
$40,341
Median Earnings
$833
Median Rent
$183,000
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?
Hotel - Architectural landmark with tall ceilings and large windows; updated roof and windows support flexible hospitality or retail uses.
Where is this hotel located?
The property is located at 201 W Chillicothe Avenue Bellefontaine Bellefontaine, OH.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Historic Post Office landmark dedicated in 1914 in downtown Bellefontaine; 4,872 total building area with tall ceilings and large windows for abundant natural light; New Duralast roof installed in 2017
