Retail Space with
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209-229 Cemetery Rd, Canal Winchester, OH 43110
Retail space along a high-traffic commercial corridor with healthcare development planned across the property.
Property Size11,000 SF
Price / SF$181.82
Days on Market440
Property Features for 209-229 Cemetery Rd
General Information
Standard status
Active
Size
11,000 SF
Property subtype
RETAIL
Listing Agency:
Passov Real Estate Group
(216) 536-4460
Listed By:
Dylan Loconti · License #SAL.2024003127
Source:
Moodyscre
Added: Jun 17, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:15PM
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 Passov Real Estate Group
Investment Insights
Based on property information with market context.
This 11,000-square-foot retail property offers commercial space suited to a range of potential operations, including pet-related retail, healthcare services, auto shops, and hardware stores. The site includes 157 feet of frontage along US 33, supporting direct exposure to passing traffic.
US 33 carries approximately 28,000 cars per day. A new OhioHealth medical campus is planned directly across from the property, with a 40,000-square-foot facility expected to provide primary and emergency care services and open in 2025.
US 33 carries approximately 28,000 cars per day. A new OhioHealth medical campus is planned directly across from the property, with a 40,000-square-foot facility expected to provide primary and emergency care services and open in 2025.
Key Highlights
- 11,000 square feet of retail space
- 157’ of frontage along US 33
- Approximately 28,000 cars per day off US 33
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
$146,515
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
7.33%
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%
$2,930,300
$2.9M
Cap Rate 7%
$2,093,071
$2.1M
Cap Rate 9%
$1,627,944
$1.6M
Market Conditions
NOI Build-Up for 11,000 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
$215.2K $19.56/SF
− Vacancy
−$5.9K −$0.53/SF
EGI
$209.3K $19.03/SF
− OpEx
−$62.8K −$5.71/SF
NOI
$146.5K $13.32/SF
Area
Franklin County, OH
Vacancy
2.72%
Lease Rate
$19.56 /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%
$2,930,300
Cap Rate 7%
$2,093,071
Cap Rate 9%
$1,627,944
Alternative Uses
Best Use
Retail
$2.09M
$1.83M – $2.44M
NOI $146,515 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.24M
$1.96M – $2.62M
NOI $156,981 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 43110, OH
40,953
Population
17,352
Households
2.4
Avg Household Size
35
Median Age
36%
College-Educated
93%
High-School Grad
46.7 sq mi
ZIP Area
877
Density / Sq Mi
$76,334
Median Household Income
$48,216
Median Earnings
$1,218
Median Rent
$284,300
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?
Retail space - Retail space along a high-traffic commercial corridor with healthcare development planned across the property.
Where is this retail space located?
The property is located at 209-229 Cemetery Rd Canal Winchester, OH.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: 11,000 square feet of retail space; 157’ of frontage along US 33; Approximately 28,000 cars per day off US 33
