Renovated Flex Space with
New
For Sale
$699,000
215 Columbia St, New Richmond, OH 45157
Renovated commercial space offers multiple offices, open areas, support facilities, and on-site parking near US 52.
Property Size5,550 SF
Price / SF$128.02
Days on Market3
Property Features for 215 Columbia St
General Information
Standard status
Active
Size
5,550 SF
Additional Details
Highway Access
Yes
Amenities
kitchen
laundry facilities
epoxy flooring
Building Details
Year Built
1955
Building Size
5,550 SF
Listing Agency:
Chosen Real Estate Group
Listed By:
Nicholas Huscroft · License #346906
(330) 249-3499
Source:
Finn-team
Added: Sep 18
Last Checked: Sep 20 at 11:52AM
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 Chosen Real Estate Group
Investment Insights
Based on property information with market context.
This renovated flex space in New Richmond provides a versatile commercial layout with multiple offices and large open-use areas. The property includes two commercial restrooms, a kitchen, laundry facilities, epoxy flooring, and on-site parking. Built in 1955, the building supports a range of office, service, showroom, training, medical, therapy, daycare, and certain light-industrial uses, subject to zoning.
The property is located near US 52, where published traffic counts report approximately 77,000 vehicles traveling the corridor each week. Planned public improvements include roundabouts, roadway upgrades, and a shared-use path for bicycles and pedestrians. The Liberty Landing riverfront redevelopment is also identified as a major public investment in New Richmond.
The property is located near US 52, where published traffic counts report approximately 77,000 vehicles traveling the corridor each week. Planned public improvements include roundabouts, roadway upgrades, and a shared-use path for bicycles and pedestrians. The Liberty Landing riverfront redevelopment is also identified as a major public investment in New Richmond.
Key Highlights
- 5,550 SF extensively renovated commercial property
- Flexible layout with multiple offices and large open‑use areas
- Two commercial restrooms, kitchen, and laundry facilities
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
$28,560
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
4.09%
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%
$571,200
$571.2K
Cap Rate 7%
$408,000
$408.0K
Cap Rate 9%
$317,333
$317.3K
Market Conditions
NOI Build-Up for 5,460 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
$42.6K $7.80/SF
− Vacancy
−$1.8K −$0.33/SF
EGI
$40.8K $7.47/SF
− OpEx
−$12.2K −$2.24/SF
NOI
$28.6K $5.23/SF
Area
Clermont County, OH
Vacancy
4.20%
Lease Rate
$7.80 /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%
$571,200
Cap Rate 7%
$408,000
Cap Rate 9%
$317,333
Alternative Uses
Best Use
Industrial
$408.0K
$357.0K – $476.0K
NOI $28,560 @ 7.0% cap · market cap 4.09%
Second Best
Flex RnD
$373.8K
$327.1K – $436.1K
NOI $26,166 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$978.9K
$856.5K – $1.14M
NOI $68,521 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 45157, OH
9,705
Population
4,069
Households
2.4
Avg Household Size
42
Median Age
25%
College-Educated
91%
High-School Grad
41.1 sq mi
ZIP Area
236
Density / Sq Mi
$96,875
Median Household Income
$43,651
Median Earnings
$874
Median Rent
$232,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated commercial space offers multiple offices, open areas, support facilities, and on-site parking near US 52.
Where is this flex space located?
The property is located at 215 Columbia St New Richmond, 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: 5,550 SF extensively renovated commercial property; Flexible layout with multiple offices and large open‑use areas; Two commercial restrooms, kitchen, and laundry facilities
