Building Details

Building Size 1,328 SF

Year Built 1999

Buildings 2

Listing Agency: Fathom Realty Ohio z***@fathomrealty.com Show Phone

Listed By: Zachariah W Yoder Show Phone

Source: Carolgoffrealestate

Added: Jun 15 Changed: Aug 28 Last Checked: Aug 25 at 9:12AM

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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 Fathom Realty Ohio

Investment Insights

Based on property information with market context.

This flex-space property at 21640 Main Street includes approximately 560 square feet of storefront and office area with frontage along Main Street. An attached garage and storage area extend the functionality of the front building, while a separate 24 x 32 garage includes loft storage.

The property occupies a corner at the intersection of State Route 347 and State Route 739 in Raymond, with the post office nearby. Its configuration combines a customer-facing commercial area with additional enclosed space for equipment, inventory, tools, materials, or workshop activities. The property has previously operated under the name Raymond Mercantile and has supported commercial and garage-related uses.

Key Highlights

• Approximately 560 square feet of storefront and office space
• Detached 24 x 32 garage with loft storage
• Attached garage and storage area connected to the front building

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

$8,353

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

5.57%

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%

$167,060 $167.1K

Cap Rate 7%

$119,329 $119.3K

Cap Rate 9%

$92,811 $92.8K

Market Conditions

NOI Build-Up for 1,328 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

$12.7K $9.60/SF

− Vacancy

−$816 −$0.61/SF

EGI

$11.9K $8.99/SF

− OpEx

−$3.6K −$2.70/SF

NOI

$8.4K $6.29/SF

Area

Butler County, OH

Vacancy

6.40%

Lease Rate

$9.60 /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%

$167,060

Cap Rate 7%

$119,329

Cap Rate 9%

$92,811

Alternative Uses

Best Use

Office B

$216.1K

$189.1K – $252.1K (±1% cap)

NOI $15,124 @ 7.0% cap · market cap 10.08%

Second Best

Industrial

$119.3K

$104.4K – $139.2K (±1% cap)

NOI $8,353 @ 7.0% cap · market cap 5.57%

Theoretical Best

Office A

$262.6K

$229.8K – $306.3K (±1% cap)

NOI $18,380 @ 7.0% cap · market cap 12.25%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Kitchen & Bath Showroom Grocery & Convenience Store Department Store

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

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 43067, OH

1,410

Population

596

Households

2.4

Avg Household Size

43

Median Age

17%

College-Educated

88%

High-School Grad

32.8 sq mi

ZIP Area

43

Density / Sq Mi

$93,083

Median Household Income

$38,393

Median Earnings

$1,300

Median Rent

$271,400

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Corner-lot commercial property with storefront, office, and multiple storage areas.

Where is this flex space located?

The property is located at 21640 Main Street Raymond, OH.

What is the asking price?

The asking price for this property is $150,000.

What are key features of this property?

This property features: Approximately 560 square feet of storefront and office space; Detached 24 x 32 garage with loft storage; Attached garage and storage area connected to the front building