Building Details

Building Size 1,392 SF

Year Built 1973

Year Renovated 1998

Buildings 1

Listing Agency: Miller Diversified

Listed By: Hunt Sears · License #0000448649 Show Phone

Source: Millerdiversified

Added: Sep 4 Last Checked: Sep 5 at 6:43AM

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Investment Insights

Based on property information with market context.

This single-unit office building contains 1,392 square feet and was constructed in 1973, with renovation work completed in 1998. The property is configured for office use and includes the existing furniture, fixtures, and equipment, except for the safe.

Positioned along St. Rt. 51 at 21980 St. Rt. 51, the building is located in Genoa, Ohio, and benefits from exposure to a highly traveled route. The property offers a straightforward office configuration for an owner-user or an investor seeking a one-unit commercial asset.

Key Highlights

• 1,392‑square‑foot office building
• Built in 1973 and renovated in 1998
• Single‑unit office configuration

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

$14,658

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

4.90%

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%

$293,160 $293.2K

Cap Rate 7%

$209,400 $209.4K

Cap Rate 9%

$162,867 $162.9K

Market Conditions

NOI Build-Up for 1,392 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

$25.1K $18.00/SF

− Vacancy

−$5.5K −$3.96/SF

EGI

$19.5K $14.04/SF

− OpEx

−$4.9K −$3.51/SF

NOI

$14.7K $10.53/SF

Area

Ottawa County, OH

Vacancy

22.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

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%

$293,160

Cap Rate 7%

$209,400

Cap Rate 9%

$162,867

Alternative Uses

Best Use

Office B

$209.4K

$183.2K – $244.3K (±1% cap)

NOI $14,658 @ 7.0% cap · market cap 4.90%

Second Best

—

—

no second resolved use

Theoretical Best

Retail

$496.1K

$434.1K – $578.8K (±1% cap)

NOI $34,725 @ 7.0% cap · market cap 11.61%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Building Supply Hair Salon HVAC Service Law Firm Nail Salon

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

1

Office units

Location Intelligence

Trade Area within ½ mile

106

Businesses Nearby

Explore this area Business Placement

Demographics for 43430, OH

4,631

Population

1,985

Households

2.3

Avg Household Size

45

Median Age

22%

College-Educated

92%

High-School Grad

25.6 sq mi

ZIP Area

181

Density / Sq Mi

$81,000

Median Household Income

$45,323

Median Earnings

$927

Median Rent

$149,500

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 office buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office building - Single-unit office property with furniture, fixtures, and equipment included, excluding the safe.

Where is this office building located?

The property is located at 21980 St. Rt. 51 Genoa, OH.

What is the asking price?

The asking price for this property is $299,000.

What are key features of this property?

This property features: 1,392‑square‑foot office building; Built in 1973 and renovated in 1998; Single‑unit office configuration