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 Changed: Oct 3 Last Checked: Oct 20 at 6:35PM

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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 / Yr

$14,658

Cap Rate

4.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$293,160 $293.2K

Cap Rate 7%

$209,400 $209.4K

Cap Rate 9%

$162,867 $162.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,392 SF

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 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. How Realmo checks its estimates

Property Analytics

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Current Use

Office buildings

Suggested Use

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

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

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