Historic Elks Event
For Sale
$495,000
221 Main Street, Bellefontaine, OH 43311
Historic Elks building with a large commercial kitchen and two walk-in coolers, plus paved parking and a rear parcel.
Property Size8,700 SF
Price / SF$56.90
Days on Market739
Property Features for 221 Main Street
General Information
Standard status
Active
Size
8,700 SF
Property subtype
General Commercial
Zoning
B2
Taxes and HOA fees
Annual Taxes
$3,104
Amenities
3
55 x 220
Asphalt.
Building Details
Year Built
1945
Listing Agency:
Bell Hankins Realty Group, LLC
(937) 935-2450
Listed By:
Heidi Baker · License #2018000866
(937) 935-2450
Source:
Xome
Added: Aug 4, 2024
Changed: Aug 11
Last Checked: Aug 11 at 4:51AM
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 Bell Hankins Realty Group, LLC
Investment Insights
Based on property information with market context.
This historic Elks Building offers a substantial interior for event and hospitality concepts, including a large commercial kitchen with two walk-in coolers. The property also includes additional space on the second floor that can be configured to fit a variety of uses.
The building is located in Downtown Bellefontaine and is described as having visibility and accessibility in the heart of the district. Parking is provided via a paved parking lot, with a second parcel in the rear for additional parking.
The property is listed as a For Sale transaction and is identified as being zoned B2 Downtown Business District. Interested parties can ask the owner about current floor plans and renderings.
The building is located in Downtown Bellefontaine and is described as having visibility and accessibility in the heart of the district. Parking is provided via a paved parking lot, with a second parcel in the rear for additional parking.
The property is listed as a For Sale transaction and is identified as being zoned B2 Downtown Business District. Interested parties can ask the owner about current floor plans and renderings.
Key Highlights
- Historic Elks building totaling 8,700 SF, built in 1945.
- Zoned B2 Downtown Business District.
- Large commercial kitchen with two walk‑in coolers for food or beverage storage.
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
$36,993
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
7.47%
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%
$739,860
$739.9K
Cap Rate 7%
$528,471
$528.5K
Cap Rate 9%
$411,033
$411.0K
Market Conditions
NOI Build-Up for 8,700 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
$51.2K $5.88/SF
− Vacancy
−$1.8K −$0.21/SF
EGI
$49.3K $5.67/SF
− OpEx
−$12.3K −$1.42/SF
NOI
$37.0K $4.25/SF
Area
Logan County, OH
Vacancy
3.58%
Lease Rate
$5.88 /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%
$739,860
Cap Rate 7%
$528,471
Cap Rate 9%
$411,033
Alternative Uses
Best Use
Specialty Retail
$528.5K
$462.4K – $616.6K
NOI $36,993 @ 7.0% cap · market cap 7.47%
Second Best
Industrial
$510.7K
$446.9K – $595.8K
NOI $35,750 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,933 @ 7.0% cap · market cap 24.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
Explore this area
Business Placement
Demographics for 43311, OH
20,029
Population
9,497
Households
2.1
Avg Household Size
40
Median Age
17%
College-Educated
93%
High-School Grad
103.8 sq mi
ZIP Area
193
Density / Sq Mi
$64,217
Median Household Income
$40,341
Median Earnings
$833
Median Rent
$183,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Wedding venue - Historic Elks building with a large commercial kitchen and two walk-in coolers, plus paved parking and a rear parcel.
Where is this wedding venue located?
The property is located at 221 Main Street Bellefontaine, OH.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Historic Elks building totaling 8,700 SF, built in 1945.; Zoned B2 Downtown Business District.; Large commercial kitchen with two walk‑in coolers for food or beverage storage.
