Auto Shop With Drive-In
For Sale
$1,950,000
223 Curtis Street, Delaware, OH 43015
M2-zoned facility with updated systems, dedicated paint booth, and flexible industrial functionality.
Property Size17,280 SF
Price / SF$125.39
Days on Market67
Property Features for 223 Curtis Street
General Information
Standard status
Active
Size
17,280 SF
Property subtype
Industrial
Zoning
M2
Warehouse & Industrial
Clear Height
15 ft
Drive-In Doors
4
Three-Phase Power
Yes
Amenities
drive-in doors
clean burn energy system
radiant and gas Reznor heaters
paint booth
3-phase power
high clearance height
Building Details
Building Size
17,280 SF
Year Built
1976
Year Renovated
2022
Buildings
1
Listing Agency:
Alterra Real Estate Advisors
(614) 327-4366
Listed By:
Bradford Kitchen, SIOR
(614) 327-4366
Source:
Alterrare
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 9:15PM
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 Alterra Real Estate Advisors
Investment Insights
Based on property information with market context.
This 15,552-square-foot auto repair and auto body facility combines a 1976 building with remodeling completed in 2022. The property includes multiple drive-in doors, a dedicated paint booth, substantial electrical service, and warehouse areas with 13- to 15-foot clear heights. Heating and energy features include a Clean Burn waste-oil furnace along with radiant and gas Reznor heaters.
Zoned M2, the facility is positioned for continued automotive use and other industrial applications supported by its physical configuration. Access is provided by three 14-by-14-foot drive-in doors and one 9-by-10-foot drive-in door. Three-phase 120/240 power is installed, providing a substantial electrical platform for operations requiring enhanced service.
Zoned M2, the facility is positioned for continued automotive use and other industrial applications supported by its physical configuration. Access is provided by three 14-by-14-foot drive-in doors and one 9-by-10-foot drive-in door. Three-phase 120/240 power is installed, providing a substantial electrical platform for operations requiring enhanced service.
Key Highlights
- 15,552 SF building currently used for auto repair and auto body work
- M2 zoning with a 1976 building remodeled in 2022
- Three 14’X14′ and one 9’X10′ drive‑in doors
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
$60,461
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
3.10%
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%
$1,209,220
$1.2M
Cap Rate 7%
$863,729
$863.7K
Cap Rate 9%
$671,789
$671.8K
Market Conditions
NOI Build-Up for 15,552 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
$89.6K $5.76/SF
− Vacancy
−$3.2K −$0.21/SF
EGI
$86.4K $5.55/SF
− OpEx
−$25.9K −$1.67/SF
NOI
$60.5K $3.89/SF
Area
Delaware County, OH
Vacancy
3.58%
Lease Rate
$5.76 /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%
$1,209,220
Cap Rate 7%
$863,729
Cap Rate 9%
$671,789
Alternative Uses
Best Use
Warehouse
$3.13M
$2.74M – $3.66M
NOI $219,418 @ 7.0% cap · market cap 11.25%
Second Best
Industrial
$2.58M
$2.26M – $3.01M
NOI $180,697 @ 7.0% cap · market cap 9.27%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15 ft
Clear height
4
Drive-in doors
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43015, OH
57,563
Population
23,287
Households
2.5
Avg Household Size
38
Median Age
47%
College-Educated
96%
High-School Grad
127.9 sq mi
ZIP Area
450
Density / Sq Mi
$99,622
Median Household Income
$50,799
Median Earnings
$1,207
Median Rent
$311,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Precision Alignment & Tire Inc — 460 Curtis St, Delaware, OH 43015
- Exact Exhaust — 460 curtis st, delaware, oh 43015
- Heavy Metal Towing and Recovery — 320 London Rd STE D2, Delaware, OH 43015
- MD Transmissions Ltd — 320 London Rd Ste 108, Delaware, OH 43015
- Bauerle Automotive — 223 Curtis St, Delaware, OH 43015
Frequently Asked Questions
What type of property is this?
Auto shop - M2-zoned facility with updated systems, dedicated paint booth, and flexible industrial functionality.
Where is this auto shop located?
The property is located at 223 Curtis Street Delaware, OH.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 15,552 SF building currently used for auto repair and auto body work; M2 zoning with a 1976 building remodeled in 2022; Three 14’X14′ and one 9’X10′ drive‑in doors
