Two-Story Office
For Sale
Contact for pricing
228 W ASH ST, Piqua, OH 45356
Freestanding two-floor office with carpeted offices, kitchenette, two restrooms, and included first-floor furniture.
Property Size3,095 SF
Price / SF$134.09
Days on Market136
Property Features for 228 W ASH ST
General Information
Standard status
Active
Size
3,095 SF
Property subtype
Office, Mixed Use
Zoning
T-NX; Traditional Neighborhood Mixed Use
Lease Type
NNN
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Furnished
Yes
Amenities
carpeted offices
kitchenette
restrooms
Building Details
Year Built
1864
Year Renovated
2018
Buildings
1
Stories
2
Units
2
Listing Agency:
IPB Industrial Property Brokers
Listed By:
Tim Echemann CCIM SIOR · License #OH 0000359250
Source:
Crexi
Added: Apr 23
Changed: Sep 2
Last Checked: Sep 1 at 7:14AM
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 IPB Industrial Property Brokers
Investment Insights
Based on property information with market context.
This fully updated, freestanding office building offers 3,095 SF across two floors and is designed for immediate occupancy. The interior includes carpeted office spaces, a kitchenette, and two restrooms. First-floor furniture is included, and the property has undergone renovations in 2012 and 2018. A new first-floor furnace was installed in 2025.
The building is located on a paved road with both on- and off-street parking, along with a large adjacent lot. The remarks note the property is just minutes from I-75.
With its two-story layout and multiple office rooms, the space can support a range of day-to-day professional office operations while keeping tenant flow straightforward across the first and second floors.
The building is located on a paved road with both on- and off-street parking, along with a large adjacent lot. The remarks note the property is just minutes from I-75.
With its two-story layout and multiple office rooms, the space can support a range of day-to-day professional office operations while keeping tenant flow straightforward across the first and second floors.
Key Highlights
- Freestanding two‑floor office at 228 W Ash St, Piqua, built in 1864
- 3,095 SF office space with carpeted offices across two floors
- Move‑in ready with a kitchenette, two restrooms, and included first‑floor furniture
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
$34,888
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
8.41%
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%
$697,760
$697.8K
Cap Rate 7%
$498,400
$498.4K
Cap Rate 9%
$387,644
$387.6K
Market Conditions
NOI Build-Up for 3,095 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
$62.0K $20.04/SF
− Vacancy
−$15.5K −$5.01/SF
EGI
$46.5K $15.03/SF
− OpEx
−$11.6K −$3.76/SF
NOI
$34.9K $11.27/SF
Area
Miami County, OH
Vacancy
25.00%
Lease Rate
$20.04 /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%
$697,760
Cap Rate 7%
$498,400
Cap Rate 9%
$387,644
Alternative Uses
Best Use
Office B
$498.4K
$436.1K – $581.5K
NOI $34,888 @ 7.0% cap · market cap 8.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$630.8K
$551.9K – $735.9K
NOI $44,155 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
635
Businesses Nearby
Explore this area
Business Placement
Demographics for 45356, OH
25,106
Population
11,353
Households
2.2
Avg Household Size
41
Median Age
15%
College-Educated
89%
High-School Grad
75.5 sq mi
ZIP Area
333
Density / Sq Mi
$66,134
Median Household Income
$38,323
Median Earnings
$900
Median Rent
$144,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Freestanding two-floor office with carpeted offices, kitchenette, two restrooms, and included first-floor furniture.
Where is this office building located?
The property is located at 228 W ASH ST Piqua, OH.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Freestanding two‑floor office at 228 W Ash St, Piqua, built in 1864; 3,095 SF office space with carpeted offices across two floors; Move‑in ready with a kitchenette, two restrooms, and included first‑floor furniture
