Renovated Flex Space with
For Sale
$495,000
22840 Canal Road, Circleville, OH 43113
Updated commercial facility with a kitchenette, restrooms, secure perimeter, and refreshed building systems.
Property Size3,200 SF
Lot Size1.50 Acres
Price / SF$154.69
Days on Market16
Property Features for 22840 Canal Road
General Information
Standard status
Active
Size
3,200 SF
Lot size
1.50 Acres
Additional Details
Fenced Yard
Yes
Amenities
Offices
Kitchenette
Restrooms
Building Details
Building Size
3,200 SF
Listing Agency:
Red 1 Realty
(614) 935-9075
Listed By:
Jonathan Romanovich · License #2021006612
(614) 935-9075
Source:
Maryhatem
Added: Aug 16
Changed: Aug 30
Last Checked: Aug 30 at 7:34PM
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 Red 1 Realty
Investment Insights
Based on property information with market context.
Located at 22840 Canal Road in Circleville, Ohio, this renovated flex-warehouse property provides 3,200 square feet of commercial space on 1.5 acres. The building includes two offices, a kitchenette, and restrooms, supporting a combination of workspace and warehouse functions.
Recent improvements include new windows, electrical service, and overhead doors. The site is enclosed by a gated perimeter and finished with fresh gravel, providing a secured outdoor area around the building.
The property is approximately 25 minutes from the I-270 and US-23 interchange, connecting the site to a major regional transportation route.
Recent improvements include new windows, electrical service, and overhead doors. The site is enclosed by a gated perimeter and finished with fresh gravel, providing a secured outdoor area around the building.
The property is approximately 25 minutes from the I-270 and US-23 interchange, connecting the site to a major regional transportation route.
Key Highlights
- 3,200 square feet of flex‑warehouse space on 1.5 Acres
- Two offices, kitchenette, and restrooms
- New windows, electrical, and overhead 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
$45,148
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
9.12%
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%
$902,960
$903.0K
Cap Rate 7%
$644,971
$645.0K
Cap Rate 9%
$501,644
$501.6K
Market Conditions
NOI Build-Up for 3,200 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
$69.9K $21.84/SF
− Vacancy
−$16.8K −$5.24/SF
EGI
$53.1K $16.60/SF
− OpEx
−$8.0K −$2.49/SF
NOI
$45.1K $14.11/SF
Area
Pickaway County, OH
Vacancy
24.00%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
15.00%
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%
$902,960
Cap Rate 7%
$644,971
Cap Rate 9%
$501,644
Alternative Uses
Best Use
Warehouse
$645.0K
$564.4K – $752.5K
NOI $45,148 @ 7.0% cap · market cap 9.12%
Second Best
Industrial
$531.1K
$464.8K – $619.7K
NOI $37,180 @ 7.0% cap · market cap 7.51%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43113, OH
24,165
Population
10,461
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
89%
High-School Grad
162.2 sq mi
ZIP Area
149
Density / Sq Mi
$63,715
Median Household Income
$39,174
Median Earnings
$935
Median Rent
$217,500
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.
Frequently Asked Questions
What type of property is this?
Flex space - Updated commercial facility with a kitchenette, restrooms, secure perimeter, and refreshed building systems.
Where is this flex space located?
The property is located at 22840 Canal Road Circleville, 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: 3,200 square feet of flex‑warehouse space on 1.5 Acres; Two offices, kitchenette, and restrooms; New windows, electrical, and overhead doors
