Updated Office
For Sale
$389,900
229 Leatherman Road, Wadsworth, OH 44281
SINGLE_FAMILY - Wadsworth, OH
Property Size1,577 SF
Lot Size0.53 Acres
Price / SF$247.24
Days on Market8
Property Features for 229 Leatherman Road
General Information
Property type
Residential
Property subtype
Office
Parking features
Parking Lot
Elementary school district
Wadsworth CSD - 5207
Middle school district
Wadsworth CSD - 5207
High school district
Wadsworth CSD - 5207
Directions
Greenwich Rd to Leatherman, property sits on right hand side.
Standard status
Active
APN
040-20A-15-032
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 6134 WH .528A
Tax Annual Amount
4303
Legal Description
LOT 6134 WH .528A
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1977
Roof type
Fiberglass, Asphalt
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
Zachery S Rollins · License #2013004259
(330) 591-1289
Added: Aug 2
Changed: Aug 3
Last Checked: Aug 9 at 12:06AM
MLS# 5233182
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,577-square-foot office building, constructed in 1977, offers a multi-room layout with several offices, two restrooms, and a dedicated break and kitchen area. Recent property improvements include a replaced roof, upgraded electrical and plumbing systems, new furnace and air conditioning equipment, refreshed flooring and paint, and updated landscaping.
The property occupies 0.528 acres and includes a parking lot accommodating 10+ vehicles. Public water and public sewer serve the site, while heating is provided by forced air and natural gas with central air conditioning. The asphalt and fiberglass roof systems provide additional detail for evaluating the building’s existing improvements.
The property occupies 0.528 acres and includes a parking lot accommodating 10+ vehicles. Public water and public sewer serve the site, while heating is provided by forced air and natural gas with central air conditioning. The asphalt and fiberglass roof systems provide additional detail for evaluating the building’s existing improvements.
Key Highlights
- 1,577 SF office building on a 0.528‑acre parcel
- Several offices, two restrooms, and a break/kitchen area
- Parking lot accommodates 10+ vehicles
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
$19,334
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
4.96%
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%
$386,680
$386.7K
Cap Rate 7%
$276,200
$276.2K
Cap Rate 9%
$214,822
$214.8K
Market Conditions
NOI Build-Up for 1,577 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
$33.9K $21.48/SF
− Vacancy
−$8.1K −$5.13/SF
EGI
$25.8K $16.35/SF
− OpEx
−$6.4K −$4.09/SF
NOI
$19.3K $12.26/SF
Area
Medina County, OH
Vacancy
23.90%
Lease Rate
$21.48 /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%
$386,680
Cap Rate 7%
$276,200
Cap Rate 9%
$214,822
Alternative Uses
Best Use
Office B
$276.2K
$241.7K – $322.2K
NOI $19,334 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$439.9K
$384.9K – $513.2K
NOI $30,791 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 44281, OH
33,241
Population
14,298
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
47.8 sq mi
ZIP Area
695
Density / Sq Mi
$88,128
Median Household Income
$46,653
Median Earnings
$1,031
Median Rent
$262,200
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 - Office property with multiple rooms, two restrooms, a kitchen area, and parking on a 0.528-acre parcel.
Where is this office building located?
The property is located at 229 Leatherman Road Wadsworth, OH.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 1,577 SF office building on a 0.528‑acre parcel; Several offices, two restrooms, and a break/kitchen area; Parking lot accommodates 10+ vehicles
