Flex Space with Drive-In
For Sale
Contact for pricing
235 S Jefferson Ave, Plain City, OH 43064
B2 zoned flex space with 15 drive-in doors and 2 outdoor docks across four buildings totaling 22,500 SF.
Property Size26,400 SF
Lot Size6.50 Acres
Price / SF$75.76
Days on Market135
Property Features for 235 S Jefferson Ave
General Information
Standard status
Active
Size
26,400 SF
Lot size
6.50 Acres
Property subtype
INDUSTRIAL
Zoning
B2 Business
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Drive-In Doors
15
Building Details
Buildings
4
Listing Agency:
Keller Williams Consultants Realty
(614) 932-2000
Listed By:
Steven S. Smith
(614) 205-3394
Source:
Moodyscre
Added: May 4
Changed: Sep 13
Last Checked: Sep 14 at 12:22PM
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 Keller Williams Consultants Realty
Investment Insights
Based on property information with market context.
This flex space property is set on two parcels totaling nearly 6.5 acres and includes four buildings that combine for 22,500 SF of usable space. The configuration is designed for a mix of warehouse, workshop, and retail frontage use, with practical on-site improvements for moving and storing product.
Operational convenience is supported by 15 drive-in doors and two outdoor docks. The property’s frontage on S. Jefferson Ave is positioned for strong daily traffic exposure and visibility, while also offering easy access to both US-42 and SR-161. Uptown Plain City is described as a short distance away, and Dublin, London, Delaware, and Marysville are also noted as minutes from the site.
With B2 Business zoning, the site offers flexibility for businesses seeking a combination of warehousing, support space, and retail-facing activity in one location.
Operational convenience is supported by 15 drive-in doors and two outdoor docks. The property’s frontage on S. Jefferson Ave is positioned for strong daily traffic exposure and visibility, while also offering easy access to both US-42 and SR-161. Uptown Plain City is described as a short distance away, and Dublin, London, Delaware, and Marysville are also noted as minutes from the site.
With B2 Business zoning, the site offers flexibility for businesses seeking a combination of warehousing, support space, and retail-facing activity in one location.
Key Highlights
- Nearly 6.5 acres across two parcels
- Four buildings totaling 22,500 SF of usable space
- B2 Business zoning
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
$131,144
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
6.56%
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%
$2,622,880
$2.6M
Cap Rate 7%
$1,873,486
$1.9M
Cap Rate 9%
$1,457,156
$1.5M
Market Conditions
NOI Build-Up for 26,400 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
$218.6K $8.28/SF
− Vacancy
−$16.8K −$0.64/SF
EGI
$201.8K $7.64/SF
− OpEx
−$70.6K −$2.67/SF
NOI
$131.1K $4.97/SF
Area
Madison County, OH
Vacancy
7.70%
Lease Rate
$8.28 /SF/Yr
Expense Ratio
35.00%
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%
$2,622,880
Cap Rate 7%
$1,873,486
Cap Rate 9%
$1,457,156
Alternative Uses
Best Use
Warehouse
$5.32M
$4.66M – $6.21M
NOI $372,468 @ 7.0% cap · market cap 18.62%
Second Best
Industrial
$4.38M
$3.83M – $5.11M
NOI $306,738 @ 7.0% cap · market cap 15.34%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
15
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43064, OH
17,301
Population
6,450
Households
2.7
Avg Household Size
38
Median Age
55%
College-Educated
97%
High-School Grad
103.6 sq mi
ZIP Area
167
Density / Sq Mi
$129,196
Median Household Income
$66,588
Median Earnings
$1,395
Median Rent
$419,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - B2 zoned flex space with 15 drive-in doors and 2 outdoor docks across four buildings totaling 22,500 SF.
Where is this flex space located?
The property is located at 235 S Jefferson Ave Plain City, OH.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: Nearly 6.5 acres across two parcels; Four buildings totaling 22,500 SF of usable space; B2 Business zoning
