Adaptable Flex
For Sale
$160,000
239 W Locust St, Wilmington, OH 45177
Commercial property with an adaptable interior configuration for office, retail, service, or mixed-use applications.
Property Size1,100 SF
Price / SF$145.45
Days on Market24
Property Features for 239 W Locust St
General Information
Standard status
Active
Size
1,100 SF
Building Details
Year Built
1938
Listing Agency:
Epique Inc.
3820794
Listed By:
Christopher Swain
Source:
Missyfriede
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 25 at 5:10AM
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 Epique Inc.
Investment Insights
Based on property information with market context.
Located at 239 W. Locust Street in Wilmington, this 1,100-square-foot flex space was constructed in 1938. Its adaptable interior can accommodate a range of business formats, including office, retail, service, or mixed-use applications.
The property is situated minutes from downtown and is surrounded by established businesses. Its location provides access to the surrounding Wilmington commercial area and supports a variety of potential business uses.
The property is situated minutes from downtown and is surrounded by established businesses. Its location provides access to the surrounding Wilmington commercial area and supports a variety of potential business uses.
Key Highlights
- 1,100‑square‑foot commercial property
- Built in 1938
- Adaptable interior layout
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
$13,238
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
8.27%
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%
$264,760
$264.8K
Cap Rate 7%
$189,114
$189.1K
Cap Rate 9%
$147,089
$147.1K
Market Conditions
NOI Build-Up for 1,100 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
$23.6K $21.48/SF
− Vacancy
−$6.0K −$5.43/SF
EGI
$17.7K $16.05/SF
− OpEx
−$4.4K −$4.01/SF
NOI
$13.2K $12.03/SF
Area
Clinton County, OH
Vacancy
25.30%
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%
$264,760
Cap Rate 7%
$189,114
Cap Rate 9%
$147,089
Alternative Uses
Best Use
Retail
$286.4K
$250.6K – $334.1K
NOI $20,046 @ 7.0% cap · market cap 12.53%
Second Best
Office B
$189.1K
$165.5K – $220.6K
NOI $13,238 @ 7.0% cap · market cap 8.27%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
687
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45177, OH
22,349
Population
9,870
Households
2.3
Avg Household Size
40
Median Age
26%
College-Educated
94%
High-School Grad
170.0 sq mi
ZIP Area
131
Density / Sq Mi
$70,483
Median Household Income
$36,980
Median Earnings
$933
Median Rent
$209,400
Median Home Value
Market
Vacancy Rate% for Office 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 - Commercial property with an adaptable interior configuration for office, retail, service, or mixed-use applications.
Where is this flex space located?
The property is located at 239 W Locust St Wilmington, OH.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: 1,100‑square‑foot commercial property; Built in 1938; Adaptable interior layout
