Downtown London Retail
For Sale
$339,900
24 S Main St, London, OH 43140
Commercial retail storefront in revitalizing downtown London historic district.
Property Size3,089 SF
Price / SF$110.04
Days on Market221
Property Features for 24 S Main St
General Information
Standard status
Active
Size
3,089 SF
Building Details
Year Built
1920
Listing Agency:
The Westwood Real Estate Co.
Listed By:
Douglas D Smith · License #658032331
(614) 710-1707
Source:
Dreamcolumbus
Added: Jan 26
Changed: Sep 4
Last Checked: Sep 1 at 11:14PM
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 The Westwood Real Estate Co.
Investment Insights
Based on property information with market context.
Located in the heart of downtown London, 24 South Main Street is a commercial retail storefront situated within the historic district. The property benefits from ongoing downtown revitalization efforts, with significant investments being made in the core area. The building, suitable for either an owner-user or as an investment property, features hardwood floors throughout. Natural light fills the space through skylights and large storefront windows. Abundant street parking is available. The roof and furnace were replaced within the last 10 years, and the entire property was gutted and renovated in 2012. The space includes ceiling fans, a sound system, and security features. The property is in proximity to significant redevelopment, including renovated apartments and new storefronts.
Key Highlights
- Pro Forma Cap Rate of 7+%
- Prime location in the heart of Downtown London's revitalizing core.
- Completely renovated in 2012.
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
$12,259
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
3.61%
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%
$245,180
$245.2K
Cap Rate 7%
$175,129
$175.1K
Cap Rate 9%
$136,211
$136.2K
Market Conditions
NOI Build-Up for 3,089 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
$18.2K $5.88/SF
− Vacancy
−$650 −$0.21/SF
EGI
$17.5K $5.67/SF
− OpEx
−$5.3K −$1.70/SF
NOI
$12.3K $3.97/SF
Area
Madison County, OH
Vacancy
3.58%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
30.00%
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%
$245,180
Cap Rate 7%
$175,129
Cap Rate 9%
$136,211
Alternative Uses
Best Use
Retail
$175.1K
$153.2K – $204.3K
NOI $12,259 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$622.6K
$544.8K – $726.4K
NOI $43,582 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
84k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Dining 42%
McDonald's
Dining
23,103 visits/mo
0.1 miles
Speedway
Shops & Services
15,233 visits/mo
0.2 miles
Taco Bell
Dining
10,101 visits/mo
0.2 miles
Huntington Bank
Shops & Services
9,257 visits/mo
0.1 miles
BP
Shops & Services
8,348 visits/mo
0.1 miles
Demographics for 43140, OH
24,030
Population
8,419
Households
2.9
Avg Household Size
41
Median Age
20%
College-Educated
87%
High-School Grad
219.9 sq mi
ZIP Area
109
Density / Sq Mi
$82,598
Median Household Income
$44,378
Median Earnings
$901
Median Rent
$228,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial retail storefront in revitalizing downtown London historic district.
Where is this storefront property located?
The property is located at 24 S Main St London, OH.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Pro Forma Cap Rate of 7+%; Prime location in the heart of Downtown London's revitalizing core.; Completely renovated in 2012.
