Building Details

Year Built 1920

Listing Agency: The Westwood Real Estate Co.

Listed By: Douglas D Smith · License #658032331 Show Phone

Source: Dreamcolumbus

Added: Jan 26 Changed: Oct 15 Last Checked: Oct 20 at 11:14PM

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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.

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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 / Yr

$12,259

Cap Rate

3.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$245,180 $245.2K

Cap Rate 7%

$175,129 $175.1K

Cap Rate 9%

$136,211 $136.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,089 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $43,582 @ 7.0% cap · market cap 12.82%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Relevant Co Art Gallery Cultiva Corporate Office

Suggested Use

Top Pick Dental Office Auto Parts Store Spa & Massage Center Pharmacy Real Estate Agency Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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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.