Flex Space with Drive-In
For Sale
$1,599,000
2456 Millville Oxford Road, Hamilton, OH 45013
Commercial Sale, Hanover Twp, OH
Property Size10,332 SF
Lot Size3.16 Acres
Price / SF$154.76
Days on Market10
Property Features for 2456 Millville Oxford Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Garage
Security features
Security Lighting
Interior features
Security Light, Under 12 Doors, Over 12 Doors, Display Window
Exterior features
Part Fenced, Outside Storage, Irrigation
Fencing
Fenced
Directions
SR 27 from Hamilton to Oxford to McGonigle. Imfeld Nursery Property.
Subdivision
Butler-W17
Standard status
Active
APN
B1010007000053
Size
10,332 SF
Lot size
3.16 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1999
Flooring type
Concrete
Building materials
Block, Concrete
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Bowling & Kugler Realty
(513) 844-8405
Listed By:
Robert Kugler · License #0000311652
(513) 844-8405
Added: Aug 16
Changed: Aug 24
Last Checked: Aug 25 at 9:06AM
MLS# 1891487
Copyright © 2026 MLS of Greater Cincinnati, Inc. 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.
Built in 1999, this 10,332-square-foot flex property combines showroom and warehouse areas on a 3.16-acre parcel. The building includes three drive-in doors, a walk-in cooler, three bathrooms, display windows, and concrete flooring. An unfinished second level provides additional office or storage area. Block and concrete construction, a shingle roof, forced-air heating, and natural gas service complete the building improvements.
The property also features fenced areas, outside storage, irrigation, security lighting, and garage parking. Its configuration supports a range of commercial space requirements within one building, with the existing showroom, warehouse, and unfinished upper-level area providing distinct functional zones.
The property also features fenced areas, outside storage, irrigation, security lighting, and garage parking. Its configuration supports a range of commercial space requirements within one building, with the existing showroom, warehouse, and unfinished upper-level area providing distinct functional zones.
Key Highlights
- 10,332‑square‑foot flex building on 3.16 acres
- Three drive‑in doors serving the showroom and warehouse configuration
- Walk‑in cooler and three bathrooms included
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
$78,913
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
4.94%
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%
$1,578,260
$1.6M
Cap Rate 7%
$1,127,329
$1.1M
Cap Rate 9%
$876,811
$876.8K
Market Conditions
NOI Build-Up for 10,332 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
$99.2K $9.60/SF
− Vacancy
−$6.3K −$0.61/SF
EGI
$92.8K $8.99/SF
− OpEx
−$13.9K −$1.35/SF
NOI
$78.9K $7.64/SF
Area
Butler County, OH
Vacancy
6.40%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$1,578,260
Cap Rate 7%
$1,127,329
Cap Rate 9%
$876,811
Alternative Uses
Best Use
Warehouse
$1.13M
$986.4K – $1.32M
NOI $78,913 @ 7.0% cap · market cap 4.94%
Second Best
Industrial
$928.4K
$812.3K – $1.08M
NOI $64,987 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $142,999 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45013, OH
53,911
Population
21,734
Households
2.5
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
117.7 sq mi
ZIP Area
458
Density / Sq Mi
$72,932
Median Household Income
$40,730
Median Earnings
$967
Median Rent
$217,200
Median Home Value
Market
Vacancy Rate% for Industrial 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 - Showroom and warehouse configuration with cooling, office-storage potential, fenced exterior area, and on-site garage parking.
Where is this flex space located?
The property is located at 2456 Millville Oxford Road Hamilton, OH.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 10,332‑square‑foot flex building on 3.16 acres; Three drive‑in doors serving the showroom and warehouse configuration; Walk‑in cooler and three bathrooms included
