Corner Office
For Sale
$354,500
25 Lexington Springmill Road S, Ontario, OH 44906
Professional building suited to office or retail users, with convenient access to the US 30 interchange.
Property Size2,400 SF
Days on Market322
Property Features for 25 Lexington Springmill Road S
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,364
Building Details
Building Size
2,400 SF
Year Built
1966
Listing Agency:
Sluss Realty Company
(419) 565-5184
Listed By:
Stacey J Wampler
(419) 565-5184
Source:
Carolgoffrealestate
Added: Oct 13, 2025
Changed: Aug 29
Last Checked: Aug 25 at 9:11AM
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 Sluss Realty Company
Investment Insights
Based on property information with market context.
This professional office building was constructed in 1966 and is positioned at the corner of Lexington-Springmill Road and Park Avenue West. Its configuration supports professional office and retail occupancy, offering flexibility for commercial users seeking a visible building along a high-traffic intersection.
The property is situated within Ontario’s primary commercial corridor, an area that includes restaurants and retailers. A US 30 interchange is less than two miles away, providing access to regional highways and the surrounding city.
The property is situated within Ontario’s primary commercial corridor, an area that includes restaurants and retailers. A US 30 interchange is less than two miles away, providing access to regional highways and the surrounding city.
Key Highlights
- Corner position at Lexington‑Springmill Road and Park Avenue West
- Professional office and retail use potential
- High traffic volumes at the intersection
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
$25,272
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
7.13%
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%
$505,440
$505.4K
Cap Rate 7%
$361,029
$361.0K
Cap Rate 9%
$280,800
$280.8K
Market Conditions
NOI Build-Up for 2,400 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
$43.2K $18.00/SF
− Vacancy
−$9.5K −$3.96/SF
EGI
$33.7K $14.04/SF
− OpEx
−$8.4K −$3.51/SF
NOI
$25.3K $10.53/SF
Area
Richland County, OH
Vacancy
22.00%
Lease Rate
$18.00 /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%
$505,440
Cap Rate 7%
$361,029
Cap Rate 9%
$280,800
Alternative Uses
Best Use
Office B
$361.0K
$315.9K – $421.2K
NOI $25,272 @ 7.0% cap · market cap 7.13%
Second Best
Retail
$331.1K
$289.7K – $386.3K
NOI $23,176 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$482.9K
$422.5K – $563.3K
NOI $33,800 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 44906, OH
16,566
Population
8,613
Households
1.9
Avg Household Size
45
Median Age
22%
College-Educated
88%
High-School Grad
19.5 sq mi
ZIP Area
850
Density / Sq Mi
$51,358
Median Household Income
$36,087
Median Earnings
$783
Median Rent
$127,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional building suited to office or retail users, with convenient access to the US 30 interchange.
Where is this office building located?
The property is located at 25 Lexington Springmill Road S Ontario, OH.
What is the asking price?
The asking price for this property is $354,500.
What are key features of this property?
This property features: Corner position at Lexington‑Springmill Road and Park Avenue West; Professional office and retail use potential; High traffic volumes at the intersection
