Heated Automotive
For Sale
$295,000
2691 Us Highway 224, Plymouth, OH 44865
Office, restroom, garage, and mechanic-shop improvements support automotive operations.
Property Size2,370 SF
Price / SF$124.47
Days on Market16
Property Features for 2691 Us Highway 224
General Information
Standard status
Active
Size
2,370 SF
Taxes and HOA fees
Annual Taxes
$1,024
Listing Agency:
Sluss Realty
(419) 543-8305
Listed By:
Courtney Bradley · License #2022003291
(419) 543-8305
Source:
Exprealty
Added: Aug 6
Changed: Aug 20
Last Checked: Aug 21 at 11:52AM
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
Investment Insights
Based on property information with market context.
Located at 2691 US Highway 224 in Plymouth, this automotive property includes office space equipped with a mini split and restroom. The improvements also include a heated two-car garage and a separate heated mechanic shop with two lifts, two overhead doors, and an additional restroom.
The property was formerly used as a car dealership and is positioned along US Highway 224. Its existing configuration accommodates automotive sales, detailing, and service functions, while the combination of office, garage, and shop areas provides distinct spaces for customer-facing and operational activities.
The property was formerly used as a car dealership and is positioned along US Highway 224. Its existing configuration accommodates automotive sales, detailing, and service functions, while the combination of office, garage, and shop areas provides distinct spaces for customer-facing and operational activities.
Key Highlights
- Heated mechanic shop with two lifts and two overhead doors
- Heated two‑car garage for detailing operations
- Office space includes a mini split and restroom
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
$10,174
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
3.45%
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%
$203,480
$203.5K
Cap Rate 7%
$145,343
$145.3K
Cap Rate 9%
$113,044
$113.0K
Market Conditions
NOI Build-Up for 2,370 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
$15.1K $6.36/SF
− Vacancy
−$540 −$0.23/SF
EGI
$14.5K $6.13/SF
− OpEx
−$4.4K −$1.84/SF
NOI
$10.2K $4.29/SF
Area
Huron County, OH
Vacancy
3.58%
Lease Rate
$6.36 /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%
$203,480
Cap Rate 7%
$145,343
Cap Rate 9%
$113,044
Alternative Uses
Best Use
Retail
$145.3K
$127.2K – $169.6K
NOI $10,174 @ 7.0% cap · market cap 3.45%
Second Best
Industrial
$139.1K
$121.7K – $162.3K
NOI $9,739 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$492.6K
$431.0K – $574.7K
NOI $34,481 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44865, OH
3,164
Population
1,279
Households
2.5
Avg Household Size
41
Median Age
16%
College-Educated
83%
High-School Grad
38.3 sq mi
ZIP Area
83
Density / Sq Mi
$73,173
Median Household Income
$35,173
Median Earnings
$871
Median Rent
$142,600
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?
Auto shop - Office, restroom, garage, and mechanic-shop improvements support automotive operations.
Where is this auto shop located?
The property is located at 2691 Us Highway 224 Plymouth, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Heated mechanic shop with two lifts and two overhead doors; Heated two‑car garage for detailing operations; Office space includes a mini split and restroom
