Three-Level Mixed-Use
28 South Franklin Street Delaware, OH 43015
28 South Franklin Street, Delaware, OH, 43015
$799,900
For Sale
$799,900
Three-level mixed-use property with demolition underway, originally designed for four units per floor.
Property Size20,908 SF
Price / SF$38.26
Days on Market121
Property Features for 28 South Franklin Street
General Information
- Standard status
- Active
- Size
- 20,908 SF
- Property subtype
- Multi-Family / Mixed Use
Building Details
- Year Built
- 1946
Listing agency
RE/MAX Allegiance
(614) 206-0623
Listed by
Edward A Cashman · License #2014005212
(614) 206-0623
Source
Compass
Added: Mar 23 Updated: Jul 10 at 1:52PM Checked: Jul 21 at 6:28AM
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 RE/MAX Allegiance
Investment Insights
Based on property information with market context.
This three-level mixed-use building is being prepared for redevelopment, with demolition already begun. The property was originally laid out with four units per floor for a total of 12 units across the three levels, offering a starting point for new configurations in a multi-use format.
The asset is located one block from the intersection of Sandusky and William Streets, and it is steps from Ohio Wesleyan University (OWU). The surrounding area includes nearby shopping, dining, and downtown amenities.
For investors and developers, the current condition and unit-based original concept may support a variety of redevelopment directions, including mixed-use retail, office, or residential conversion. Buyers seeking a downtown redevelopment site with a clear starting layout may find the building’s three-level form and documented 12-unit concept useful for planning future use and design.
The asset is located one block from the intersection of Sandusky and William Streets, and it is steps from Ohio Wesleyan University (OWU). The surrounding area includes nearby shopping, dining, and downtown amenities.
For investors and developers, the current condition and unit-based original concept may support a variety of redevelopment directions, including mixed-use retail, office, or residential conversion. Buyers seeking a downtown redevelopment site with a clear starting layout may find the building’s three-level form and documented 12-unit concept useful for planning future use and design.
Key Highlights
- Three‑level multi‑use building in downtown Delaware, originally designed for four units per floor (12 total).
- Demolition has already begun, providing cleared space for redevelopment.
- Built in 1946.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $122.5k | $5.86 |
| − Vacancy | −$10.5k | −$0.50 |
| EGI | $112.0k | $5.36 |
| − OpEx | −$42.0k | −$2.01 |
| NOI | $70.0k | $3.35 |
20,908 SF · lease $5.86/SF/yr · vacancy 8.60% · expense 37.50%
Alternative Uses
Best Use
Office B
$3.68M
$3.22M – $4.29M
NOI $257,419 @ 7.0% cap · market cap 32.18%
Second Best
Apartment 5plus
$2.38M
$2.08M – $2.78M
NOI $166,723 @ 7.0% cap · market cap 20.84%
Theoretical Best
Warehouse
$4.21M
$3.69M – $4.92M
NOI $294,983 @ 7.0% cap · market cap 36.88%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Elisit Media
Media Distribution
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FAQs
What type of property is this?
Apartment building - Three-level mixed-use property with demolition underway, originally designed for four units per floor.
Where is this apartment building located?
The property is located at 28 South Franklin Street Delaware, OH.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Three‑level multi‑use building in downtown Delaware, originally designed for four units per floor (12 total).; Demolition has already begun, providing cleared space for redevelopment.; Built in 1946.
