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    Retail Property in Downtown Delaware Title is generated by Realmo AI

    31 N Sandusky St, Delaware, OH 43015

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    For Sale
    $395,000

    Retail property with long-term tenant in high-traffic downtown location.

    Type:Office
    Property size:
    1,334 SF
    Price / SF:
    $296/SF
    Added:
    Nov 21, 2025
    Days on Market:
    181
    Last Refresh:
    Dec 29 at 8:26 pm

    Property Features for 31 N Sandusky St

    General Information

    Standard status
    Active
    Size
    1,334 SF
    Property subtype
    Office

    Building Details

    Year Built
    1920

    We can help!

    Listing Contact
    Candi Hosick
    Candi Hosick

    Listing agent Candi Hosick License #135980

    Listing office eXp Realty

    Listing date Nov 21, 2025

    Source 3cre

    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 eXp Realty

    HighLights

    • Long‑term lease with established tenant (Whit’s Frozen Custard) provides immediate income.
    • High‑traffic location on North Sandusky Street (11,943 cars per day) ensures excellent visibility.
    • Located in downtown Delaware, OH, a desirable and accessible area.
    • Strong demographics: $99,598 average household income within a 3‑mile radius.
    • Walking distance to Ohio Wesleyan College provides a consistent customer base.
    • Ample parking available in both the front and back of the property.

    Overview

    This 1,334 square foot retail property is located in downtown Delaware, Ohio, within walking distance of Ohio Wesleyan College. The property is zoned commercial and features a long-term lease with Whit’s Frozen Custard, providing a stable tenant. Situated on North Sandusky Street, the location benefits from high traffic, with 11,943 cars per day, and is surrounded by local shops and restaurants. The property offers excellent walkability and ease of access, with parking available in both the front and back. The average household income within a 3-mile radius is $99,598.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Whit's Frozen Custard ... Grocery & Convenience Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Delaware
    County
    Delaware
    State
    Ohio
    Longitude
    -83.0679
    Latitude
    40.2998

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    FAQs

    What type of property is this?
    Storefront property - Retail property with long-term tenant in high-traffic downtown location.
    Where is this storefront property located?
    The property is located at 31 N Sandusky St Delaware, OH.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: Long‑term lease with established tenant (Whit’s Frozen Custard) provides immediate income.; High‑traffic location on North Sandusky Street (11,943 cars per day) ensures excellent visibility.; Located in downtown Delaware, OH, a desirable and accessible area.
    (740) 972-8499
    We can help!
    Listing Contact
    Candi Hosick
    Candi Hosick
    Real Estate License ID: 135980
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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