Two-Space Storefront
For Sale
Contact for pricing
32 N Broadway Street, Lebanon, OH 45036
Two occupied retail spaces are complemented by a private office and dedicated rear parking.
Property Size4,560 SF
Price / SF$131.58
Days on Market19
Property Features for 32 N Broadway Street
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Retail
Amenities
dedicated rear parking lot
Building Details
Year Built
1950
Year Renovated
2018
Units
2
Tenancy
Multi
Listing Agency:
The Schueler Group
Listed By:
Danielle Chandler · License #OH 2022004481
Source:
Crexi
Added: Aug 3
Changed: Aug 13
Last Checked: Aug 20 at 5:42PM
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 The Schueler Group
Investment Insights
Based on property information with market context.
This 4,560-square-foot storefront property, built in 1950, contains two retail spaces occupied by established boutique clothing retailers. A private office adds functional support space, while the dedicated rear parking lot provides on-site parking for the property.
The building is situated in Historic Downtown Lebanon, a walkable commercial district with surrounding shops, restaurants, and year-round events. Its existing retail configuration and occupied spaces provide a clear framework for continued commercial use.
The building is situated in Historic Downtown Lebanon, a walkable commercial district with surrounding shops, restaurants, and year-round events. Its existing retail configuration and occupied spaces provide a clear framework for continued commercial use.
Key Highlights
- 4,560‑square‑foot storefront property built in 1950
- Two retail spaces occupied by established boutique clothing retailers
- Private office included within the building
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
$44,528
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
7.42%
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%
$890,560
$890.6K
Cap Rate 7%
$636,114
$636.1K
Cap Rate 9%
$494,756
$494.8K
Market Conditions
NOI Build-Up for 4,560 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
$68.4K $15.00/SF
− Vacancy
−$4.8K −$1.05/SF
EGI
$63.6K $13.95/SF
− OpEx
−$19.1K −$4.19/SF
NOI
$44.5K $9.76/SF
Area
Warren County, OH
Vacancy
7.00%
Lease Rate
$15.00 /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%
$890,560
Cap Rate 7%
$636,114
Cap Rate 9%
$494,756
Alternative Uses
Best Use
Retail
$636.1K
$556.6K – $742.1K
NOI $44,528 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$891.2K – $1.19M
NOI $71,298 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45036, OH
41,060
Population
15,036
Households
2.7
Avg Household Size
39
Median Age
32%
College-Educated
92%
High-School Grad
81.2 sq mi
ZIP Area
506
Density / Sq Mi
$97,944
Median Household Income
$51,565
Median Earnings
$1,090
Median Rent
$317,600
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?
Storefront property - Two occupied retail spaces are complemented by a private office and dedicated rear parking.
Where is this storefront property located?
The property is located at 32 N Broadway Street Lebanon, OH.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 4,560‑square‑foot storefront property built in 1950; Two retail spaces occupied by established boutique clothing retailers; Private office included within the building
