Historic Georgian
For Sale
$250,000
405 E Spring Street, Saint Marys, OH 45885
COMMERCIAL - Saint Marys, OH
Property Size3,131 SF
Lot Size0.13 Acres
Price / SF$79.85
Days on Market253
Property Features for 405 E Spring Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Rooms
Dining Room
Fireplace
1
Basement
Partial
Appliances
Cooktop, Dryer, Range, Refrigerator, Washer
Subdivision
East Add
Directions
Downtown St. Marys at the corner of Spring and Spruce Streets.
Standard status
Active
APN
K3201507600
Size
3,131 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s), Central Air
Building Details
Year built
1900
Building materials
Brick
Listing Agency:
Master Key Realty · Century 21 Real Estate
(419) 586-2313
Listed By:
Brandi Wagner · License #BRKP2015003550
(419) 586-2313
Added: Dec 11, 2025
Changed: Aug 5
Last Checked: Aug 21 at 6:06PM
MLS# 1042953
Copyright © 2026 Western Regional Information System & Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 405 E Spring Street in Saint Marys, this historic Georgian-style home is offered as a residential income property and includes three parcels. Inside, the home features a sweeping staircase with cherry wood railings, soaring ceilings, and tall windows that bring in natural light. Original woodwork and interior doors remain intact, while new carpet has been installed throughout. A butler’s pantry offers additional storage with glass-front cabinets, and glass French doors lead to a freshly painted grand side porch.
Comfort is supported by programmable thermostats serving two high-efficiency natural gas furnaces, along with central air. The property also has recent updates including the roof and plumbing, and exterior paint has been refreshed.
Set on approximately 0.13 acres with a total area of 3,131 square feet, the sale includes all three parcels to provide a complete ownership package.
Comfort is supported by programmable thermostats serving two high-efficiency natural gas furnaces, along with central air. The property also has recent updates including the roof and plumbing, and exterior paint has been refreshed.
Set on approximately 0.13 acres with a total area of 3,131 square feet, the sale includes all three parcels to provide a complete ownership package.
Key Highlights
- Historic brick home built in 1900 featuring a fireplace and original woodwork and doors
- Two high‑efficiency natural gas forced‑air furnaces with programmable thermostats, plus central air and window AC units
- Updated roof and plumbing, along with exterior paint
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
$18,807
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
7.52%
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%
$376,140
$376.1K
Cap Rate 7%
$268,671
$268.7K
Cap Rate 9%
$208,967
$209.0K
Market Conditions
NOI Build-Up for 3,131 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
$35.7K $11.40/SF
− Vacancy
−$1.5K −$0.48/SF
EGI
$34.2K $10.92/SF
− OpEx
−$15.4K −$4.91/SF
NOI
$18.8K $6.01/SF
Area
Auglaize County, OH
Vacancy
4.20%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
45.00%
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%
$376,140
Cap Rate 7%
$268,671
Cap Rate 9%
$208,967
Alternative Uses
Best Use
Apartment 5plus
$268.7K
$235.1K – $313.5K
NOI $18,807 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$630.7K
$551.8K – $735.8K
NOI $44,146 @ 7.0% cap · market cap 17.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
Explore this area
Business Placement
Demographics for 45885, OH
12,863
Population
5,734
Households
2.2
Avg Household Size
41
Median Age
16%
College-Educated
95%
High-School Grad
72.4 sq mi
ZIP Area
178
Density / Sq Mi
$75,054
Median Household Income
$43,812
Median Earnings
$882
Median Rent
$153,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Updated historic residence with original woodwork, new carpet, and central air controlled by programmable thermostats.
Where is this single family property located?
The property is located at 405 E Spring Street Saint Marys, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Historic brick home built in 1900 featuring a fireplace and original woodwork and doors; Two high‑efficiency natural gas forced‑air furnaces with programmable thermostats, plus central air and window AC units; Updated roof and plumbing, along with exterior paint
