Building Details

Year Built 1985

Buildings 1

Listing Agency: NAI Ohio Equities, LLC

Listed By: Bastian Gehrer · License #2023003682 Show Phone

Source: Crexi

Added: Jun 11 Changed: Sep 2 Last Checked: Sep 7 at 5:49AM

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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 NAI Ohio Equities, LLC

Investment Insights

Based on property information with market context.

This property presents a flexible, for-sale commercial site supported by SH zoning, accommodating a wide range of uses including medical, retail, drive-thru, multifamily, senior housing, mixed-use, and live-work. The offering is structured as two parcels, providing options for buyers to purchase one or both. The site is currently tenant-free, offering a clean slate for an owner-user or development plan. Parcel 1 has a history of medical/office buildout, while Parcel 2 is described as well-suited for a retail pad, a drive-thru ground lease, or future expansion.

The property is located on a flat site and includes existing access, parking, and infrastructure. Public remarks also note approximately 21,000 vehicles per day, supporting strong visibility and traffic exposure for future occupants or development.

As a tenant-free, two-parcel asset with existing site improvements and flexible zoning, the property is positioned for buyers seeking adaptable uses across medical, retail, and live-work concepts.

Key Highlights

• SH zoning supports medical, retail, drive‑thru, multifamily, senior housing, mixed‑use, and live‑work uses
• Approx. 21,000 vehicles per day per public remarks, supporting high traffic exposure
• Flat site with existing access, parking, and infrastructure in place

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

$54,813

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

4.52%

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%

$1,096,260 $1.1M

Cap Rate 7%

$783,043 $783.0K

Cap Rate 9%

$609,033 $609.0K

Market Conditions

NOI Build-Up for 4,452 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

$96.2K $21.60/SF

− Vacancy

−$23.1K −$5.18/SF

EGI

$73.1K $16.42/SF

− OpEx

−$18.3K −$4.10/SF

NOI

$54.8K $12.31/SF

Area

Franklin County, OH

Vacancy

24.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

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%

$1,096,260

Cap Rate 7%

$783,043

Cap Rate 9%

$609,033

Alternative Uses

Best Use

Office B

$783.0K

$685.2K – $913.6K (±1% cap)

NOI $54,813 @ 7.0% cap · market cap 4.52%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$907.6K

$794.2K – $1.06M (±1% cap)

NOI $63,534 @ 7.0% cap · market cap 5.24%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Law Firm Electrical Service HVAC Service (Bike/Boat/Book/etc) Store Catering Service Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

21,000 VPD

Traffic count

Location Intelligence

Trade Area within ½ mile

441

Businesses Nearby

Explore this area Business Placement

Demographics for 43213, OH

35,105

Population

17,069

Households

2.1

Avg Household Size

37

Median Age

23%

College-Educated

90%

High-School Grad

10.3 sq mi

ZIP Area

3,408

Density / Sq Mi

$53,908

Median Household Income

$37,753

Median Earnings

$1,107

Median Rent

$197,700

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office building - Flat, two-parcel property with existing access and parking, supported by SH zoning and strong traffic exposure.

Where is this office building located?

The property is located at 420 S Hamilton Road Whitehall, OH.

What is the asking price?

The asking price for this property is $1,212,500.

What are key features of this property?

This property features: SH zoning supports medical, retail, drive‑thru, multifamily, senior housing, mixed‑use, and live‑work uses; Approx. 21,000 vehicles per day per public remarks, supporting high traffic exposure; Flat site with existing access, parking, and infrastructure in place