Turnkey Medical Office
For Sale
$1,168,000
423 Adair Ave, Zanesville, OH 43701
Modern, upgraded medical office building in Zanesville, Ohio.
Property Size3,941 SF
Lot Size0.82 Acres
Price / SF$296.37
Days on Market169
Property Features for 423 Adair Ave
General Information
Standard status
Active
Size
3,941 SF
Total Parking Spaces
45
Lot size
0.82 Acres
Property subtype
Office
Zoning
C-4 Highway Commercial District
Net Operating Income
$75,864
Building Details
Building Size
3,941 SF
Year Built
1979
Listing Agency:
Coldwell Banker Commercial Aspire Realty Services
(614) 341-9800
Listed By:
Kim Benincasa · License #SAL.2002002311
(614) 341-9800
Source:
Cbcworldwide
Added: Mar 5
Changed: Aug 8
Last Checked: Apr 9 at 9:00PM
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 Coldwell Banker Commercial Aspire Realty Services
Investment Insights
Based on property information with market context.
This 3,941 square foot medical office building is available for acquisition. Leased to Affordable Care, a nationally recognized operator with over 450 locations across 43 states, the property has undergone nearly $600,000 in upgrades since 2018. These include a full office buildout, a new HVAC system, and a new roof installed in 2024, rendering the property turnkey. Situated on 0.82 acres with flexible C-4 zoning, the asset offers stability and modern improvements. Located in Zanesville, Ohio, the property offers visibility and accessibility within a commercial and residential corridor. It benefits from close proximity to downtown Zanesville, major thoroughfares, and nearby amenities including retail, dining, and professional services. Its location provides access to I-70, making it an option for businesses seeking connectivity to Columbus, Wheeling, and surrounding markets. The area's blend of historic charm and ongoing community development creates a foundation for commercial opportunities.
Key Highlights
- Leased to Affordable Care, a nationally recognized operator with over 450 locations.
- Nearly $600,000 in upgrades since 2018, including a new roof in 2024 and a new HVAC system.
- 3,941 SF medical office building in a strong, growing market.
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
$46,683
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
4.00%
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%
$933,660
$933.7K
Cap Rate 7%
$666,900
$666.9K
Cap Rate 9%
$518,700
$518.7K
Market Conditions
NOI Build-Up for 3,941 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
$85.1K $21.60/SF
− Vacancy
−$7.3K −$1.86/SF
EGI
$77.8K $19.74/SF
− OpEx
−$31.1K −$7.90/SF
NOI
$46.7K $11.85/SF
Area
Muskingum County, OH
Vacancy
8.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$933,660
Cap Rate 7%
$666,900
Cap Rate 9%
$518,700
Alternative Uses
Best Use
Healthcare Medical
$666.9K
$583.5K – $778.1K
NOI $46,683 @ 7.0% cap · market cap 4.00%
Second Best
Office B
$632.4K
$553.3K – $737.8K
NOI $44,265 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$855.4K
$748.4K – $997.9K
NOI $59,875 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43701, OH
55,361
Population
25,785
Households
2.1
Avg Household Size
42
Median Age
18%
College-Educated
90%
High-School Grad
180.5 sq mi
ZIP Area
307
Density / Sq Mi
$54,900
Median Household Income
$34,345
Median Earnings
$819
Median Rent
$164,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Modern, upgraded medical office building in Zanesville, Ohio.
Where is this medical office space located?
The property is located at 423 Adair Ave Zanesville, OH.
What is the asking price?
The asking price for this property is $1,168,000.
What are key features of this property?
This property features: Leased to Affordable Care, a nationally recognized operator with over 450 locations.; Nearly $600,000 in upgrades since 2018, including a new roof in 2024 and a new HVAC system.; 3,941 SF medical office building in a strong, growing market.
