Medical Office Building with New
For Sale
Contact for pricing
423 Adair Ave, Zanesville, OH 43701
Full office buildout for medical/office use with new HVAC installed in 2024; zoned C-4.
Property Size3,941 SF
Lot Size0.82 Acres
Price / SF$296.37
Days on Market290
Property Features for 423 Adair Ave
General Information
Standard status
Active
Size
3,941 SF
Lot size
0.82 Acres
Property subtype
OFFICE
Zoning
C-4
Building Details
Year Renovated
2024
Listing Agency:
Coldwell Banker Commercial - Aspire Realty Services | Columbus
(614) 239-0808
Listed By:
Kim Benincasa · License #SAL.2002002311
(740) 819-4619
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Sep 8
Last Checked: Sep 10 at 12:53PM
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 | Columbus
Investment Insights
Based on property information with market context.
This medical/office building offers a complete office buildout and is listed for sale as a corporate-leased asset. The improvements include a full office buildout completed in 2018, with a new HVAC system installed in 2024. The property is approximately 3,941 SF and sits on 0.82 acres.
The building is located at 423 Adair Ave in Zanesville, Ohio, and is zoned C-4, which allows a wide range of commercial uses. Public remarks also note excellent visibility and accessibility, supporting convenient customer and employee access. The current setup is described as a corporate lease with Affordable Care (450+ locations nationwide).
The building is located at 423 Adair Ave in Zanesville, Ohio, and is zoned C-4, which allows a wide range of commercial uses. Public remarks also note excellent visibility and accessibility, supporting convenient customer and employee access. The current setup is described as a corporate lease with Affordable Care (450+ locations nationwide).
Key Highlights
- 3,941 SF medical/office building for sale with full office buildout
- Nearly $600,000 in improvements completed in 2018 with full office buildout
- New HVAC system and roof installed in 2024
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
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Current Use
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
Under-served
Demand for This Use
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Full office buildout for medical/office use with new HVAC installed in 2024; zoned C-4.
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: 3,941 SF medical/office building for sale with full office buildout; Nearly $600,000 in improvements completed in 2018 with full office buildout; New HVAC system and roof installed in 2024
