Flex Building with Overhead
For Sale
$325,000
423 Main Street, Findlay, OH 45840
Versatile warehouse, retail, and office space with rear-alley loading and up to three restrooms, plus recent HVAC and roof improvements.
Property Size6,554 SF
Price / SF$49.59
Days on Market179
Property Features for 423 Main Street
General Information
Standard status
Active
Size
6,554 SF
Property subtype
Retail
Additional Details
Drive-In Doors
1
Amenities
None, Central Air
3
Concrete, Carpet
Metal, Flat
Parking.
Gravel, On Street.
50x200, 0.23000000417232513
Loading Dock, Overhead Doors.
Building Details
Year Built
1908
Listing Agency:
BHHS Koehler Realty
(419) 422-4082
Listed By:
James Koehler
(419) 422-4082
Source:
Xome
Added: Feb 11
Changed: Aug 7
Last Checked: Aug 9 at 4:50AM
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 BHHS Koehler Realty
Investment Insights
Based on property information with market context.
This flexible commercial building combines warehouse, retail, and office space under one roof, with a layout designed to support both operations and customer-facing activity. The warehouse component includes a 10' x 10' double-wide overhead door positioned for loading and unloading from the rear alley, and the property offers up to three restrooms. Recent improvements include a metal roof installed in 2017, updated hanging furnaces in the warehouse and rear space, and a new HVAC system serving the retail area installed in 2024.
The property is presented for sale and includes convenient access and ample street parking, with additional nearby parking intended to support day-to-day operations and customer visits. The configuration is adaptable for either multi-tenant occupancy or a single-user setup.
Overall, the building’s mix of warehouse, retail, and office space and its rear loading capability make it well-suited for distribution, service, showroom, or light industrial uses.
The property is presented for sale and includes convenient access and ample street parking, with additional nearby parking intended to support day-to-day operations and customer visits. The configuration is adaptable for either multi-tenant occupancy or a single-user setup.
Overall, the building’s mix of warehouse, retail, and office space and its rear loading capability make it well-suited for distribution, service, showroom, or light industrial uses.
Key Highlights
- 6,554 SF building with a flexible layout for warehouse, retail, and office use under one roof
- Rear alley loading with a 10' x 10' double‑wide overhead door
- Up to three restrooms plus central air cooling
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
$26,932
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
8.29%
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%
$538,640
$538.6K
Cap Rate 7%
$384,743
$384.7K
Cap Rate 9%
$299,244
$299.2K
Market Conditions
NOI Build-Up for 6,554 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
$42.0K $6.41/SF
− Vacancy
−$3.5K −$0.54/SF
EGI
$38.5K $5.87/SF
− OpEx
−$11.5K −$1.76/SF
NOI
$26.9K $4.11/SF
Area
Hancock County, OH
Vacancy
8.42%
Lease Rate
$6.41 /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%
$538,640
Cap Rate 7%
$384,743
Cap Rate 9%
$299,244
Alternative Uses
Best Use
Office B
$896.6K
$784.5K – $1.05M
NOI $62,761 @ 7.0% cap · market cap 19.31%
Second Best
Warehouse
$467.2K
$408.8K – $545.1K
NOI $32,703 @ 7.0% cap · market cap 10.06%
Theoretical Best
Specialty Retail
$1.83M
$1.60M – $2.13M
NOI $127,967 @ 7.0% cap · market cap 39.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
808
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45840, OH
54,901
Population
25,396
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
95%
High-School Grad
166.5 sq mi
ZIP Area
330
Density / Sq Mi
$64,076
Median Household Income
$42,546
Median Earnings
$934
Median Rent
$203,800
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?
Flex space - Versatile warehouse, retail, and office space with rear-alley loading and up to three restrooms, plus recent HVAC and roof improvements.
Where is this flex space located?
The property is located at 423 Main Street Findlay, OH.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 6,554 SF building with a flexible layout for warehouse, retail, and office use under one roof; Rear alley loading with a 10' x 10' double‑wide overhead door; Up to three restrooms plus central air cooling
