Brick Medical
New
For Sale
$265,000
500 S Main Street, Bellefontaine, OH 43311
Commercial Sale, Bellefontaine, OH
Property Size1,484 SF
Lot Size0.11 Acres
Price / SF$178.57
Days on Market5
Property Features for 500 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking
4
Interior features
Attic
Basement
Unfinished, Block
Subdivision
Bellefontaine Corp
Directions
Corner of S. Main St. and Water St. in downtown Bellefontaine.
Standard status
Active
APN
170911618007000
Size
1,484 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1958
Flooring type
Linoleum, Carpet
Building materials
Brick, Vinyl Siding
Architectural style
Other
Listing Agency:
Choice Properties Real Estate
(937) 842-2244
Listed By:
Diane (Teri) P. Frymyer
(937) 843-9400
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 20 at 7:06AM
MLS# 1048531
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.
This medical office property is arranged with seven rooms and a dedicated waiting area. The building features solid brick construction, an unfinished basement with high ceilings, and attic space. Recent improvements include a new roof, newer woodwork, and some newer windows. The basement houses the mechanical systems, including a hot water heater and sump pump reported as approximately one year old.
Positioned on a 44-by-110-foot lot, the property provides four designated parking spaces along with both main and rear entrances. Building systems include forced-air natural gas heating, central air conditioning, and public sewer service. Interior finishes include linoleum and carpet flooring.
Positioned on a 44-by-110-foot lot, the property provides four designated parking spaces along with both main and rear entrances. Building systems include forced-air natural gas heating, central air conditioning, and public sewer service. Interior finishes include linoleum and carpet flooring.
Key Highlights
- Seven‑room layout with a dedicated waiting area
- 44‑by‑110‑foot lot with four designated parking spaces
- Solid brick construction with newer woodwork and some newer windows
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
$18,236
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
6.88%
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%
$364,720
$364.7K
Cap Rate 7%
$260,514
$260.5K
Cap Rate 9%
$202,622
$202.6K
Market Conditions
NOI Build-Up for 1,484 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
$32.0K $21.53/SF
− Vacancy
−$7.6K −$5.15/SF
EGI
$24.3K $16.38/SF
− OpEx
−$6.1K −$4.10/SF
NOI
$18.2K $12.29/SF
Area
Logan County, OH
Vacancy
23.90%
Lease Rate
$21.53 /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%
$364,720
Cap Rate 7%
$260,514
Cap Rate 9%
$202,622
Alternative Uses
Best Use
Office B
$260.5K
$228.0K – $303.9K
NOI $18,236 @ 7.0% cap · market cap 6.88%
Second Best
Healthcare Medical
$210.2K
$184.0K – $245.3K
NOI $14,717 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$299.6K
$262.1K – $349.5K
NOI $20,969 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
760
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43311, OH
20,029
Population
9,497
Households
2.1
Avg Household Size
40
Median Age
17%
College-Educated
93%
High-School Grad
103.8 sq mi
ZIP Area
193
Density / Sq Mi
$64,217
Median Household Income
$40,341
Median Earnings
$833
Median Rent
$183,000
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 - Seven-room professional layout with a waiting area, rear access, and four designated parking spaces.
Where is this medical office space located?
The property is located at 500 S Main Street Bellefontaine, OH.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Seven‑room layout with a dedicated waiting area; 44‑by‑110‑foot lot with four designated parking spaces; Solid brick construction with newer woodwork and some newer windows
