Flex Space with Production
For Sale
$1,500,000
501 S High Street, Lancaster, OH 43130
Industrial, Lancaster, OH
Property Size22,275 SF
Lot Size0.17 Acres
Price / SF$125.26
Days on Market51
Property Features for 501 S High Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CBD
Standard status
Active
APN
05-35067-800
Size
11,975 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7702
Utilities
Utilities
Water Available
Heating system
Forced Air
Building Details
Year built
2003
Floors in Building
2
Listing Agency:
e-Merge Real Estate Unlimited
(614) 678-5505
Listed By:
Thomas M Buoni · License #2016002482
(480) 316-1652
Added: Jul 28
Changed: Sep 15
Last Checked: Sep 16 at 7:06AM
MLS# 226028351
Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. 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 flex property combines office, shipping and receiving, production, and storage functions within a facility built in 2003. The improvements include USDA-approved food production space, a commercial kitchen, frozen and refrigerated storage, dedicated shipping areas, and refrigeration equipment. Forced-air heating and water availability are also reported.
UPS occupies shipping and receiving space on the south side of the building under a lease identified as extending through 2024. The property provides substantial parking on its north and west sides and sits within walking distance of Lancaster’s downtown historic district. Access to the Route 33 corridor serving Southeastern Ohio is less than 1.2 miles away. The 0.17-acre property is located at 501 S High Street in Lancaster, Ohio.
UPS occupies shipping and receiving space on the south side of the building under a lease identified as extending through 2024. The property provides substantial parking on its north and west sides and sits within walking distance of Lancaster’s downtown historic district. Access to the Route 33 corridor serving Southeastern Ohio is less than 1.2 miles away. The 0.17-acre property is located at 501 S High Street in Lancaster, Ohio.
Key Highlights
- USDA‑approved food production area with commercial kitchen
- Frozen and refrigerated storage with included refrigeration equipment
- Dedicated shipping and receiving areas
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
$45,336
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
3.02%
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%
$906,720
$906.7K
Cap Rate 7%
$647,657
$647.7K
Cap Rate 9%
$503,733
$503.7K
Market Conditions
NOI Build-Up for 11,975 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
$76.2K $6.36/SF
− Vacancy
−$6.4K −$0.54/SF
EGI
$69.7K $5.82/SF
− OpEx
−$24.4K −$2.04/SF
NOI
$45.3K $3.79/SF
Area
Fairfield County, OH
Vacancy
8.42%
Lease Rate
$6.36 /SF/Yr
Expense Ratio
35.00%
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%
$906,720
Cap Rate 7%
$647,657
Cap Rate 9%
$503,733
Alternative Uses
Best Use
Warehouse
$2.41M
$2.11M – $2.82M
NOI $168,951 @ 7.0% cap · market cap 11.26%
Second Best
Industrial
$1.99M
$1.74M – $2.32M
NOI $139,136 @ 7.0% cap · market cap 9.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,162
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43130, OH
62,010
Population
26,434
Households
2.3
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
164.5 sq mi
ZIP Area
377
Density / Sq Mi
$68,242
Median Household Income
$43,936
Median Earnings
$1,031
Median Rent
$215,900
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-use facility combining office, shipping, production, refrigeration, and substantial on-site parking.
Where is this flex space located?
The property is located at 501 S High Street Lancaster, OH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: USDA‑approved food production area with commercial kitchen; Frozen and refrigerated storage with included refrigeration equipment; Dedicated shipping and receiving areas
