Mixed-Use Building with Restaurant
For Sale
Contact for pricing
531 N Main Street, North Canton, OH 44720
First-floor storefront and restaurant space sits above two 2-bedroom apartments, with 32 parking spaces and a detached garage.
Property Size5,956 SF
Price / SF$142.71
Days on Market50
Property Features for 531 N Main Street
General Information
Standard status
Active
Size
5,956 SF
Total Parking Spaces
32
Property subtype
Retail, Mixed Use
Zoning
NC-MSC
Additional Details
Multifamily Units
2
Building Details
Year Built
1947
Stories
2
Units
2
Listing Agency:
NAI Spring
(330) 284-0331
Listed By:
Sean Sanford · License #SAL.0000399521
Source:
Crexi
Added: Jul 8
Changed: Aug 23
Last Checked: Aug 26 at 2:35AM
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 NAI Spring
Investment Insights
Based on property information with market context.
This mixed-use property offers 3,528 SF of first-level space with visible storefront frontage plus restaurant space. The second floor includes two 2-bedroom apartments, providing additional income-producing living units. A 400 SF detached garage is also included, along with 32 parking spaces for on-site customer and tenant use.
Located at 531 N Main Street in North Canton, the property is in the heart of the city and is less than one mile south of a new Meijer redevelopment.
Overall, the building is configured to support retail/restaurant activity on the street level while maintaining separate residential units above.
Located at 531 N Main Street in North Canton, the property is in the heart of the city and is less than one mile south of a new Meijer redevelopment.
Overall, the building is configured to support retail/restaurant activity on the street level while maintaining separate residential units above.
Key Highlights
- 1st‑floor storefront and restaurant space totaling 3,528 SF with visible storefront
- Second‑floor layout includes two 2‑bedroom apartments
- 32 on‑site parking spaces
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
$49,820
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
5.86%
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%
$996,400
$996.4K
Cap Rate 7%
$711,714
$711.7K
Cap Rate 9%
$553,556
$553.6K
Market Conditions
NOI Build-Up for 5,956 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
$73.6K $12.36/SF
− Vacancy
−$2.4K −$0.41/SF
EGI
$71.2K $11.95/SF
− OpEx
−$21.4K −$3.58/SF
NOI
$49.8K $8.36/SF
Area
Stark County, OH
Vacancy
3.32%
Lease Rate
$12.36 /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%
$996,400
Cap Rate 7%
$711,714
Cap Rate 9%
$553,556
Alternative Uses
Best Use
Retail
$1.56M
$1.36M – $1.81M
NOI $108,854 @ 7.0% cap · market cap 12.81%
Second Best
Multifamily LT 5
$711.7K
$622.8K – $830.3K
NOI $49,820 @ 7.0% cap · market cap 5.86%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Explore this area
Business Placement
Demographics for 44720, OH
40,744
Population
17,988
Households
2.3
Avg Household Size
43
Median Age
42%
College-Educated
97%
High-School Grad
34.3 sq mi
ZIP Area
1,188
Density / Sq Mi
$81,045
Median Household Income
$46,587
Median Earnings
$977
Median Rent
$233,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - First-floor storefront and restaurant space sits above two 2-bedroom apartments, with 32 parking spaces and a detached garage.
Where is this mixed-use property located?
The property is located at 531 N Main Street North Canton, OH.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 1st‑floor storefront and restaurant space totaling 3,528 SF with visible storefront; Second‑floor layout includes two 2‑bedroom apartments; 32 on‑site parking spaces
