Land with Heated
For Sale
$550,000
5436 Oh-187, Mechanicsburg, OH 43044
Land, Mechanicsburg, OH
Property Size4,544 SF
Lot Size5.33 Acres
Price / SF$121.04
Days on Market139
Property Features for 5436 Oh-187
General Information
Property type
Land
Property subtype
Other
Zoning description
.
Elementary school district
MECHANICSBURG EVSD 1102 CHA CO.
Middle school district
MECHANICSBURG EVSD 1102 CHA CO.
High school district
MECHANICSBURG EVSD 1102 CHA CO.
Standard status
Active
APN
26-00018.000
Lot size
5.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2044
Utilities
Utilities
Water Available
Sewer type
Private Sewer
Building Details
Year built
1975
Listing Agency:
Key Realty
(877) 539-7589
Listed By:
Amber R Dickey
(614) 565-9805
Added: May 1
Changed: Sep 15
Last Checked: Sep 16 at 12:06PM
MLS# 226014982
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 property offers a 5.33-acre building site with a substantial outbuilding. The 4,544 square foot structure includes heat and electricity, along with office space and a full bath, providing both functional workspace and dedicated storage capacity.
The parcel is located at 5436 OH-187 in Mechanicsburg, Ohio, in Madison County, and is described as part of the Mechanicsburg Schools area.
The seller also notes an additional adjacent 11.328-acre parcel available for purchase, with the option to combine both parcels for an expanded property footprint.
The parcel is located at 5436 OH-187 in Mechanicsburg, Ohio, in Madison County, and is described as part of the Mechanicsburg Schools area.
The seller also notes an additional adjacent 11.328-acre parcel available for purchase, with the option to combine both parcels for an expanded property footprint.
Key Highlights
- Breathtaking hilltop setting on 5.33 scenic acres with panoramic views.
- Remarkable 4,544 sq ft outbuilding with heat, electricity, office space, and full bath.
- Ideal for equestrian enthusiasts, hobby farmers, or car collectors.
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
$22,673
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
4.12%
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%
$453,460
$453.5K
Cap Rate 7%
$323,900
$323.9K
Cap Rate 9%
$251,922
$251.9K
Market Conditions
NOI Build-Up for 4,544 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
$29.1K $6.41/SF
− Vacancy
−$2.5K −$0.54/SF
EGI
$26.7K $5.87/SF
− OpEx
−$4.0K −$0.88/SF
NOI
$22.7K $4.99/SF
Area
Champaign County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
15.00%
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%
$453,460
Cap Rate 7%
$323,900
Cap Rate 9%
$251,922
Alternative Uses
Best Use
Warehouse
$323.9K
$283.4K – $377.9K
NOI $22,673 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $88,722 @ 7.0% cap · market cap 16.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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Business Placement
Demographics for 43044, OH
5,352
Population
2,054
Households
2.6
Avg Household Size
41
Median Age
16%
College-Educated
94%
High-School Grad
79.5 sq mi
ZIP Area
67
Density / Sq Mi
$68,141
Median Household Income
$40,910
Median Earnings
$797
Median Rent
$215,000
Median Home Value
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - 5.33-acre hilltop site with a 4,544 SF outbuilding including heat, electricity, office space, and a full bath.
Where is this residential land & home lot located?
The property is located at 5436 Oh-187 Mechanicsburg, OH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Breathtaking hilltop setting on 5.33 scenic acres with panoramic views.; Remarkable 4,544 sq ft outbuilding with heat, electricity, office space, and full bath.; Ideal for equestrian enthusiasts, hobby farmers, or car collectors.
