Turnkey Office and Retail
56 N Franklin Street Delaware Delaware, OH 43015
For Sale
$379,900
Updated two-story office and retail building with multiple rooms, staff parking, and designated on-site laundry.
Property Size2,773 SF
Price / SF$136
Days on Market21
Property Features for 56 N Franklin Street Delaware
General Information
- Standard status
- Active
- Size
- 2,773 SF
Building Details
- Year Built
- 1920
Listing Agency:
(614) 660-5959
Listed By:
Brian McLaughlin
(614) 660-5959
Source:
Movenowohio
Added: Jul 4
Changed: Jul 23
Last Checked: Jul 24 at 5:11AM
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 Brian McLaughlin
Investment Insights
Based on property information with market context.
56 N Franklin St. is a 2,773 SF, two-story office and retail building that was fully renovated in 2022. The property is currently operating as a day spa and includes newer HVAC units, new flooring, fresh paint, and updated doors. Inside, the main level features a reception area with built-in shelving for product display, a client seating area with a coffee bar, and multiple treatment or office rooms, supported by on-site laundry. The second floor offers a private kitchen and staff retreat, a restroom, and additional client rooms, with proximity to the rear entrance supporting potential multi-tenant use.
The building includes designated staff parking and convenient street parking for clients. It is zoned within the Downtown Commercial District, which allows for a wide range of uses.
Located in a historic downtown community, the property sits in close proximity to Ohio Wesleyan University, home to approximately 1,600 students. Nearby businesses include breweries, coffee shops, boutiques, and salons.
The building includes designated staff parking and convenient street parking for clients. It is zoned within the Downtown Commercial District, which allows for a wide range of uses.
Located in a historic downtown community, the property sits in close proximity to Ohio Wesleyan University, home to approximately 1,600 students. Nearby businesses include breweries, coffee shops, boutiques, and salons.
Key Highlights
- 2,773 SF two‑story office/retail building at 56 N Franklin St.
- Fully renovated in 2022 with new flooring, fresh paint, and updated doors.
- Both HVAC units are newer; updates completed with City of Delaware Fire Marshal, business insurance, and Board of Cosmetology.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $59.9k | $21.60 |
| − Vacancy | −$14.4k | −$5.18 |
| EGI | $45.5k | $16.42 |
| − OpEx | −$11.4k | −$4.10 |
| NOI | $34.1k | $12.31 |
2,773 SF · lease $21.60/SF/yr · vacancy 24.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$487.7K
$426.8K – $569.0K
NOI $34,141 @ 7.0% cap · market cap 8.99%
Second Best
Healthcare Medical
$418.9K
$366.5K – $488.7K
NOI $29,321 @ 7.0% cap · market cap 7.72%
Theoretical Best
Warehouse
$558.9K
$489.0K – $652.1K
NOI $39,123 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Spa Retreat
Spa & Massage Center
Similar Off Market Nearby
- GoYoga Delaware — 23 N Union St, Delaware, OH 43015
- LeMay's Way Acupuncture — 42 E Winter St, Delaware, OH 43015
FAQs
What type of property is this?
Spa & wellness property - Updated two-story office and retail building with multiple rooms, staff parking, and designated on-site laundry.
Where is this spa & wellness property located?
The property is located at 56 N Franklin Street Delaware Delaware, OH.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 2,773 SF two‑story office/retail building at 56 N Franklin St.; Fully renovated in 2022 with new flooring, fresh paint, and updated doors.; Both HVAC units are newer; updates completed with City of Delaware Fire Marshal, business insurance, and Board of Cosmetology.
