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    Newly Renovated Mixed-Use Building Title is generated by Realmo AI

    58-48 W Main Street, Shelby, OH 44875

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    New
    For Lease
    $1,100,000

    Renovated building combining office, retail, and nine apartments, with parking options behind City Hall.

    Added:
    Jun 3, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 2:08 am

    Property Features for 58-48 W Main Street

    General Information

    Standard status
    Active

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    Listing Contact
    Robert D Kiger

    Listing agent Robert D Kiger

    Listing office Kiger Realty

    Listing date Jun 3, 2026

    Source Exprealty

    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 Kiger Realty

    HighLights

    • Newly renovated multi‑use building in downtown Shelby, OH with office, retail, and residential units
    • 1st floor features 60' x 80' office space plus two 80' x 20' retail spaces
    • Office layout includes 10+ offices, reception area, full kitchen, lunchroom, 2 bathrooms, and a large conference room with wet bar
    • 2nd floor has 9 apartments
    • Leased parking for 11 spots available behind the building, plus large open lots across the street behind City Hall
    • Includes 2 retail spaces total; 1 retail space with apartment can be sold separately (owner agent)

    Overview

    This newly renovated mixed-use property offers a combination of office, retail, and residential space in a single building. The first floor includes a large office area along with multiple retail spaces, and the layout is described as office options with 10+ offices, a reception area, full kitchen, lunchroom, two bathrooms, and a large conference room with a wet bar. The second floor consists of nine apartments, creating a true multi-use income mix under one ownership structure.

    The building is located on West Main Street in downtown Shelby, Ohio. According to the offering, there are 11 leased parking spots available behind the property, and there are large open lots across the street behind City Hall.

    For tenants and operators, the building supports flexible use cases with dedicated office space and separate retail storefronts on the first floor, alongside residential units on the second floor. The listing also notes that one retail space paired with an apartment can be sold separately, which may appeal to buyers looking to isolate portions of the mix. The owner is an agent.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    Shelby
    County
    Richland
    State
    Ohio
    Longitude
    -82.6515
    Latitude
    40.8848

    FAQs

    What type of property is this?
    Mixed-use property - Renovated building combining office, retail, and nine apartments, with parking options behind City Hall.
    Where is this mixed-use property located?
    The property is located at 58-48 W Main Street Shelby, OH.
    What is the lease rate?
    The lease rate is $1,100,000.
    What are key features of this property?
    This property features: Newly renovated multi‑use building in downtown Shelby, OH with office, retail, and residential units; 1st floor features 60' x 80' office space plus two 80' x 20' retail spaces; Office layout includes 10+ offices, reception area, full kitchen, lunchroom, 2 bathrooms, and a large conference room with wet bar
    (614) 316-2870
    We can help!
    Listing Contact
    Robert D Kiger
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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