Medical Office
For Sale
$239,000
592 Newark Granville Rd, Granville, OH 43023
Existing reception, open work area, private room, and restroom support a compact professional layout.
Property Size871 SF
Price / SF$274.40
Days on Market146
Property Features for 592 Newark Granville Rd
General Information
Standard status
Active
Size
871 SF
Class
B
Property subtype
Office - General Office
Additional Details
HOA Fee
$178
Building Details
Building Size
871 SF
Year Built
1987
Abandoned
No
Listing Agency:
Shai-Hess Commercial Real Estate
(740) 404-0665
Listed By:
J. Park Shai III
Source:
Commercialcafe
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 4:18PM
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 Shai-Hess Commercial Real Estate
Investment Insights
Based on property information with market context.
This 871-square-foot medical office condo at 592 Newark Granville Rd is currently configured as a dental office. The layout includes a reception area, open work area, one private room, and a restroom, providing a defined arrangement for continued dental or medical office use.
The property is located within Granville’s Village Business District in Granville, Ohio. Built in 1987, the office condo offers an established professional setting with a layout that can also accommodate spa, service-based, or traditional office operations.
The property is located within Granville’s Village Business District in Granville, Ohio. Built in 1987, the office condo offers an established professional setting with a layout that can also accommodate spa, service-based, or traditional office operations.
Key Highlights
- 871 SF medical office condo
- Current dental office configuration
- Reception area, open work area, one private room, and restroom
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
$12,846
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
5.37%
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%
$256,920
$256.9K
Cap Rate 7%
$183,514
$183.5K
Cap Rate 9%
$142,733
$142.7K
Market Conditions
NOI Build-Up for 871 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
$22.7K $26.04/SF
− Vacancy
−$1.3K −$1.46/SF
EGI
$21.4K $24.58/SF
− OpEx
−$8.6K −$9.83/SF
NOI
$12.8K $14.75/SF
Area
Licking County, OH
Vacancy
5.60%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$256,920
Cap Rate 7%
$183,514
Cap Rate 9%
$142,733
Alternative Uses
Best Use
Healthcare Medical
$183.5K
$160.6K – $214.1K
NOI $12,846 @ 7.0% cap · market cap 5.37%
Second Best
Office B
$153.2K
$134.1K – $178.7K
NOI $10,724 @ 7.0% cap · market cap 4.49%
Theoretical Best
Flex RnD
$699.5K
$612.1K – $816.1K
NOI $48,966 @ 7.0% cap · market cap 20.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
467
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43023, OH
14,462
Population
5,344
Households
2.7
Avg Household Size
36
Median Age
55%
College-Educated
98%
High-School Grad
49.9 sq mi
ZIP Area
290
Density / Sq Mi
$136,127
Median Household Income
$48,318
Median Earnings
$1,094
Median Rent
$428,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Village Veterinary Care of Granville — 401 S Main St, Granville, OH 43023
- Granville Veterinary Clinic: Reen Joanna DVM — 216 S Main St, Granville, OH 43023
Frequently Asked Questions
What type of property is this?
Medical Office Space - Existing reception, open work area, private room, and restroom support a compact professional layout.
Where is this medical office space located?
The property is located at 592 Newark Granville Rd Granville, OH.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 871 SF medical office condo; Current dental office configuration; Reception area, open work area, one private room, and restroom
