Two-Tenant Shopping
New
For Sale
$3,150,000
6254 Wilmington Pike, Centerville, OH 45459
Established retail property with substantial parking, prominent Pike exposure, and nearby national retailers.
Property Size24,049 SF
Lot Size0.83 Acres
Price / SF$130.98
Days on Market3
Property Features for 6254 Wilmington Pike
General Information
Standard status
Active
Size
24,049 SF
Total Parking Spaces
70
Lot size
0.83 Acres
Property subtype
Retail
Additional Details
Traffic Count
21,500 vehicles/day
Building Details
Building Size
24,049 SF
Year Built
2000
Buildings
1
Tenancy
Multi
Listing Agency:
Legacy Real Estate Advisors
Listed By:
Zainab Abikhodr
(248) 717-1215
Source:
Legacycrea
Added: Sep 5
Last Checked: Sep 7 at 5:35AM
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 Legacy Real Estate Advisors
Investment Insights
Based on property information with market context.
This two-tenant shopping center contains a 24,049-square-foot retail building on a 0.83-acre parcel. Built in 2000, the property includes 70 surface parking spaces and is positioned for retail operations requiring customer access and convenient on-site parking.
The property fronts Wilmington Pike, where reported daily traffic exceeds 21,500 vehicles. It sits within a dense retail corridor near national retailers including Walmart, Target, McDonald's, and Starbucks. The surrounding trade area includes more than 6,400 residents within 1 mile and over 48,900 residents within 3 miles, along with 191,000+ daytime employees within 3 miles. Average household income within 1 mile exceeds $130,000.
The property fronts Wilmington Pike, where reported daily traffic exceeds 21,500 vehicles. It sits within a dense retail corridor near national retailers including Walmart, Target, McDonald's, and Starbucks. The surrounding trade area includes more than 6,400 residents within 1 mile and over 48,900 residents within 3 miles, along with 191,000+ daytime employees within 3 miles. Average household income within 1 mile exceeds $130,000.
Key Highlights
- 24,049 SF retail building on a 0.83‑acre lot
- Two‑tenant shopping center built in 2000
- 70 surface 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
$279,685
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
8.88%
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%
$5,593,700
$5.6M
Cap Rate 7%
$3,995,500
$4.0M
Cap Rate 9%
$3,107,611
$3.1M
Market Conditions
NOI Build-Up for 24,049 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
$432.9K $18.00/SF
− Vacancy
−$33.3K −$1.39/SF
EGI
$399.6K $16.61/SF
− OpEx
−$119.9K −$4.98/SF
NOI
$279.7K $11.63/SF
Area
Montgomery County, OH
Vacancy
7.70%
Lease Rate
$18.00 /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%
$5,593,700
Cap Rate 7%
$3,995,500
Cap Rate 9%
$3,107,611
Alternative Uses
Best Use
Retail
$4.00M
$3.50M – $4.66M
NOI $279,685 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$227.46M
$199.03M – $265.37M
NOI $15,922,049 @ 7.0% cap · market cap 505.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
21,500 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
819
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 45459, OH
28,344
Population
13,988
Households
2
Avg Household Size
50
Median Age
50%
College-Educated
98%
High-School Grad
14.2 sq mi
ZIP Area
1,996
Density / Sq Mi
$89,144
Median Household Income
$54,044
Median Earnings
$1,187
Median Rent
$276,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Established retail property with substantial parking, prominent Pike exposure, and nearby national retailers.
Where is this shopping center located?
The property is located at 6254 Wilmington Pike Centerville, OH.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 24,049 SF retail building on a 0.83‑acre lot; Two‑tenant shopping center built in 2000; 70 surface parking spaces
