Historic Office
For Sale
$429,900
Pending
6491 Cincinnati Dayton Rd, Middletown, OH 45044
Commercial zoning, dedicated parking, and a detached conditioned studio support varied professional layouts.
Property Size2,822 SF
Days on Market13
Property Features for 6491 Cincinnati Dayton Rd
General Information
Standard status
Pending
Size
2,822 SF
Total Parking Spaces
9
Zoning
commercial
Taxes and HOA fees
Annual Taxes
$4,433
Amenities
full kitchen
detached conditioned studio/garage
porch/deck
10G Ethernet wiring
Building Details
Buildings
2
Listing Agency:
NavX Realty, LLC
(513) 379-1888
Listed By:
Michael T Wiseman
(513) 379-1888
Source:
Exprealty
Added: Aug 5
Changed: Aug 16
Last Checked: Aug 16 at 9:49AM
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 NavX Realty, LLC
Investment Insights
Based on property information with market context.
This restored historic office property offers 2,822 square feet with a flexible interior, full kitchen, and detached conditioned studio/garage. The space is identified for offices, creative studios, photography, retail, hair salons, accounting, attorneys, insurance, general offices, and other professional services. Updates include a new roof and gutters in 2019, two new A/C units in 2025, a first-floor furnace installed in 2020, and a porch/deck completed in 2020. Newer kitchen appliances and 10G Ethernet wiring add functional improvements for business use.
The property is located at 6491 Cincinnati Dayton Rd in Middletown, Ohio, with commercial zoning, signage visibility, and parking for up to nine vehicles. Access is described as convenient to the future Millikin Road interchange.
The property is located at 6491 Cincinnati Dayton Rd in Middletown, Ohio, with commercial zoning, signage visibility, and parking for up to nine vehicles. Access is described as convenient to the future Millikin Road interchange.
Key Highlights
- 2,822‑square‑foot restored historic office property
- Detached conditioned studio/garage with full kitchen
- Two new A/C units installed in 2025
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
$32,139
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
7.48%
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%
$642,780
$642.8K
Cap Rate 7%
$459,129
$459.1K
Cap Rate 9%
$357,100
$357.1K
Market Conditions
NOI Build-Up for 2,822 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
$57.9K $20.52/SF
− Vacancy
−$15.1K −$5.34/SF
EGI
$42.9K $15.18/SF
− OpEx
−$10.7K −$3.80/SF
NOI
$32.1K $11.39/SF
Area
Butler County, OH
Vacancy
26.00%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
25.00%
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%
$642,780
Cap Rate 7%
$459,129
Cap Rate 9%
$357,100
Alternative Uses
Best Use
Office B
$459.1K
$401.7K – $535.7K
NOI $32,139 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$558.0K
$488.2K – $651.0K
NOI $39,058 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
157
Businesses Nearby
Explore this area
Business Placement
Demographics for 45044, OH
56,128
Population
21,645
Households
2.6
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
37.8 sq mi
ZIP Area
1,485
Density / Sq Mi
$71,942
Median Household Income
$40,568
Median Earnings
$1,034
Median Rent
$230,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Commercial zoning, dedicated parking, and a detached conditioned studio support varied professional layouts.
Where is this office building located?
The property is located at 6491 Cincinnati Dayton Rd Middletown, OH.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 2,822‑square‑foot restored historic office property; Detached conditioned studio/garage with full kitchen; Two new A/C units installed in 2025
