Flex Building with
For Sale
$950,000
Pending
6605 State Route 515, Dundee, OH 44624
CommercialSale, Dundee, OH
Property Size7,200 SF
Lot Size1.01 Acres
Days on Market136
Property Features for 6605 State Route 515
General Information
Property type
Commercial Sale
Property subtype
Other
Elementary school district
East Holmes LSD - 3801
Middle school district
East Holmes LSD - 3801
High school district
East Holmes LSD - 3801
Directions
From Walnut Creek drive north on State Route 515, shortly after passing the intersection of SR 515 and CR 168 you will find the property on your left.
Standard status
Pending
APN
26-00649-000
Lot size
1.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10670
Utilities
Sewer type
Septic Tank
Heating system
Radiant, Natural Gas
Water source
Well
Building Details
Year built
2022
Listing Agency:
Kaufman Realty & Auction, LLC.
(330) 852-4111
Listed By:
Kobe Shetler · License #2020007307
(330) 987-4084
Added: Apr 10
Changed: Aug 20
Last Checked: Aug 23 at 12:06AM
MLS# 5200434
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2022, this flex property includes a 7,200-square-foot wood-frame commercial building with metal siding and roofing. The interior combines retail and storage areas with an office, lunchroom, two restrooms, storage room, and loft. Building systems include radiant in-floor heat, natural gas service, a 22' x 14' overhead garage door, and a loading dock.
A separate 1,489-square-foot home is also included, with three bedrooms, one bathroom, gas forced-air heat, and central air conditioning. The residence has its own septic system, while the commercial building and home share a well. The property sits along State Route 515 with access to State Routes 62 and 39.
A separate 1,489-square-foot home is also included, with three bedrooms, one bathroom, gas forced-air heat, and central air conditioning. The residence has its own septic system, while the commercial building and home share a well. The property sits along State Route 515 with access to State Routes 62 and 39.
Key Highlights
- 7,200 sq ft commercial flex building completed in 2022
- 1,489 sq ft residence with 3 bedrooms and 1 bathroom
- 22' x 14' overhead garage door and loading dock
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
$43,816
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
4.61%
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%
$876,320
$876.3K
Cap Rate 7%
$625,943
$625.9K
Cap Rate 9%
$486,844
$486.8K
Market Conditions
NOI Build-Up for 7,200 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
$71.7K $9.96/SF
− Vacancy
−$4.3K −$0.60/SF
EGI
$67.4K $9.36/SF
− OpEx
−$23.6K −$3.28/SF
NOI
$43.8K $6.09/SF
Area
Tuscarawas County, OH
Vacancy
6.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$876,320
Cap Rate 7%
$625,943
Cap Rate 9%
$486,844
Alternative Uses
Best Use
Flex RnD
$625.9K
$547.7K – $730.3K
NOI $43,816 @ 7.0% cap · market cap 4.61%
Second Best
Warehouse
$409.8K
$358.6K – $478.1K
NOI $28,686 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$1.34M
$1.17M – $1.57M
NOI $93,920 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44624, OH
5,843
Population
1,855
Households
3.1
Avg Household Size
27
Median Age
4%
College-Educated
53%
High-School Grad
48.8 sq mi
ZIP Area
120
Density / Sq Mi
$117,204
Median Household Income
$48,443
Median Earnings
$693
Median Rent
$287,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex property combining commercial workspace, storage capacity, and a separate three-bedroom residence on well and septic systems.
Where is this flex space located?
The property is located at 6605 State Route 515 Dundee, OH.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 7,200 sq ft commercial flex building completed in 2022; 1,489 sq ft residence with 3 bedrooms and 1 bathroom; 22' x 14' overhead garage door and loading dock
