Retail
For Sale
Contact for pricing
6820 Refugee Rd, Canal Winchester, OH 43110
Commercial building constructed in 2003 for an established retail setting.
Property Size9,888 SF
Price / SF$236.14
Days on Market154
Property Features for 6820 Refugee Rd
General Information
Standard status
Active
Size
9,888 SF
Total Parking Spaces
68
Property subtype
Retail
Lease Type
NNN
Net Operating Income
$175,307
Additional Details
Cap Rate
7.5%
Building Details
Year Built
2003
Units
5
Tenancy
Multi
Listing Agency:
RE/MAX Town Center
Listed By:
Roya Ghodai · License #2001005917
Source:
Crexi
Added: Mar 30
Changed: Aug 29
Last Checked: Aug 29 at 1:20PM
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 RE/MAX Town Center
Investment Insights
Based on property information with market context.
This retail property contains 9,888 square feet and was constructed in 2003. The asset is located at 6820 Refugee Rd in Canal Winchester, Ohio.
The property is presented with a 7.50% CAP rate, providing a defined financial metric for evaluating the asset.
The property is presented with a 7.50% CAP rate, providing a defined financial metric for evaluating the asset.
Key Highlights
- 9,888 square feet of retail space
- Constructed in 2003
- 7.50% CAP rate
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
$131,704
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
5.64%
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%
$2,634,080
$2.6M
Cap Rate 7%
$1,881,486
$1.9M
Cap Rate 9%
$1,463,378
$1.5M
Market Conditions
NOI Build-Up for 9,888 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
$193.4K $19.56/SF
− Vacancy
−$5.3K −$0.53/SF
EGI
$188.1K $19.03/SF
− OpEx
−$56.4K −$5.71/SF
NOI
$131.7K $13.32/SF
Area
Franklin County, OH
Vacancy
2.72%
Lease Rate
$19.56 /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%
$2,634,080
Cap Rate 7%
$1,881,486
Cap Rate 9%
$1,463,378
Alternative Uses
Best Use
Retail
$1.88M
$1.65M – $2.20M
NOI $131,704 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.02M
$1.76M – $2.35M
NOI $141,111 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Explore this area
Business Placement
Demographics for 43110, OH
40,953
Population
17,352
Households
2.4
Avg Household Size
35
Median Age
36%
College-Educated
93%
High-School Grad
46.7 sq mi
ZIP Area
877
Density / Sq Mi
$76,334
Median Household Income
$48,216
Median Earnings
$1,218
Median Rent
$284,300
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.
Frequently Asked Questions
What type of property is this?
Retail space - Commercial building constructed in 2003 for an established retail setting.
Where is this retail space located?
The property is located at 6820 Refugee Rd Canal Winchester, OH.
What is the asking price?
The asking price for this property is $2,335,000.
What are key features of this property?
This property features: 9,888 square feet of retail space; Constructed in 2003; 7.50% CAP rate
