Office Building with Private
For Sale
$234,900
708 N Market Street, Troy, OH 45373
COMMERCIAL - Troy, OH
Property Size1,962 SF
Lot Size0.29 Acres
Price / SF$119.72
Days on Market11
Property Features for 708 N Market Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business, Commercial
Parking
6
Parking features
Garage, Parking Lot
Patio and Porch features
Patio, Porch
Interior features
Ceiling Fan(s)
Basement
Unfinished, Partial
Directions
Take Market Street north of the square in Troy to address.
Subdivision
701 Troy
Standard status
Active
APN
D08097560
Size
1,962 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
private patio
Building Details
Year built
1920
Flooring type
Laminate
Building materials
Vinyl Siding
Listing Agency:
Henderson Land Investment Co.
(937) 663-4184
Listed By:
Dagny Dunham
(937) 663-4184
Added: Jul 30
Changed: Aug 5
Last Checked: Aug 9 at 1:06AM
MLS# 1047441
Copyright © 2026 Western Regional Information System & Technology, Inc. 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.
This office building sits on a 0.29-acre lot and offers 1,962 square feet of adaptable, multi-room space. Built in 1920, the property includes vinyl siding and laminate flooring, with ceiling fan(s) already in place. Heating is forced air with natural gas, complemented by central air cooling.
The property includes parking lot and garage parking options, along with a patio and porch for outdoor space. A public sewer connection is available, supporting everyday business use.
The floor plan is designed to be flexible, with rooms that can support private offices and other small business layouts. The combination of a dedicated parking setup, climate-controlled comfort, and a private patio makes it practical for tenant-focused day-to-day operations and client visits.
The property includes parking lot and garage parking options, along with a patio and porch for outdoor space. A public sewer connection is available, supporting everyday business use.
The floor plan is designed to be flexible, with rooms that can support private offices and other small business layouts. The combination of a dedicated parking setup, climate-controlled comfort, and a private patio makes it practical for tenant-focused day-to-day operations and client visits.
Key Highlights
- 1,962 SF office building on a 0.29‑acre lot
- Built in 1920 with vinyl siding and laminate flooring
- Central air cooling with forced‑air natural gas heating
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
$18,511
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
7.88%
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%
$370,220
$370.2K
Cap Rate 7%
$264,443
$264.4K
Cap Rate 9%
$205,678
$205.7K
Market Conditions
NOI Build-Up for 1,962 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
$28.3K $14.40/SF
− Vacancy
−$1.8K −$0.92/SF
EGI
$26.4K $13.48/SF
− OpEx
−$7.9K −$4.04/SF
NOI
$18.5K $9.43/SF
Area
Miami County, OH
Vacancy
6.40%
Lease Rate
$14.40 /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%
$370,220
Cap Rate 7%
$264,443
Cap Rate 9%
$205,678
Alternative Uses
Best Use
Office B
$316.0K
$276.5K – $368.6K
NOI $22,117 @ 7.0% cap · market cap 9.42%
Second Best
Retail
$264.4K
$231.4K – $308.5K
NOI $18,511 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$399.9K
$349.9K – $466.5K
NOI $27,991 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
Explore this area
Business Placement
Demographics for 45373, OH
36,863
Population
15,691
Households
2.3
Avg Household Size
41
Median Age
33%
College-Educated
93%
High-School Grad
87.7 sq mi
ZIP Area
420
Density / Sq Mi
$78,278
Median Household Income
$47,859
Median Earnings
$933
Median Rent
$234,400
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 units - Historic office building with central air, forced-air natural gas heat, and a private patio plus parking lot and garage.
Where is this office units located?
The property is located at 708 N Market Street Troy, OH.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: 1,962 SF office building on a 0.29‑acre lot; Built in 1920 with vinyl siding and laminate flooring; Central air cooling with forced‑air natural gas heating
