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    7400 State Route 515 Millersburg, OH 44654

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    Claim this Listing
    For Lease
    $3,000 /Mo

    COMMERCIAL - Millersburg, OH

    Type:Office
    Lot size:
    1.13 Acres
    Added:
    Mar 16, 2026
    Days on Market:
    54
    Last Refresh:
    May 8 at 7:06 am

    Property Features for 7400 State Route 515

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    APN
    15-00394.000
    Lot size
    1.13 Acres

    Utilities

    Heating system
    Natural Gas

    Building Details

    Year built
    1975

    We can help!

    Listing Contact
    Damon Mast

    Listing agent Damon Mast License #2025004224

    Listing office Kaufman Realty & Auction, LLC. 224 Fair Avenue NW, OH

    Listing date Mar 16, 2026

    MLS# 5189041

    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.

    HighLights

    • High visibility location at the corner of US 62 & State Route 515.
    • Flexible layout suitable for single or multiple tenants.
    • Large open workspace adaptable to various configurations.
    • Includes a fully furnished kitchen with appliances.
    • Large conference room with exterior entrance and natural light.
    • Additional multi‑use room with exterior access.

    Overview

    Visible Office Space for Lease

    This office space for lease is located at the corner of US 62 and State Route 515, near Winesburg, offering road frontage and exposure. The layout includes a reception area with seating, a large open workspace suitable for cubicles, team desks, or an open layout, a fully furnished kitchen with a refrigerator, stove, and microwave, and a large conference room with its own exterior entrance and natural light. There are also three private offices upstairs, an additional wing with two more offices, and a large multi-use room with exterior access that could serve as a staging area, prep space, or primary entrance. The space is flexible and could accommodate multiple tenants. The property is located in Millersburg, OH, in Holmes County, and sits on a 1.131-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Auto Repair Shop Building Supply Accounting Firm Big Box & Wholesale Store Auto Parts Store Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Millersburg
    County
    Holmes
    State
    Ohio
    Longitude
    -81.708072
    Latitude
    40.6054

    Nearby Similar for Lease

    • $4,500/Mo

      Millersburg Commercial Space For Lease

      Commercial space ideal for industrial or manufacturing use.
      3510 State Route 39, Millersburg, OH 44654
      View Details
    • $3,900/Mo

      Commercial Property on State Route

      Commercial property for rent located on State Route 515.
      7400 State Route 515, Millersburg, OH 44654
      View Details

    FAQs

    What type of property is this?
    Office units - Office space with high visibility and flexible layout options.
    Where is this office units located?
    The property is located at 7400 State Route 515 Millersburg, OH.
    What is the lease rate?
    The lease rate is $3,000 /Mo.
    What are key features of this property?
    This property features: High visibility location at the corner of US 62 & State Route 515.; Flexible layout suitable for single or multiple tenants.; Large open workspace adaptable to various configurations.
    (330) 464-2042
    We can help!
    Listing Contact
    Damon Mast
    Real Estate License ID: 2025004224
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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