Updated Professional Office
For Sale
$209,900
777 S Washington St, Tiffin, OH 44883
Functional office layout with refreshed interiors, private offices, client reception, and dedicated parking.
Property Size1,500 SF
Lot Size0.42 Acres
Price / SF$139.93
Days on Market22
Property Features for 777 S Washington St
General Information
Standard status
Active
Size
1,500 SF
Total Parking Spaces
18
Lot size
0.42 Acres
Taxes and HOA fees
Annual Taxes
$1,463
Listing Agency:
Century 21 Bolte Real Estate - Tiffin
(419) 447-8579
Listed By:
Sarah E. Elchert-Porter · License #2013003303
(419) 447-8579
Source:
Exprealty
Added: Jul 19
Changed: Aug 9
Last Checked: Aug 9 at 10:08AM
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 Century 21 Bolte Real Estate - Tiffin
Investment Insights
Based on property information with market context.
This 1,500-square-foot office building provides a practical professional setting on a 0.42-acre parcel. The interior includes a reception area, front office, waiting room, and five private offices, with updates throughout that support a clean, contemporary workspace. The configuration offers multiple enclosed work areas alongside client-facing space.
An 18-space parking lot serves the property and has been recently resealed and restriped. The building is positioned at 777 S Washington St in Tiffin, Ohio, with visibility and road frontage along the corridor. The combination of private offices, reception functions, waiting space, and on-site parking creates a complete office environment for an owner-user or commercial occupant.
An 18-space parking lot serves the property and has been recently resealed and restriped. The building is positioned at 777 S Washington St in Tiffin, Ohio, with visibility and road frontage along the corridor. The combination of private offices, reception functions, waiting space, and on-site parking creates a complete office environment for an owner-user or commercial occupant.
Key Highlights
- 1,500‑square‑foot office building on a 0.42‑acre parcel
- Five private offices plus reception, front office, and waiting room
- Interior updates provide a refreshed professional workspace
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
$16,281
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
7.76%
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%
$325,620
$325.6K
Cap Rate 7%
$232,586
$232.6K
Cap Rate 9%
$180,900
$180.9K
Market Conditions
NOI Build-Up for 1,500 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
$27.0K $18.00/SF
− Vacancy
−$5.3K −$3.53/SF
EGI
$21.7K $14.47/SF
− OpEx
−$5.4K −$3.62/SF
NOI
$16.3K $10.85/SF
Area
Seneca County, OH
Vacancy
19.60%
Lease Rate
$18.00 /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%
$325,620
Cap Rate 7%
$232,586
Cap Rate 9%
$180,900
Alternative Uses
Best Use
Office B
$232.6K
$203.5K – $271.4K
NOI $16,281 @ 7.0% cap · market cap 7.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$318.1K
$278.3K – $371.1K
NOI $22,265 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
Explore this area
Business Placement
Demographics for 44883, OH
28,690
Population
12,823
Households
2.2
Avg Household Size
40
Median Age
27%
College-Educated
94%
High-School Grad
164.9 sq mi
ZIP Area
174
Density / Sq Mi
$62,497
Median Household Income
$37,000
Median Earnings
$831
Median Rent
$152,600
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 - Functional office layout with refreshed interiors, private offices, client reception, and dedicated parking.
Where is this office building located?
The property is located at 777 S Washington St Tiffin, OH.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: 1,500‑square‑foot office building on a 0.42‑acre parcel; Five private offices plus reception, front office, and waiting room; Interior updates provide a refreshed professional workspace
