Versatile Office Building in
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830 E Main St., Lancaster, OH 43130
Adaptable office building in high-traffic location, suitable for various uses.
Property Size1,904 SF
Price / SF$210.03
Days on Market156
Property Features for 830 E Main St.
General Information
Standard status
Active
Size
1,904 SF
Class
C
Property subtype
Office
Zoning
Commerical
Building Details
Year Built
1977
Year Renovated
2013
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
CENTURY 21 Darfus Realty
Listed By:
Cory Neville · License #OH 2023000831
Source:
Crexi
Added: Mar 19
Changed: Aug 8
Last Checked: Aug 21 at 3:18PM
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 Darfus Realty
Investment Insights
Based on property information with market context.
Located at 830 E Main Street in Lancaster, this single-story brick office building offers versatility in a high-visibility, high-traffic area. Currently configured as a medical office, the property's layout can accommodate various professional uses, including medical, legal, financial, or general office operations. Constructed without load-bearing interior walls, the 1904-square-foot building allows for reconfiguration. The current layout features a reception area and waiting room, three exam rooms with plumbing, multiple private offices, a records room, two restrooms, and a break room. The building is ADA compliant and includes dual HVAC systems for climate control. Additional features include 200-amp electrical service and a gas hot water heater. A partial basement, accessible via an exterior stairway, provides storage space. The property benefits from strong daily traffic and visibility. A concrete parking lot offers approximately 10 spaces with access from two alleyways and is well-lit. Originally built in 1977 and remodeled in 2013, this property is suitable for owner-occupants or investors seeking office space in Lancaster.
Key Highlights
- High‑visibility location on a high‑traffic corridor in Lancaster.
- Versatile, single‑story brick building suitable for medical, legal, financial, or general office use.
- Easily reconfigurable layout due to the absence of load‑bearing interior walls.
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
$22,974
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
5.74%
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%
$459,480
$459.5K
Cap Rate 7%
$328,200
$328.2K
Cap Rate 9%
$255,267
$255.3K
Market Conditions
NOI Build-Up for 1,904 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
$40.9K $21.48/SF
− Vacancy
−$10.3K −$5.39/SF
EGI
$30.6K $16.09/SF
− OpEx
−$7.7K −$4.02/SF
NOI
$23.0K $12.07/SF
Area
Fairfield County, OH
Vacancy
25.10%
Lease Rate
$21.48 /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%
$459,480
Cap Rate 7%
$328,200
Cap Rate 9%
$255,267
Alternative Uses
Best Use
Office B
$328.2K
$287.2K – $382.9K
NOI $22,974 @ 7.0% cap · market cap 5.74%
Second Best
Healthcare Medical
$322.2K
$281.9K – $375.9K
NOI $22,554 @ 7.0% cap · market cap 5.64%
Theoretical Best
Warehouse
$383.8K
$335.8K – $447.7K
NOI $26,863 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
880
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43130, OH
62,010
Population
26,434
Households
2.3
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
164.5 sq mi
ZIP Area
377
Density / Sq Mi
$68,242
Median Household Income
$43,936
Median Earnings
$1,031
Median Rent
$215,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Medical Office Space - Adaptable office building in high-traffic location, suitable for various uses.
Where is this medical office space located?
The property is located at 830 E Main St. Lancaster, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: High‑visibility location on a high‑traffic corridor in Lancaster.; Versatile, single‑story brick building suitable for medical, legal, financial, or general office use.; Easily reconfigurable layout due to the absence of load‑bearing interior walls.
