Building Details

Year built 1989

Building materials Aluminum Siding, Brick

Listing Agency: CENTURY 21 The Gene Group Show Phone

Listed By: Kim McAndrew Show Phone

Added: Aug 5 Changed: Sep 4 Last Checked: Sep 19 at 11:06PM

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MLS# 1047530

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Investment Insights

Based on property information with market context.

This two-story office building offers 1,365 square feet of professional space arranged across a flexible interior. The main level includes an entry foyer, updated flooring, neutral paint, multiple private offices, a half bath, and adaptable rooms suitable for reception, consultations, or additional offices. Upstairs, a large vaulted-ceiling room brings in abundant natural light, while several additional rooms can accommodate offices, treatment areas, conference functions, or storage.

Constructed in 1989, the property combines brick and aluminum siding with central air conditioning and natural gas heating. Public sewer serves the building. Located at 848 E Franklin Street in Centerville, Ohio, the 0.02-acre property provides a compact office setting for professional services and other workspace needs.

Key Highlights

• 1,365‑square‑foot two‑story office building
• 0.02‑acre property at 848 E Franklin Street, Centerville, OH 45459
• Upper‑level room with vaulted ceilings and abundant natural light

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

$11,496

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

5.90%

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%

$229,920 $229.9K

Cap Rate 7%

$164,229 $164.2K

Cap Rate 9%

$127,733 $127.7K

Market Conditions

NOI Build-Up for 1,365 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

$23.4K $17.16/SF

− Vacancy

−$4.3K −$3.12/SF

EGI

$19.2K $14.04/SF

− OpEx

−$7.7K −$5.61/SF

NOI

$11.5K $8.42/SF

Area

Montgomery County, OH

Vacancy

18.20%

Lease Rate

$17.16 /SF/Yr

Expense Ratio

40.00%

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%

$229,920

Cap Rate 7%

$164,229

Cap Rate 9%

$127,733

Alternative Uses

Best Use

Healthcare Medical

$164.2K

$143.7K – $191.6K (±1% cap)

NOI $11,496 @ 7.0% cap · market cap 5.90%

Second Best

Office B

$160.7K

$140.7K – $187.5K (±1% cap)

NOI $11,252 @ 7.0% cap · market cap 5.77%

Theoretical Best

Multifamily LT 5

$12.91M

$11.30M – $15.06M (±1% cap)

NOI $903,721 @ 7.0% cap · market cap 463.45%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Restaurant Dental Office Big Box & Wholesale Store Building Supply Pharmacy Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

417

Businesses Nearby

Explore this area Business Placement

Demographics for 45459, OH

28,344

Population

13,988

Households

2

Avg Household Size

50

Median Age

50%

College-Educated

98%

High-School Grad

14.2 sq mi

ZIP Area

1,996

Density / Sq Mi

$89,144

Median Household Income

$54,044

Median Earnings

$1,187

Median Rent

$276,100

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office building - Flexible professional layout with private rooms, a vaulted upper-level space, and updated interior finishes.

Where is this office building located?

The property is located at 848 E Franklin Street Centerville, OH.

What is the asking price?

The asking price for this property is $195,000.

What are key features of this property?

This property features: 1,365‑square‑foot two‑story office building; 0.02‑acre property at 848 E Franklin Street, Centerville, OH 45459; Upper‑level room with vaulted ceilings and abundant natural light