Building Details

Year built 1997

Building materials Brick

Listing Agency: CENTURY 21 The Gene Group Show Phone

Listed By: Kim McAndrew Show Phone

Added: Apr 5 Changed: Sep 4 Last Checked: Sep 25 at 7:06AM

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MLS# 1044750

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Investment Insights

Based on property information with market context.

This approximately 1,200-square-foot office condo is arranged for professional use with a reception area, multiple private offices or treatment rooms, and a kitchenette with counter space and storage. Wood-trimmed windows provide natural light, while built-in cabinetry, recessed lighting, carpeted floors, and interior wood details create a consistent finished environment. The unit also includes an open porch entry and dedicated parking.

Constructed in 1997, the property is part of Franklin Street Woods Office Condominium at 860 E Franklin Street in Centerville, Ohio. The brick building is served by natural gas heat and public sewer. Condo association responsibilities include exterior maintenance, providing a defined ownership structure for the office unit. Its existing configuration can accommodate a range of professional office operations, including treatment-oriented layouts where private rooms are useful.

Key Highlights

• Approximately 1,200 square feet of office space
• Multiple private offices or treatment rooms
• Reception area with recessed lighting and carpeted flooring

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

$10,107

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

5.98%

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%

$202,140 $202.1K

Cap Rate 7%

$144,386 $144.4K

Cap Rate 9%

$112,300 $112.3K

Market Conditions

NOI Build-Up for 1,200 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

$20.6K $17.16/SF

− Vacancy

−$3.7K −$3.12/SF

EGI

$16.8K $14.04/SF

− OpEx

−$6.7K −$5.61/SF

NOI

$10.1K $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%

$202,140

Cap Rate 7%

$144,386

Cap Rate 9%

$112,300

Alternative Uses

Best Use

Healthcare Medical

$144.4K

$126.3K – $168.5K (±1% cap)

NOI $10,107 @ 7.0% cap · market cap 5.98%

Second Best

Office B

$141.3K

$123.6K – $164.9K (±1% cap)

NOI $9,891 @ 7.0% cap · market cap 5.85%

Theoretical Best

Multifamily LT 5

$11.35M

$9.93M – $13.24M (±1% cap)

NOI $794,480 @ 7.0% cap · market cap 470.11%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Office Units

Suggested Use

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

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 units 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 units - Flexible office layout with private rooms, a kitchenette, dedicated parking, and a finished reception area.

Where is this office units located?

The property is located at 860 E Franklin Street Centerville, OH.

What is the asking price?

The asking price for this property is $169,000.

What are key features of this property?

This property features: Approximately 1,200 square feet of office space; Multiple private offices or treatment rooms; Reception area with recessed lighting and carpeted flooring