Professional Office
For Sale
$169,000
860 E Franklin Street, Centerville, OH 45459
COMMERCIAL - Centerville, OH
Property Size1,200 SF
Lot Size0.06 Acres
Price / SF$140.83
Days on Market139
Property Features for 860 E Franklin Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Subdivision
Franklin Street Woods Office Condo
Directions
Start at 65 W Franklin St, Centerville, OH 45459, USA. Exit the parking lot toward W Franklin St. Turn left onto W Franklin St. Then, turn right. Turn left, and the destination will be on the right at 860 E Franklin St d, Centerville, OH 45459, USA.
Standard status
Active
APN
O68509170033
Size
1,200 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Building Details
Year built
1997
Building materials
Brick
Listing Agency:
CENTURY 21 The Gene Group
(937) 203-8180
Listed By:
Kim McAndrew
(937) 203-8180
Added: Apr 5
Changed: Aug 5
Last Checked: Aug 21 at 4:06PM
MLS# 1044750
Copyright © 2026 Western Regional Information System & Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,200-square-foot office condominium, built in 1997, provides a practical professional setting with a reception area, multiple private offices or treatment rooms, and a kitchenette with counter space and storage. Natural light enters through wood-trimmed windows, while built-in cabinetry, recessed lighting, neutral finishes, wood trim, and carpeting create a consistent office environment. An open porch entrance provides access to the unit, and the building’s brick construction is complemented by natural gas heating and public sewer service.
The property is located at 860 E Franklin Street in Centerville, Ohio, within the Franklin Street Woods Office Condominium. Dedicated parking serves the unit and visitors, while the complex provides access to major thoroughfares and nearby dining, shopping, and services. The condo association handles exterior maintenance.
The property is located at 860 E Franklin Street in Centerville, Ohio, within the Franklin Street Woods Office Condominium. Dedicated parking serves the unit and visitors, while the complex provides access to major thoroughfares and nearby dining, shopping, and services. The condo association handles exterior maintenance.
Key Highlights
- 1,200‑square‑foot office condominium at 860 E Franklin Street, Centerville, OH 45459
- Built in 1997 with brick construction
- Reception area plus multiple private offices or treatment rooms
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
NOI $10,107 @ 7.0% cap · market cap 5.98%
Second Best
Office B
$141.3K
$123.6K – $164.9K
NOI $9,891 @ 7.0% cap · market cap 5.85%
Theoretical Best
Multifamily LT 5
$11.35M
$9.93M – $13.24M
NOI $794,480 @ 7.0% cap · market cap 470.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible office layout with private rooms, reception space, kitchenette, and dedicated parking in a professional condominium setting.
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: 1,200‑square‑foot office condominium at 860 E Franklin Street, Centerville, OH 45459; Built in 1997 with brick construction; Reception area plus multiple private offices or treatment rooms
