Listing Agency: EXP Realty, LLC. o***@exprealty.net Show Phone

Listed By: Julie L Richardson · License #2009001943 Show Phone

Source: Exprealty

Added: Jul 22, 2024 Changed: Sep 4 Last Checked: Sep 11 at 1:00PM

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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 EXP Realty, LLC.

Investment Insights

Based on property information with market context.

This property, formerly an auto body repair shop, offers 2,640 square feet of space. The owner is open to negotiations regarding customizing the building for a purchaser. The seller is also willing to lease the building for $1200 per month. It can be used as an auto shop, automotive property, retail space, or other commercial real estate.

Key Highlights

• Owner open to customizing the building for the purchaser.
• Former auto body repair shop.
• Seller willing to lease the building.

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

$10,848

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

5.42%

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%

$216,960 $217.0K

Cap Rate 7%

$154,971 $155.0K

Cap Rate 9%

$120,533 $120.5K

Market Conditions

NOI Build-Up for 2,640 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

$16.9K $6.41/SF

− Vacancy

−$1.4K −$0.54/SF

EGI

$15.5K $5.87/SF

− OpEx

−$4.6K −$1.76/SF

NOI

$10.8K $4.11/SF

Area

Washington County, OH

Vacancy

8.42%

Lease Rate

$6.41 /SF/Yr

Expense Ratio

30.00%

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%

$216,960

Cap Rate 7%

$154,971

Cap Rate 9%

$120,533

Alternative Uses

Best Use

Industrial

$155.0K

$135.6K – $180.8K (±1% cap)

NOI $10,848 @ 7.0% cap · market cap 5.42%

Second Best

Retail

$149.7K

$131.0K – $174.6K (±1% cap)

NOI $10,477 @ 7.0% cap · market cap 5.24%

Theoretical Best

Mixed Use

$613.6K

$536.9K – $715.9K (±1% cap)

NOI $42,955 @ 7.0% cap · market cap 21.48%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Auto shops

Suggested Use

Top Pick Building Supply Plumbing Service Real Estate Agency Kitchen & Bath Showroom Cafe & Coffee Shop Barber Shop

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

5

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 45784, OH

3,313

Population

1,384

Households

2.4

Avg Household Size

43

Median Age

13%

College-Educated

96%

High-School Grad

37.7 sq mi

ZIP Area

88

Density / Sq Mi

$80,096

Median Household Income

$35,278

Median Earnings

$824

Median Rent

$207,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this auto shops 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?

Auto shop - Former auto body repair shop, customization options available.

Where is this auto shop located?

The property is located at 8610 State Route 339 Vincent, OH.

What is the asking price?

The asking price for this property is $200,000.

What are key features of this property?

This property features: Owner open to customizing the building for the purchaser.; Former auto body repair shop.; Seller willing to lease the building.