All-Brick Office/Medical
For Sale
$379,900
Pending
9163 N County Road 25a, Piqua, OH 45356
COMMERCIAL - Stick, Contemporary - Piqua, OH
Property Size2,990 SF
Lot Size0.07 Acres
Days on Market579
Property Features for 9163 N County Road 25a
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Planned Unit Development
Parking
20
Security features
Security Lighting
Window features
Window Coverings
Patio and Porch features
Porch
Basement
Unfinished, Full
Subdivision
Piqua
Lot features
Cul-De-Sac
Directions
N on Co Rd 25A to Upper Valley Professional Park. Building is on the right side.
Standard status
Pending
APN
N44077726
Size
2,990 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2023
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1998
Building materials
Brick
Architectural style
Contemporary, Stick
Listing Agency:
Coldwell Banker Heritage Realtors
(937) 665-1800
Listed By:
Sue Wray
(937) 665-1800
Added: Jan 20, 2025
Changed: Aug 5
Last Checked: Aug 22 at 11:06AM
MLS# 1036483
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 well-maintained all-brick office/medical condo is configured as two mirrored sides, each offering four private rooms or offices with dedicated waiting areas and reception space. The property includes two half baths on each side. A full basement is included, along with a private back entrance. The listing also notes two new heating and cooling systems. Furnishings can remain with the property if desired.
Private parking is available, with the listing describing very low utilities.
The space is described as flexible, with the option for the two sides to be operated separately or inclusively, and the listing mentions available equipment including exam tables, consultation desks, chairs, and medical-related items such as ultrasound machines and cystoscope setups.
Private parking is available, with the listing describing very low utilities.
The space is described as flexible, with the option for the two sides to be operated separately or inclusively, and the listing mentions available equipment including exam tables, consultation desks, chairs, and medical-related items such as ultrasound machines and cystoscope setups.
Key Highlights
- All‑brick office/medical condo built in 1998 with stick and contemporary architectural style
- Two sides with 4 private rooms or offices per side, plus waiting and reception areas
- Option to operate as totally separate or inclusive, with 2 half baths on each side
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
$33,705
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
8.87%
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%
$674,100
$674.1K
Cap Rate 7%
$481,500
$481.5K
Cap Rate 9%
$374,500
$374.5K
Market Conditions
NOI Build-Up for 2,990 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
$59.9K $20.04/SF
− Vacancy
−$15.0K −$5.01/SF
EGI
$44.9K $15.03/SF
− OpEx
−$11.2K −$3.76/SF
NOI
$33.7K $11.27/SF
Area
Miami County, OH
Vacancy
25.00%
Lease Rate
$20.04 /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%
$674,100
Cap Rate 7%
$481,500
Cap Rate 9%
$374,500
Alternative Uses
Best Use
Healthcare Medical
$503.7K
$440.8K – $587.7K
NOI $35,260 @ 7.0% cap · market cap 9.28%
Second Best
Office B
$481.5K
$421.3K – $561.8K
NOI $33,705 @ 7.0% cap · market cap 8.87%
Theoretical Best
Office A
$609.4K
$533.2K – $711.0K
NOI $42,657 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 45356, OH
25,106
Population
11,353
Households
2.2
Avg Household Size
41
Median Age
15%
College-Educated
89%
High-School Grad
75.5 sq mi
ZIP Area
333
Density / Sq Mi
$66,134
Median Household Income
$38,323
Median Earnings
$900
Median Rent
$144,500
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?
Medical Office Space - Well-maintained all-brick office/medical condo with private rooms, waiting and reception areas, and private parking.
Where is this medical office space located?
The property is located at 9163 N County Road 25a Piqua, OH.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: All‑brick office/medical condo built in 1998 with stick and contemporary architectural style; Two sides with 4 private rooms or offices per side, plus waiting and reception areas; Option to operate as totally separate or inclusive, with 2 half baths on each side
