Renovated Commercial Property on
For Sale
Contact for pricing
2111 Western Avenue, Chillicothe, OH 45601
Renovated commercial property on busy Western Ave in Chillicothe.
Property Size1,848 SF
Lot Size0.50 Acres
Price / SF$162.34
Days on Market895
Property Features for 2111 Western Avenue
General Information
Standard status
Active
Size
1,848 SF
Lot size
0.50 Acres
Property subtype
Special Purpose
Building Details
Year Built
1995
Listing Agency:
Dwell Real Estate, LLC
(740) 851-6332
Listed By:
Conchetta Gieringer · License #2015004536
Source:
Crexi
Added: Mar 20, 2024
Changed: Aug 13
Last Checked: Aug 29 at 8:27AM
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 Dwell Real Estate, LLC
Investment Insights
Based on property information with market context.
This is a commercial property located on Western Avenue in Chillicothe. Constructed in 1995 and renovated in 2021, the property offers 1,848 square feet of space on a half-acre lot. The location on Western Avenue provides high visibility and exposure to heavy traffic. The property has been updated with new flooring, electric, plumbing, and HVAC systems. The versatile layout is suitable for various business ventures, making it an opportunity for entrepreneurs, investors, or expanding businesses seeking a modern space in a sought-after location.
Key Highlights
- Fully renovated in 2021 with new flooring, electric, plumbing, and HVAC systems.
- Prime location on busy Western Ave with high visibility and heavy traffic.
- 1,848 sq ft of commercial space on a half‑acre lot.**
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
$13,710
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
4.57%
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%
$274,200
$274.2K
Cap Rate 7%
$195,857
$195.9K
Cap Rate 9%
$152,333
$152.3K
Market Conditions
NOI Build-Up for 1,848 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
$20.4K $11.04/SF
− Vacancy
−$816 −$0.44/SF
EGI
$19.6K $10.60/SF
− OpEx
−$5.9K −$3.18/SF
NOI
$13.7K $7.42/SF
Area
Ross County, OH
Vacancy
4.00%
Lease Rate
$11.04 /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%
$274,200
Cap Rate 7%
$195,857
Cap Rate 9%
$152,333
Alternative Uses
Best Use
Retail
$195.9K
$171.4K – $228.5K
NOI $13,710 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$348.7K
$305.1K – $406.9K
NOI $24,411 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45601, OH
56,849
Population
23,358
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
348.7 sq mi
ZIP Area
163
Density / Sq Mi
$57,430
Median Household Income
$39,973
Median Earnings
$858
Median Rent
$160,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Renovated commercial property on busy Western Ave in Chillicothe.
Where is this storefront property located?
The property is located at 2111 Western Avenue Chillicothe, OH.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Fully renovated in 2021 with new flooring, electric, plumbing, and HVAC systems.; Prime location on busy Western Ave with high visibility and heavy traffic.; 1,848 sq ft of commercial space on a half‑acre lot.**
