Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    Towne Park Dr Troy, OH 45373

    Sponsored
    For Sale
    Contact for pricing

    Prime Troy, OH commercial land

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    Two exceptional commercial land parcels totaling 2.1 acres are available for sale in Troy, Ohio. Ideally situated on Towne Park Drive, these parcels boast unparalleled visibility and accessibility due to their proximity to the I-75 and State Route 41 intersection. Zoned B-2, these lots offer immense potential for a variety of commercial uses, including retail, restaurants, offices, or hotels. The location benefits from high daily traffic counts on I-75 (63,000 cars), State Route 41 (41,796 cars), and Towne Park Drive itself (8,818 cars). This thriving retail area is anchored by major retailers like Walmart (1.8 million yearly visits) and Meijer (1.2 million yearly visits), ensuring high consumer traffic and a diverse customer base. Surrounded by established national retailers, dining options, and hospitality businesses, this location provides a vibrant and established commercial environment. The parcels, measuring 1.22 acres (53,143 sq ft) and 0.88 acres (38,332 sq ft), represent the final two outparcels from a 65-acre development. The property's APN numbers are D08105314 and D08105710, and it is located in Miami County, Ohio, with a Troy zip code of 45373. The site's proximity to the Towne Park Apartments (204 units) further enhances its appeal and potential. This is a rare opportunity to acquire highly desirable commercial land in a prime location with exceptional visibility and access. Subject to offer.

    Property Features for 0 Towne Park Dr

    General Information

    Property type
    Land
    Lot Size
    91,476 SF

    HighLights

    • 1.22‑acre (53,143 SF) and 0.88‑acre (38,332 SF) parcels, subject to offer, zoned B‑2 in Miami County.
    • High traffic counts: SR 41 (41,796 VPD), I‑75 (63,000 VPD), and Towne Park Drive (8,818 VPD), with strong nearby retail performance indicated by Walmart (1.8M yearly visits) and Meijer (1.2M yearly visits).
    • Excellent location near Towne Park Drive's retail corridor and 204‑unit Towne Park Apartments.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Troy
    County
    Miami
    State
    Ohio
    Longitude
    -84.2371465
    Latitude
    40.0586956

    Nearby Similar for Sale

    • $864,900
      5,246 SF

      Historic Gem with Modern Potential

      Rare 5-bedroom historic home with updates and park-like yard.
      408 S Market St, Troy, OH 45373
      View Details
    • $375,000
      Pending

      Well-Maintained Duplex in Troy, OH

      Two-unit property near schools, shops, and I-75.
      2722-2724 Fairview Ct, Troy, OH 45373
      View Details
    • $275,000
      1,962 SF

      Renovated Commercial Property with Loft

      Versatile, fully renovated commercial property with loft and garage.
      708 N Market St, Troy, OH 45373
      View Details
    • New
      $625,000
      3,760 SF

      Versatile Automotive/Industrial Property in Troy

      Adaptable commercial space suitable for automotive, retail, or industrial use.
      2800 Stone Circle Dr, Troy, OH 45373
      View Details
    • $249,900
      1,560 SF

      Commercial Property in High Traffic Area

      Commercial property in Troy, Ohio, with high traffic and visibility.
      2065 S County Road 25A, Troy, OH 45373
      View Details
    • $240,000
      684 SF

      Neighborhood Store with Inventory Included

      Commercial property with business, inventory, and diverse offerings for sale.
      249 Union St, Troy, OH 45373
      View Details
    • $1,400,000
      8,232 SF

      Downtown Troy Restaurant/Brewery Opportunity

      Remodeled restaurant/brewery with commercial kitchen, brewing facility, and outdoor seating.
      214 W Main St, Troy, OH 45373
      View Details
    • Contact for pricing
      1,850 SF

      Downtown Troy Retail/Office Condos

      Retail or office condos in historic downtown Troy building.
      12-16 S Market St, Troy, OH 45373
      View Details
    • $499,500
      9,600 SF

      Renovated Flex Building For Sale

      Turnkey commercial building with office, warehouse, and retail space.
      250 S Mulberry St, Troy, OH 45373
      View Details
    • $265,000
      2,059 SF

      Renovated Vintage Building in Downtown Troy

      Turn-key, renovated two-story building in Troy's Historic Downtown.
      28 W Canal St, Troy, OH 45373
      View Details
    • $299,900

      Renovated Versatile Mixed-Use Property

      Fully renovated mixed-use property with modern layout and flexible space.
      708 N Market St, Troy, OH 45373
      View Details
    • $1,590,000
      16,850 SF

      Historic Troy Development Opportunity

      Unique property with recent renovations in downtown Troy's DORA district.
      112-118 West Main St, Troy, OH 45373
      View Details

    FAQs

    What type of property is this?
    Land - Prime Troy, OH commercial land
    Where is this land located?
    The property is located at Towne Park Dr Troy, OH.
    What are key features of this property?
    This property features: 1.22-acre (53,143 SF) and 0.88-acre (38,332 SF) parcels, subject to offer, zoned B-2 in Miami County.; High traffic counts: SR 41 (41,796 VPD), I-75 (63,000 VPD), and Towne Park Drive (8,818 VPD), with strong nearby retail performance indicated by Walmart (1.8M yearly visits) and Meijer (1.2M yearly visits).; Excellent location near Towne Park Drive's retail corridor and 204-unit Towne Park Apartments.
    (513) 745-9333
    Request Owner's contact information
    Towne Park Dr Troy, OH 45373
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Towne Park Dr
    Troy, OH 45373
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Towne Park Dr Troy, OH 45373
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.