Auto Shop with Heated
For Sale
$89,900
946 Meadowview Ave, Lancaster, OH 43130
Functional commercial workspace with an office, private bathroom, natural gas heat, and 220 electric service.
Property Size1,200 SF
Price / SF$74.92
Days on Market22
Property Features for 946 Meadowview Ave
General Information
Standard status
Active
Size
1,200 SF
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Amenities
220 electric service
natural gas heat
private bathroom
dedicated office area
heated garage space
Building Details
Year Built
1958
Buildings
1
Listing Agency:
Century 21 Darfus Realty
(740) 407-3188
Listed By:
Melissa Frank
Source:
El1tecollective
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 29 at 12:19PM
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 Century 21 Darfus Realty
Investment Insights
Based on property information with market context.
Located at 946 Meadowview Ave in Lancaster, Ohio, this 1,200-square-foot commercial building was constructed in 1958 and configured for automotive work. The property includes a heated garage area, dedicated office, and private bathroom, with natural gas heating and 220 electric service supporting the facility.
The property is positioned near the US-33 bypass, providing access to a major roadway for customers, employees, and deliveries. Its existing layout supports an auto repair or body shop, mechanic operation, contractor workspace, or owner-user business. The garage can accommodate automotive activity and equipment storage within the existing commercial improvements.
The property is positioned near the US-33 bypass, providing access to a major roadway for customers, employees, and deliveries. Its existing layout supports an auto repair or body shop, mechanic operation, contractor workspace, or owner-user business. The garage can accommodate automotive activity and equipment storage within the existing commercial improvements.
Key Highlights
- 1,200 SF commercial building constructed in 1958
- Heated garage area suited to automotive work or equipment storage
- 220 electric service and natural gas heat
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
$4,617
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
5.14%
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%
$92,340
$92.3K
Cap Rate 7%
$65,957
$66.0K
Cap Rate 9%
$51,300
$51.3K
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
$6.8K $5.70/SF
− Vacancy
−$245 −$0.20/SF
EGI
$6.6K $5.50/SF
− OpEx
−$2.0K −$1.65/SF
NOI
$4.6K $3.85/SF
Area
Fairfield County, OH
Vacancy
3.58%
Lease Rate
$5.70 /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%
$92,340
Cap Rate 7%
$65,957
Cap Rate 9%
$51,300
Alternative Uses
Best Use
Industrial
$199.2K
$174.3K – $232.4K
NOI $13,943 @ 7.0% cap · market cap 15.51%
Second Best
Retail
$66.0K
$57.7K – $77.0K
NOI $4,617 @ 7.0% cap · market cap 5.14%
Theoretical Best
Warehouse
$241.9K
$211.6K – $282.2K
NOI $16,930 @ 7.0% cap · market cap 18.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43130, OH
62,010
Population
26,434
Households
2.3
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
164.5 sq mi
ZIP Area
377
Density / Sq Mi
$68,242
Median Household Income
$43,936
Median Earnings
$1,031
Median Rent
$215,900
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.
Similar Off Market Nearby
- CEC Turf & Tractor — 1830 Old Logan Rd SE, Lancaster, OH 43130
- Young's Collision Center — 940 Kinzler Ave, Lancaster, OH 43130
- nightlifeperformance — 1070 Old Logan Rd, Lancaster, OH 43130
- Muffler Man The — 1070 Old Logan Rd, Lancaster, OH 43130
- Easy Towing — 1022 Old Logan Rd, Lancaster, OH 43130
Frequently Asked Questions
What type of property is this?
Auto shop - Functional commercial workspace with an office, private bathroom, natural gas heat, and 220 electric service.
Where is this auto shop located?
The property is located at 946 Meadowview Ave Lancaster, OH.
What is the asking price?
The asking price for this property is $89,900.
What are key features of this property?
This property features: 1,200 SF commercial building constructed in 1958; Heated garage area suited to automotive work or equipment storage; 220 electric service and natural gas heat
