Buckeye Lake Updated Commercial
For Sale
Contact for pricing
5138 Walnut Road, Buckeye Lake, OH 43008
Updated home near Buckeye Lake, currently operating as an Airbnb.
Property Size1,403 SF
Price / SF$249.39
Days on Market867
Property Features for 5138 Walnut Road
General Information
Standard status
Active
Size
1,403 SF
Total Parking Spaces
5
Property subtype
Mixed Use, Retail, Land, Office
Building Details
Year Built
1935
Year Renovated
2021
Stories
2
Listing Agency:
Keller Williams Greater Cols
Listed By:
Cathy Everitt · License #255618
Source:
Crexi
Added: Apr 24, 2024
Changed: Aug 28
Last Checked: Sep 6 at 11:00PM
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 Keller Williams Greater Cols
Investment Insights
Based on property information with market context.
This updated 1,403-square-foot home is located on the commercial strip in the Village of Buckeye Lake. Currently used as an Airbnb with bookings for the summer of 2024, the property features a coastal design. The main level includes two bedrooms, a bathroom, a kitchen, a dining room, a living room, and a bar area. The upper level offers two sleeping areas, a full bath, and an entertainment room. Outside, there is a large yard, a concrete patio, a storage shed, and ample parking. The property is being sold fully furnished, including dishes and linens, making it a turnkey investment. It is situated steps away from The Buckeye Lake Brewery/Chef Shack, The Boatyard Tavern and Grill, and The Buckeye Lake Yacht Club. The property is located close to I-70, Granville, Lancaster, and Zanesville, and is 30 minutes from downtown Columbus. This property offers great investment potential.
Key Highlights
- Turnkey Airbnb with existing summer 2024 bookings
- Prime location in the heart of Buckeye Lake, steps from popular establishments
- Fully furnished, including dishes and linens
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
$12,849
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
3.67%
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%
$256,980
$257.0K
Cap Rate 7%
$183,557
$183.6K
Cap Rate 9%
$142,767
$142.8K
Market Conditions
NOI Build-Up for 1,403 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
$24.4K $17.40/SF
− Vacancy
−$1.0K −$0.75/SF
EGI
$23.4K $16.65/SF
− OpEx
−$10.5K −$7.49/SF
NOI
$12.8K $9.16/SF
Area
Licking County, OH
Vacancy
4.30%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$256,980
Cap Rate 7%
$183,557
Cap Rate 9%
$142,767
Alternative Uses
Best Use
Apartment 5plus
$183.6K
$160.6K – $214.2K
NOI $12,849 @ 7.0% cap · market cap 3.67%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$1.13M
$985.9K – $1.31M
NOI $78,875 @ 7.0% cap · market cap 22.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Explore this area
Business Placement
Demographics for 43008, OH
2,378
Population
1,331
Households
1.8
Avg Household Size
46
Median Age
13%
College-Educated
82%
High-School Grad
1.5 sq mi
ZIP Area
1,585
Density / Sq Mi
$82,750
Median Household Income
$50,179
Median Earnings
$920
Median Rent
$157,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Updated home near Buckeye Lake, currently operating as an Airbnb.
Where is this short term rental property located?
The property is located at 5138 Walnut Road Buckeye Lake, OH.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Turnkey Airbnb with existing summer 2024 bookings; Prime location in the heart of Buckeye Lake, steps from popular establishments; Fully furnished, including dishes and linens
