Crestline Commercial Property with Banking
For Sale
Contact for pricing
245 N Seltzer Street, Crestline, OH 44827
Well-maintained commercial property with banking components in revitalized Crestline.
Property Size3,656 SF
Lot Size0.98 Acres
Price / SF$82.03
Days on Market708
Property Features for 245 N Seltzer Street
General Information
Standard status
Active
Size
3,656 SF
Lot size
0.98 Acres
Property subtype
Retail, Office
Building Details
Year Built
1977
Listing Agency:
Sluss Realty
(419) 295-5345
Listed By:
Heather Stover · License #2017005095
Source:
Crexi
Added: Sep 15, 2024
Changed: Aug 8
Last Checked: Aug 22 at 5:48AM
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 Sluss Realty
Investment Insights
Based on property information with market context.
Located in the heart of revitalized Crestline, this immaculately maintained commercial property offers a prime business location. The property, totaling 3,656 square feet, includes banking components such as three separate offices, six teller stations, a night drop, a vault, and a fully operational three-bay drive-through system. The interior features an impressive 14-foot ceiling. The property has 150 feet of road frontage and an additional 210 feet of side street frontage, situated on a lot size of just under an acre. This property is suitable for expanding an existing business or starting a new one, with versatility beyond its current use.
Key Highlights
- Prime business location in revitalized Crestline.
- Fully operational 3‑bay drive‑through system.
- Intact banking components: 3 offices, 6 teller stations, night drop, vault.
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
$27,123
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
9.04%
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%
$542,460
$542.5K
Cap Rate 7%
$387,471
$387.5K
Cap Rate 9%
$301,367
$301.4K
Market Conditions
NOI Build-Up for 3,656 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
$40.4K $11.04/SF
− Vacancy
−$1.6K −$0.44/SF
EGI
$38.7K $10.60/SF
− OpEx
−$11.6K −$3.18/SF
NOI
$27.1K $7.42/SF
Area
Crawford 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%
$542,460
Cap Rate 7%
$387,471
Cap Rate 9%
$301,367
Alternative Uses
Best Use
Specialty Retail
$716.7K
$627.1K – $836.2K
NOI $50,169 @ 7.0% cap · market cap 16.73%
Second Best
Retail
$387.5K
$339.0K – $452.1K
NOI $27,123 @ 7.0% cap · market cap 9.04%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
232
Businesses Nearby
Explore this area
Business Placement
Demographics for 44827, OH
6,973
Population
3,564
Households
2
Avg Household Size
43
Median Age
20%
College-Educated
91%
High-School Grad
48.5 sq mi
ZIP Area
144
Density / Sq Mi
$53,089
Median Household Income
$32,334
Median Earnings
$744
Median Rent
$111,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Well-maintained commercial property with banking components in revitalized Crestline.
Where is this bank located?
The property is located at 245 N Seltzer Street Crestline, OH.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Prime business location in revitalized Crestline.; Fully operational 3‑bay drive‑through system.; Intact banking components: 3 offices, 6 teller stations, night drop, vault.
