Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1240 State Rte 28 Milford, OH 45150-4928

    • Strip malls
    • 5,928 SF
    • 0.27 lot acres
    OFF-MARKET
    Value Estimations
    $605,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2554713
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Strip malls

    Property Details for 1240 State Rte 28

    Year built
    1988
    Construction
    CONCRETE BLOCKS
    Lot size
    0.27 lot acres
    Property size
    5,928 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    18-49-10A-001A
    APU
    184910A001A

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $758,000
      Market price range: $409k - $1.32M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $845,000
      Current use
      RETAIL STORES
      $835,000
      Change: -1% Conversion: Easy
      AUTO REPAIR, GARAGE
      $790,000
      Change: -6% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Milford
    County
    Clermont
    State
    Ohio
    Longitude
    -84.2235
    Latitude
    39.2018
    CBSA code
    17140
    CBSA name
    CINCINNATI-MIDDLETOWN, OH-KY-IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $9,236
    $14,320
    $90,230
    $104,550
    -
    $40,900
    $257,800
    $298,700

    Comparable in this City

    • Value Estimation
      $4,240,000
      27,140 SF

      245 Rivers Edge

      SHOPPING CENTER, STRIP CENTER • 27,140 SF
      245 Rivers Edge, Milford, OH 45150-2592
      View Details
    • Value Estimation
      $845,000
      9,525 SF

      5870 Cook Rd

      SHOPPING CENTER, STRIP CENTER • 9,525 SF
      5870 Cook Rd, Milford, OH 45150-1583
      View Details
    • Value Estimation
      $700,000
      5,873 SF

      1243 State Rte 131

      SHOPPING CENTER, STRIP CENTER • 5,873 SF
      1243 State Rte 131, Milford, OH 45150-2879
      View Details
    • Value Estimation
      $3,015,000
      23,420 SF

      175 Rivers Edge, Unit 217

      SHOPPING CENTER, STRIP CENTER • 23,420 SF
      175 Rivers Edge, Milford, OH 45150-1458
      View Details
    • Value Estimation by Request
      1,962 SF

      1359 State Rte 131

      SHOPPING CENTER, STRIP CENTER • 1,962 SF
      1359 State Rte 131, Milford, OH 45150-2868
      View Details
    • Value Estimation
      $1,010,000
      9,400 SF

      1220-1222 State Rte 28

      SHOPPING CENTER, STRIP CENTER • 9,400 SF
      1220-1222 State Rte 28, Milford, OH 45150
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,448 SF

      Former Restaurant Building on Lila

      5,449 SF building on 1.49 acres in Milford, OH.
      840 Lila Ave, Milford, OH 45150
      View Details
    • Contact for pricing

      Retail Property on State Route

      Retail property available for sale on State Route 28.
      1177 State Route 28, Milford, OH 45150
      View Details
    • Contact for pricing
      3,400 SF

      Retail Space Near Kroger

      Retail property with pylon signage and dedicated parking available.
      914 Lila Ave, Milford, OH 45150
      View Details
    • Contact for pricing
      6,500 SF

      Downtown Milford Retail Redevelopment

      6,500 SF Multi-Tenant Retail Opportunity
      741 Lila Ave, Milford, OH 45150
      View Details
    • $1,210,500
      2.00 Acres

      Miami Commons Commercial Land

      Prime Milford, OH commercial land. High traffic, great zoning.
      0 Us-50, Milford, OH 45150
      View Details
    • $819,000

      Union Township Industrial Land Available

      5.85 acre industrial land for sale in Union Township.
      5135 River Valley Rd, Milford, OH 45150
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,600 SF

      Retail Spaces Available For Lease

      Retail spaces available for lease in Milford, Ohio.
      1079-1083 State Route 28, Milford, OH 45150
      View Details
    • Contact for pricing
      1 SF

      Prime Milford Retail Pad Site

      High-traffic location, 1.5 acres.
      1165 Oh-28, Milford, OH 45150
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space on Main Street

      Retail space available for lease on Main Street.
      780-824 Main St, Milford, OH 45150
      View Details
    • Contact for pricing
      1,856 SF

      Meijer In-Store Retail Space

      Milford, OH: Prime Retail Opportunity
      1082 Oh-28, Milford, OH 45150
      View Details
    • $20 SF/Yr
      11 SF

      Prime Retail Space Available

      Highly visible retail space in a well-maintained center.
      5976 Meijer Dr, Milford, OH 45150
      View Details
    • $12 SF/Yr
      2,400 SF

      Retail Space in Milford, Ohio

      2,400 SF retail space available for lease.
      1111 State Route 28, Milford, OH 45150
      View Details

    Property Visit Statistics

    • Visits by month
      1.4k
    • Visitors by month
      1.0k
    • Avg Time on site
      15 min
    Request Owner's contact information
    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.
    1240 State Rte 28
    Milford, OH 45150-4928
    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
    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
    Thank You

    You are Unsubscribed From Notifications

    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.