Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    324 Main St Lancaster, OH 43130
    Back to Search
    Property profile & analytics

    324 Main St, Lancaster, OH 43130

    View on Map
    • Commercial real estate
    • 1,410 SF
    Off-Market
    Property ID
    US66-2251171
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 324 Main St

    Year built
    1926
    Property type
    Commercial real estate

    Description

    This 1,410-square-foot, three-story building located at 324 E Main Street in Lancaster, Ohio, presents a unique investment opportunity. Built in 1926, this special-purpose property boasts original woodwork, hardwood floors, and French doors, retaining significant character. Previously utilized as an attorney's office on the main floor and an apartment upstairs, the layout offers flexibility. The second floor could easily be converted into additional office space or conference rooms. A full basement provides ample storage, and convenient off-street concrete parking is available in the rear, accessed via an alley. The roof is only a few years old, and multiple heating sources are in place. The property sits on a 7,405.2-square-foot lot and is zoned residential, but the owner holds a variance for commercial use, allowing for diverse applications. Its prime downtown location offers easy walkability to local amenities. While previously used as a mix of commercial and residential space, the buyer is responsible for verifying the suitability of their intended use. The property is being sold "as is," with the seller unaware of any significant issues. The asking price is $265,000, translating to $187.94 per square foot. This property is a rare find in Lancaster's historic district.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Fairfield
    State
    Ohio
    Longitude
    -82.5970705
    Latitude
    39.7132475

    Comparable in this City

    • $1,099,900
      3,310 SF

      Lancaster Farm/Estate with Commercial Building

      47.9-acre farm with a house and commercial building.
      2145 West Point Rd, Lancaster, OH 43130
      View Details
    • Contact for pricing
      14,478 SF

      NNN Leased Walgreens For Sale

      NNN leased Walgreens in high-traffic retail corridor.
      859 E Main St, Lancaster, OH 43130
      View Details
    • Contact for pricing
      10,640 SF

      Dollar General NNN Investment Opportunity

      NNN Dollar General in Columbus, OH MSA with zero responsibilities.
      1950 E Main St, Lancaster, OH 43130
      View Details
    • $159,900

      Lancaster Industrial Land Opportunity

      Vacant Land, Light Industrial Zoning
      1631 Hubbard Dr, Lancaster, OH 43130
      View Details
    • $139,900
      2,406 SF

      Lancaster Mixed-Use Commercial Building

      Spacious building, versatile layout, prime location.
      500 Maple St, Lancaster, OH 43130
      View Details
    • Contact for pricing
      1,432 SF

      Renovated Commercial Building in Lancaster

      Fully renovated commercial building in high-traffic Lancaster location.
      117 E 6Th Ave, Lancaster, OH 43130
      View Details

    Similar Nearby for Sale

    • $1,099,900
      3,310 SF

      Lancaster Farm/Estate with Commercial Building

      47.9-acre farm with a house and commercial building.
      2145 West Point Rd, Lancaster, OH 43130
      View Details
    • Contact for pricing
      14,478 SF

      NNN Leased Walgreens For Sale

      NNN leased Walgreens in high-traffic retail corridor.
      859 E Main St, Lancaster, OH 43130
      View Details
    • Contact for pricing
      10,640 SF

      Dollar General NNN Investment Opportunity

      NNN Dollar General in Columbus, OH MSA with zero responsibilities.
      1950 E Main St, Lancaster, OH 43130
      View Details
    • $159,900

      Lancaster Industrial Land Opportunity

      Vacant Land, Light Industrial Zoning
      1631 Hubbard Dr, Lancaster, OH 43130
      View Details
    • $139,900
      2,406 SF

      Lancaster Mixed-Use Commercial Building

      Spacious building, versatile layout, prime location.
      500 Maple St, Lancaster, OH 43130
      View Details
    • Contact for pricing
      1,432 SF

      Renovated Commercial Building in Lancaster

      Fully renovated commercial building in high-traffic Lancaster location.
      117 E 6Th Ave, Lancaster, OH 43130
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      New Office Buildings in Lancaster

      New office spaces available in Lancaster's business corridor.
      2656 N Columbus St, Lancaster, OH 43130
      View Details
    • Contact for pricing

      Lancaster Shopping Center Retail Space

      Retail spaces available in Lancaster Shopping Center.
      1710 E Main St, Lancaster, OH 43130
      View Details
    • Contact for pricing

      Lancaster Retail Spaces Available

      Retail spaces available, ranging from 356 to 53,006 SqFt.
      1635 River Valley Cir S, Lancaster, OH 43130
      View Details
    • Contact for pricing
      6,870 SF

      Retail Space in Busy Center

      Located in Lancaster's main shopping district near River Valley Mall.
      1627 North Memorial Dr, Lancaster, OH 43130
      View Details
    • $3,683 /Mo
      9,300 SF

      First-Floor Office Suite with Offices

      Move-in-ready downtown office suite with multiple private offices and conference rooms, plus off-street parking for staff and clients.
      113 W Wheeling St, Lancaster, OH 43130
      View Details
    • Contact for pricing
      30,000 SF

      Lancaster Office Space Available

      30,000 square feet of office space for rent.
      1432 NW Collins Rd, Lancaster, OH 43130
      View Details
    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.
    324 Main St
    Lancaster, OH 43130
    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

    Thank You for Inquiry
    324 Main St, Lancaster, OH, 43130
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!