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Property profile & analytics
FOR LEASE
Office Spaces
9859 Waterstone Blvd, Cincinnati, OH 45249
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US66-1590780
For Lease
$22,840,000
9859 Waterstone Blvd, Cincinnati, OH 45249
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1996
Construction
FRAME
Total area
116,775 SF
Lot
12.37 ac (538,707 SF)
APN
16-26-463-006-0
UPID
US66-1590780
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Petco Dog Training Animal Training
-
fi.d.o (Bike/Boat/Book/etc) Store Pet Store & Service
-
Petco Grooming Pet Grooming Service
-
Petco Vaccination Clinic Veterinary Clinic
-
Petco (Bike/Boat/Book/etc) Store Pet Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$21.83M
Comparable Approach
Comparable
$15.47M
Blend (final)
Blend
$22.84M
Owner & transaction history
Mo Next Waterstone LLC · 2 yrs held
Mo Next Waterstone LLC
since 2023
Last sale
$29.6M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$21.4M
+107.4%
Restaurant
$19.4M
+88.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Cincinnati submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Cincinnati submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$30,370,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$23,645,000
6.5%
$21,830,000
7%
$20,270,000
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$21,410,000
Change: +107% · Conversion: Difficult
RESTAURANT
$19,430,000
Change: +88% · Conversion: Difficult
Blend value · Realmo final
$22.84M
Range $20.56M – $25.12M · ±10% · vs last sale $29.57M (Sep 27 2023)
Last sale anchor
$29.57M
Sep 27 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$196 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$563,092
Tax year 2023
Assessed value
$7,514,357
Assessed 2023
Previous assessed
$7,514,357
+0.0% YoY
Effective rate
7.49%
On assessed value
Assessed land
$1,514,972
Assessed improvement
$5,999,385
Land market value
$4,328,490
Improvement market value
$17,141,100
Total market value
$21,469,590
Applied tax rate
9.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
1996
Construction
FRAME
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
116,775 SF
Lot
12.37 ac (538,707 SF)
APN
16-26-463-006-0
UPID
US66-1590780
Jurisdiction
WARREN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$21.4M
RESTAURANT
Est. value
$19.4M
AUTO REPAIR, GARAGE
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1996
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
12.37 ac
Current owner
From public records · entity-resolved
Mo Next Waterstone LLC
Entity
Mailing address
8044 MONTGOMERY RD STE #370, CINCINNATI, OH 45236-2923
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 27, 2023
$29,569,397
Mo Next Waterstone LLC
Ddr Waterstone LLC
Limited Warranty Deed
$20,887,900 · Goldman Sachs Bank USA
Apr 25, 2022
—
Ross Dress For Less LLC
Ddr Waterstone LLC
Lease
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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