Warehouse with Two Overhead
For Sale
$300,000
11977 State Route 235, Lakeview, OH 43331
COMMERCIAL - Other - Lakeview, OH
Property Size1,500 SF
Lot Size0.76 Acres
Price / SF$200
Days on Market162
Property Features for 11977 State Route 235
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Milford Heights Sub #1
Directions
US-33 to StRt 235/366. Property just past Buckeye Pizza
Standard status
Active
APN
430041908004000
Size
1,500 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1994
Building materials
Metal Siding
Architectural style
Other
Listing Agency:
Key Realty
(877) 539-7589
Listed By:
Lori Newman
(877) 539-7589
Added: Mar 3
Changed: Aug 5
Last Checked: Aug 12 at 2:06PM
MLS# 1044090
Copyright © 2026 Western Regional Information System & Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This warehouse is housed in a metal building with metal siding and a forced-air natural gas heating system. The layout includes two overhead doors plus a separate man door, and there is an office area that is currently rented by a small business.
The property sits on a gravel lot with ample parking. A portion of the parking area is currently rented to Buckeye Pizza for overflow parking, creating an additional source of income.
The building was constructed in 1994 and is listed with a 0.76-acre lot and a 1,500-square-foot structure. The property can also be purchased together with 12045 St Rt 235 N, home of the Indian Lake Flea Market, for expanded commercial opportunity.
The property sits on a gravel lot with ample parking. A portion of the parking area is currently rented to Buckeye Pizza for overflow parking, creating an additional source of income.
The building was constructed in 1994 and is listed with a 0.76-acre lot and a 1,500-square-foot structure. The property can also be purchased together with 12045 St Rt 235 N, home of the Indian Lake Flea Market, for expanded commercial opportunity.
Key Highlights
- 1,500 SF warehouse on 0.76 acres
- Metal building with metal siding
- Two overhead doors plus a man door
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
$18,432
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
6.14%
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%
$368,640
$368.6K
Cap Rate 7%
$263,314
$263.3K
Cap Rate 9%
$204,800
$204.8K
Market Conditions
NOI Build-Up for 1,500 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
$32.3K $21.53/SF
− Vacancy
−$7.7K −$5.15/SF
EGI
$24.6K $16.38/SF
− OpEx
−$6.1K −$4.10/SF
NOI
$18.4K $12.29/SF
Area
Logan County, OH
Vacancy
23.90%
Lease Rate
$21.53 /SF/Yr
Expense Ratio
25.00%
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%
$368,640
Cap Rate 7%
$263,314
Cap Rate 9%
$204,800
Alternative Uses
Best Use
Office B
$263.3K
$230.4K – $307.2K
NOI $18,432 @ 7.0% cap · market cap 6.14%
Second Best
Warehouse
$106.9K
$93.6K – $124.8K
NOI $7,485 @ 7.0% cap · market cap 2.50%
Theoretical Best
Office A
$302.8K
$264.9K – $353.3K
NOI $21,195 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43331, OH
4,428
Population
3,578
Households
1.2
Avg Household Size
53
Median Age
16%
College-Educated
94%
High-School Grad
30.8 sq mi
ZIP Area
144
Density / Sq Mi
$60,159
Median Household Income
$44,057
Median Earnings
$886
Median Rent
$130,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse on a gravel lot with two overhead doors and an office area that is currently rented.
Where is this warehouse located?
The property is located at 11977 State Route 235 Lakeview, OH.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 1,500 SF warehouse on 0.76 acres; Metal building with metal siding; Two overhead doors plus a man door
