Freestanding Wellness
For Sale
$795,000
14006 W Lake Road, Vermilion, OH 44089
CommercialSale, Vermilion, OH
Property Size3,830 SF
Lot Size1.38 Acres
Price / SF$207.57
Days on Market187
Property Features for 14006 W Lake Road
General Information
Property type
Residential
Property subtype
Office
Elementary school district
Vermilion LSD - 2207
Middle school district
Vermilion LSD - 2207
High school district
Vermilion LSD - 2207
Directions
6 to W Lake Rd
Standard status
Active
APN
1201389001
Lot size
1.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
2-28 S OF RD BETW RD & RR 1.3828A
Tax Annual Amount
2987
Legal Description
2-28 S OF RD BETW RD & RR 1.3828A
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
multiple rooms
laundry room
kitchenette
built-in cabinetry
tile flooring
French doors
rear patio
storage shed
well-maintained landscaping
Building Details
Year built
1988
Roof type
Asphalt, Fiberglass
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
Susan C Sasseville · License #2002019045
(440) 317-0422
Added: Feb 24
Changed: Aug 20
Last Checked: Aug 30 at 2:06PM
MLS# 5180780
Copyright © 2026 MLS Now. 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 freestanding commercial building contains 3,830 SF across two levels and was previously operated as a beauty salon. The interior includes multiple rooms, a laundry area, kitchenette, built-in cabinetry, extensive plumbing, tile flooring, and French doors opening to a rear patio. Four furnace units, two hot water tanks, new electrical subpanels, and an asphalt and fiberglass roof support the existing configuration.
The 1.383-acre property includes on-site parking, a storage shed, maintained landscaping, and public water and sewer service. The layout and infrastructure can accommodate salon suites, wellness offices, professional office use, restaurant or beverage-service conversion, assisted living, adult day care, or other service-oriented operations, as identified in the property information.
The 1.383-acre property includes on-site parking, a storage shed, maintained landscaping, and public water and sewer service. The layout and infrastructure can accommodate salon suites, wellness offices, professional office use, restaurant or beverage-service conversion, assisted living, adult day care, or other service-oriented operations, as identified in the property information.
Key Highlights
- 3,830 SF freestanding commercial building on 1.383 acres
- Multiple rooms with extensive plumbing, built‑in cabinetry, laundry area, and kitchenette
- Four furnace units and two hot water tanks
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
$47,510
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
5.98%
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%
$950,200
$950.2K
Cap Rate 7%
$678,714
$678.7K
Cap Rate 9%
$527,889
$527.9K
Market Conditions
NOI Build-Up for 3,830 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
$82.3K $21.48/SF
− Vacancy
−$18.9K −$4.94/SF
EGI
$63.3K $16.54/SF
− OpEx
−$15.8K −$4.13/SF
NOI
$47.5K $12.40/SF
Area
Erie County, OH
Vacancy
23.00%
Lease Rate
$21.48 /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%
$950,200
Cap Rate 7%
$678,714
Cap Rate 9%
$527,889
Alternative Uses
Best Use
Office B
$678.7K
$593.9K – $791.8K
NOI $47,510 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$42.15M
$36.88M – $49.17M
NOI $2,950,412 @ 7.0% cap · market cap 371.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44089, OH
15,899
Population
8,012
Households
2
Avg Household Size
50
Median Age
29%
College-Educated
93%
High-School Grad
34.6 sq mi
ZIP Area
460
Density / Sq Mi
$72,045
Median Household Income
$43,836
Median Earnings
$1,102
Median Rent
$197,900
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?
Spa & wellness property - Improved two-level layout with extensive plumbing, built-in cabinetry, and public water and sewer.
Where is this spa & wellness property located?
The property is located at 14006 W Lake Road Vermilion, OH.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 3,830 SF freestanding commercial building on 1.383 acres; Multiple rooms with extensive plumbing, built‑in cabinetry, laundry area, and kitchenette; Four furnace units and two hot water tanks
