Flex Space with Oversized Overhead
For Sale
$224,900
Pending
14359 State Route 235, Lakeview, OH 43331
Commercial Sale, Lakeview, OH
Property Size2,400 SF
Lot Size0.60 Acres
Days on Market38
Property Features for 14359 State Route 235
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Residential
Lot features
Residential Lot
Directions
From State Route 33, turn right onto SR 235 and follow to the north end of the lake. Property is on the left side of the road.
Subdivision
902 Indian Lake
Standard status
Pending
APN
430050000006008
Size
2,400 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Utilities
Propane
Heating system
Forced Air, Propane (Heating)
Water front features
Lake
Water front
1
Building Details
Year built
2024
Building materials
Metal Siding
Architectural style
Other
Listing Agency:
Choice Properties Real Estate
(937) 842-2244
Listed By:
Joan Hinterschied
(937) 842-2244
Added: Jul 25
Changed: Aug 25
Last Checked: Aug 31 at 2:06PM
MLS# 1047290
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 2024-built flex property includes a 40' x 60' metal-sided pole barn totaling 2,400 square feet on 0.60 acres. The building has concrete floors, forced-air heating, propane service, and electric service in place. A 14' overhead door accommodates RVs, boats, campers, and large equipment, while a second standard overhead garage door provides additional vehicle access. A separate man door supports everyday entry.
The property is located at 14359 State Route 235 in Lakeview, on the north side of Indian Lake. Its waterfront setting and existing utility improvements provide a defined physical framework for storage, workshop, and hobby-related use. The site is within Logan County and carries a 43331 postal designation.
The property is located at 14359 State Route 235 in Lakeview, on the north side of Indian Lake. Its waterfront setting and existing utility improvements provide a defined physical framework for storage, workshop, and hobby-related use. The site is within Logan County and carries a 43331 postal designation.
Key Highlights
- 2,400‑square‑foot flex building on 0.60 acres
- 40' x 60' 2024‑built pole barn with metal siding
- 14' overhead door for RVs, boats, campers, and large equipment
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
$11,975
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
5.32%
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%
$239,500
$239.5K
Cap Rate 7%
$171,071
$171.1K
Cap Rate 9%
$133,056
$133.1K
Market Conditions
NOI Build-Up for 2,400 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
$15.4K $6.41/SF
− Vacancy
−$1.3K −$0.54/SF
EGI
$14.1K $5.87/SF
− OpEx
−$2.1K −$0.88/SF
NOI
$12.0K $4.99/SF
Area
Logan County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
15.00%
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%
$239,500
Cap Rate 7%
$171,071
Cap Rate 9%
$133,056
Alternative Uses
Best Use
Warehouse
$171.1K
$149.7K – $199.6K
NOI $11,975 @ 7.0% cap · market cap 5.32%
Second Best
Industrial
$140.9K
$123.3K – $164.4K
NOI $9,862 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$484.5K
$423.9K – $565.2K
NOI $33,913 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Balanced
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 2024-built pole barn with concrete floors, heating, electric service, and access for large vehicles or equipment.
Where is this flex space located?
The property is located at 14359 State Route 235 Lakeview, OH.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: 2,400‑square‑foot flex building on 0.60 acres; 40' x 60' 2024‑built pole barn with metal siding; 14' overhead door for RVs, boats, campers, and large equipment
