Garage with Loft on
For Sale
$200,000
Union Street, Madison, OH 44057
LAND - Madison, OH
Property Size2,400 SF
Lot Size3.62 Acres
Price / SF$83.33
Days on Market42
Property Features for Union Street
General Information
Property type
Land
Property subtype
Other
Parking features
Driveway
Elementary school district
Madison LSD Lake- 4303
Middle school district
Madison LSD Lake- 4303
High school district
Madison LSD Lake- 4303
Directions
St Rt 528 to Union
Standard status
Active
APN
02-A-008-B-00-011-0
Lot size
3.62 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 17
Tax Annual Amount
1717
Legal Description
LOT 17
Building Details
Additional Structures
Garage(s)
Listing Agency:
McDowell Homes Real Estate Services
(440) 205-2000
Listed By:
Kayla L Green · License #2019000388
(440) 855-7897
Added: Jul 1
Last Checked: Aug 11 at 6:06PM
MLS# 5223519
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.
The property includes a spacious 40' x 60' garage with a loft, offering additional storage or workspace. It is set up with 220-volt electrical service.
The garage sits on 3.6 acres in Madison, providing room for vehicles, equipment, and other property uses. The listing is described as being located in a convenient Madison Village area with proximity to everyday conveniences.
This offering is presented as versatile garage and land space, with the lot size supporting room for operations and potential expansion.
The garage sits on 3.6 acres in Madison, providing room for vehicles, equipment, and other property uses. The listing is described as being located in a convenient Madison Village area with proximity to everyday conveniences.
This offering is presented as versatile garage and land space, with the lot size supporting room for operations and potential expansion.
Key Highlights
- 40' x 60' garage on 3.6 acres in Madison Village
- Loft level for additional storage or workspace
- 220‑volt electrical service
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
$11,217
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
5.61%
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%
$224,340
$224.3K
Cap Rate 7%
$160,243
$160.2K
Cap Rate 9%
$124,633
$124.6K
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
$13.7K $5.71/SF
− Vacancy
−$507 −$0.21/SF
EGI
$13.2K $5.50/SF
− OpEx
−$2.0K −$0.82/SF
NOI
$11.2K $4.67/SF
Area
Lake County, OH
Vacancy
3.70%
Lease Rate
$5.71 /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%
$224,340
Cap Rate 7%
$160,243
Cap Rate 9%
$124,633
Alternative Uses
Best Use
Warehouse
$160.2K
$140.2K – $187.0K
NOI $11,217 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$554.3K
$485.0K – $646.7K
NOI $38,802 @ 7.0% cap · market cap 19.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44057, OH
19,447
Population
8,474
Households
2.3
Avg Household Size
44
Median Age
17%
College-Educated
91%
High-School Grad
50.1 sq mi
ZIP Area
388
Density / Sq Mi
$70,212
Median Household Income
$39,191
Median Earnings
$1,044
Median Rent
$170,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- NEO Container Sales — 390 Hyder Dr, Madison, OH 44057
Frequently Asked Questions
What type of property is this?
Warehouse - Spacious 40' x 60' garage with a loft sits on 3.6 acres with 220-volt electrical service.
Where is this warehouse located?
The property is located at Union Street Madison, OH.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 40' x 60' garage on 3.6 acres in Madison Village; Loft level for additional storage or workspace; 220‑volt electrical service
