Masonry Flex Space with
For Sale
$69,900
10 S 3rd St, Dennison, OH 44621
Concrete-floored flex property with overhead access, built-in benching, and an adjacent vacant lot.
Property Size1,330 SF
Price / SF$52.56
Days on Market15
Property Features for 10 S 3rd St
General Information
Standard status
Active
Size
1,330 SF
Additional Details
Drive-In Doors
1
Land Use
commercial
Taxes and HOA fees
Annual Taxes
$4
Building Details
Buildings
1
Construction
masonry
Listing Agency:
Fell Realty, LLC
(330) 340-9271
Listed By:
Caleb M Fell
(330) 340-9271
Source:
Exprealty
Added: Jul 23
Changed: Aug 3
Last Checked: Aug 3 at 2:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fell Realty, LLC
Investment Insights
Based on property information with market context.
This flex property at 10 S 3rd St in Dennison, OH, includes a 38-by-35-foot garage building constructed with solid masonry and finished with a concrete floor. An overhead door provides vehicle access, while an interior workspace includes built-in benching for hands-on tasks, equipment storage, or workshop use. The sale also includes an adjacent vacant lot, expanding the property beyond the existing garage footprint. The additional parcel transfers with the property and provides land that can support future site customization, including potential expansion or off-street parking, subject to applicable requirements. The combination of an existing functional structure and accompanying vacant land creates a practical commercial configuration for storage or workspace needs.
Key Highlights
- 38‑by‑35‑foot garage building with solid masonry construction
- Concrete flooring and built‑in benching in the dedicated workspace
- Overhead door provides vehicle access
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
$5,299
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
7.58%
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%
$105,980
$106.0K
Cap Rate 7%
$75,700
$75.7K
Cap Rate 9%
$58,878
$58.9K
Market Conditions
NOI Build-Up for 1,330 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
$6.7K $5.04/SF
− Vacancy
−$469 −$0.35/SF
EGI
$6.2K $4.69/SF
− OpEx
−$935 −$0.70/SF
NOI
$5.3K $3.98/SF
Area
Tuscarawas County, OH
Vacancy
7.00%
Lease Rate
$5.04 /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%
$105,980
Cap Rate 7%
$75,700
Cap Rate 9%
$58,878
Alternative Uses
Best Use
Flex RnD
$115.6K
$101.2K – $134.9K
NOI $8,094 @ 7.0% cap · market cap 11.58%
Second Best
Warehouse
$75.7K
$66.2K – $88.3K
NOI $5,299 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$247.8K
$216.9K – $289.2K
NOI $17,349 @ 7.0% cap · market cap 24.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44621, OH
4,606
Population
1,992
Households
2.3
Avg Household Size
40
Median Age
13%
College-Educated
90%
High-School Grad
32.1 sq mi
ZIP Area
143
Density / Sq Mi
$55,000
Median Household Income
$35,777
Median Earnings
$825
Median Rent
$119,100
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 - Concrete-floored flex property with overhead access, built-in benching, and an adjacent vacant lot.
Where is this flex space located?
The property is located at 10 S 3rd St Dennison, OH.
What is the asking price?
The asking price for this property is $69,900.
What are key features of this property?
This property features: 38‑by‑35‑foot garage building with solid masonry construction; Concrete flooring and built‑in benching in the dedicated workspace; Overhead door provides vehicle access
