Two-Story Flex
For Sale
$995,000
109-121 S Wayne Avenue Lockland, Cincinnati, OH 45215
Two-story industrial flex space includes a freight elevator to the second floor and side drive-in door access.
Property Size12,000 SF
Price / SF$82.92
Days on Market48
Property Features for 109-121 S Wayne Avenue Lockland
General Information
Standard status
Active
Size
12,000 SF
Additional Details
Drive-In Doors
1
Amenities
Partial
Tile,Concrete
Public
0.463
Stone
Building Details
Stories
2
Listing Agency:
(937) 699-5606
Listed By:
Haven Pisani
(937) 699-5606
Source:
Liveloveohio
Added: Jul 10
Changed: Aug 25
Last Checked: Aug 26 at 6:33AM
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 Haven Pisani
Investment Insights
Based on property information with market context.
This two-story flex warehouse offers approximately 12,000 square feet of space distributed across both floors. Freight elevator access is available to the second floor, supporting internal movement of goods and equipment. Vehicle and delivery access is provided via a side drive-in door, and the property includes off-street parking for 12+ cars.
The property is offered for sale with a general commercial zoning classification. The use sheet is available through the MLS for potential uses.
The property is offered for sale with a general commercial zoning classification. The use sheet is available through the MLS for potential uses.
Key Highlights
- Two‑story industrial flex space with approximately 12,000 sq ft across two floors
- Freight elevator provides accessibility to the second floor
- Side drive‑in door access for loading and easy ingress/egress
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
$87,048
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
8.75%
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%
$1,740,960
$1.7M
Cap Rate 7%
$1,243,543
$1.2M
Cap Rate 9%
$967,200
$967.2K
Market Conditions
NOI Build-Up for 12,000 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
$144.0K $12.00/SF
− Vacancy
−$10.1K −$0.84/SF
EGI
$133.9K $11.16/SF
− OpEx
−$46.9K −$3.91/SF
NOI
$87.0K $7.25/SF
Area
ZIP 45215
Vacancy
7.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,740,960
Cap Rate 7%
$1,243,543
Cap Rate 9%
$967,200
Alternative Uses
Best Use
Flex RnD
$1.24M
$1.09M – $1.45M
NOI $87,048 @ 7.0% cap · market cap 8.75%
Second Best
Industrial
$839.2K
$734.3K – $979.1K
NOI $58,746 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$2.60M
$2.27M – $3.03M
NOI $181,707 @ 7.0% cap · market cap 18.26%
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
575
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45215, OH
30,993
Population
13,735
Households
2.3
Avg Household Size
38
Median Age
35%
College-Educated
92%
High-School Grad
12.0 sq mi
ZIP Area
2,583
Density / Sq Mi
$71,949
Median Household Income
$45,976
Median Earnings
$954
Median Rent
$200,100
Median Home Value
Market
Vacancy Rate% for Industrial in Cincinnati, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Moe's Eats & Treats — 623 Mc Laren Ave, Lockland, OH 45215
- Wyoming Meat Market — 513 Wyoming Ave, Cincinnati, OH 45215
- A Lil Taste of Soul llc Food Truck and Catering — 607 Shepherd Dr 11 &12, Cincinnati, OH 45215
Frequently Asked Questions
What type of property is this?
Flex space - Two-story industrial flex space includes a freight elevator to the second floor and side drive-in door access.
Where is this flex space located?
The property is located at 109-121 S Wayne Avenue Lockland Cincinnati, OH.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Two‑story industrial flex space with approximately 12,000 sq ft across two floors; Freight elevator provides accessibility to the second floor; Side drive‑in door access for loading and easy ingress/egress
