Building Details

Year Built 1989

Year Renovated 2018

Tenancy Single

Listing Agency: NAI Spring Show Phone

Listed By: Dan Spring, SIOR · License #OH BRKP.2001013773

Source: Crexi

Added: May 11 Changed: Aug 8 Last Checked: Jul 24 at 3:51PM

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Investment Insights

Based on property information with market context.

The property consists of approximately 53,849 SF of manufacturing/warehouse space plus 3,420 SF of office space on 8.4 acres. The facility is described as having heavy power and air lines, along with space intended for operational needs and potential expansion.

The land is located within 1.5 miles of I-77, situated between the Villages of Bolivar and Zoar. The listing notes travel times of about 15 minutes to Canton, Dover, and New Philadelphia, and about 75 minutes to Cleveland.

This is a for-sale offering with the facility currently leased NNN to Nilodor through April 1, 2027, with one year of option remaining.

Key Highlights

• Manufacturing/warehouse facility with 53,849 SF plus 3,420 SF attached office space
• Set on 8.4 acres with room for expansion
• Leased NNN to Nilodor through April 1, 2027, with 1 year option remaining

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

$228,206

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

9.13%

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%

$4,564,120 $4.6M

Cap Rate 7%

$3,260,086 $3.3M

Cap Rate 9%

$2,535,622 $2.5M

Market Conditions

NOI Build-Up for 57,279 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

$288.7K $5.04/SF

− Vacancy

−$20.2K −$0.35/SF

EGI

$268.5K $4.69/SF

− OpEx

−$40.3K −$0.70/SF

NOI

$228.2K $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%

$4,564,120

Cap Rate 7%

$3,260,086

Cap Rate 9%

$2,535,622

Alternative Uses

Best Use

Office B

$7.84M

$6.86M – $9.14M (±1% cap)

NOI $548,504 @ 7.0% cap · market cap 21.94%

Second Best

Warehouse

$3.26M

$2.85M – $3.80M (±1% cap)

NOI $228,206 @ 7.0% cap · market cap 9.13%

Theoretical Best

Office A

$10.67M

$9.34M – $12.45M (±1% cap)

NOI $747,175 @ 7.0% cap · market cap 29.89%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Nilodor: A Hospeco Brand Industrial Manufacturer Bobbi Panter Pet Grooming Service maximize sales Consultant

Suggested Use

Top Pick Dental Office HVAC Service Real Estate Agency (Bike/Boat/Book/etc) Store Bakery Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Heavy power

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

64

Businesses Nearby

Explore this area Business Placement

Demographics for 44612, OH

5,443

Population

2,296

Households

2.4

Avg Household Size

44

Median Age

31%

College-Educated

95%

High-School Grad

26.5 sq mi

ZIP Area

205

Density / Sq Mi

$84,632

Median Household Income

$43,817

Median Earnings

$792

Median Rent

$244,200

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this manufacturing properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Manufacturing property - Manufacturing/warehouse space with attached office space on 8.4 acres, currently leased NNN through April 1, 2027.

Where is this manufacturing property located?

The property is located at 10966 Industrial Parkway Bolivar, OH.

What is the asking price?

The asking price for this property is $2,500,000.

What are key features of this property?

This property features: Manufacturing/warehouse facility with 53,849 SF plus 3,420 SF attached office space; Set on 8.4 acres with room for expansion; Leased NNN to Nilodor through April 1, 2027, with 1 year option remaining