Building Details

Tenancy Single

Listing Agency: NAI Spring Show Phone

Listed By: Kelly Sober, CCIM · License #SAL.2018003046 Show Phone

Source: Moodyscre

Added: Apr 18 Changed: Sep 5 Last Checked: Aug 14 at 7:50AM

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Investment Insights

Based on property information with market context.

This facility offers approximately 53,849 SF of manufacturing/warehouse space plus 3,420 SF of office space, situated on 8.4 acres. The property is described as having heavy power and ample room for expansion, supporting industrial operations that may require significant electrical capacity. An existing NNN lease with Nilodor runs through April 1, 2027, with one year of option remaining.

The site is located within 1.5 miles of I-77, positioned between the Villages of Bolivar and Zoar. It is described as about 15 minutes from Canton, Dover, and New Philadelphia, 75 minutes from Cleveland, 2 hours from Columbus, and 90 minutes from Pittsburgh.

The property’s current configuration combines substantial industrial space with office space, offering a single campus-style footprint intended for manufacturing and warehousing use.

Key Highlights

• Approximately 53,849 SF manufacturing/warehouse space with 3,420 SF office on 8.4 acres
• Currently leased NNN to Nilodor through April 1, 2027 with a 1‑year option remaining
• Heavy power and airlines in place, with room for expansion

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

$228,167

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%

$4,563,340 $4.6M

Cap Rate 7%

$3,259,529 $3.3M

Cap Rate 9%

$2,535,189 $2.5M

Market Conditions

NOI Build-Up for 57,269 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

$288.6K $5.04/SF

− Vacancy

−$20.2K −$0.35/SF

EGI

$268.4K $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%

$4,563,340

Cap Rate 7%

$3,259,529

Cap Rate 9%

$2,535,189

Alternative Uses

Best Use

Flex RnD

$4.98M

$4.36M – $5.81M (±1% cap)

NOI $348,514 @ 7.0% cap · market cap 13.94%

Second Best

Warehouse

$3.26M

$2.85M – $3.80M (±1% cap)

NOI $228,167 @ 7.0% cap · market cap 9.13%

Theoretical Best

Office A

$10.67M

$9.34M – $12.45M (±1% cap)

NOI $747,044 @ 7.0% cap · market cap 29.88%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

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

Single-tenant

Tenancy

Yes

Heavy power

Location Intelligence

Trade Area within ½ mile

64

Businesses Nearby

Well-served

Demand for This Use

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 Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space 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?

Flex space - Manufacturing/warehouse space with dedicated office areas on 8.4 acres, currently leased NNN through April 1, 2027.

Where is this flex space located?

The property is located at 10966 Industrial Pkwy NW 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: Approximately 53,849 SF manufacturing/warehouse space with 3,420 SF office on 8.4 acres; Currently leased NNN to Nilodor through April 1, 2027 with a 1‑year option remaining; Heavy power and airlines in place, with room for expansion