Listing Agency: Putman Properties, Inc Show Phone

Listed By: Saylor Putman · License ##BRKP.2024002388 Show Phone

Source: Moodyscre

Added: Feb 1 Changed: Oct 25 Last Checked: Oct 28 at 11:41AM

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Investment Insights

Based on property information with market context.

This flex space property offers a mix of retail, office, service, and warehouse/distribution space within a mostly sprinklered building totaling 112,586 square feet. The property features over 400 free parking spaces on site.

Most leases are triple net, with tenants reimbursing the landlord for their pro rata share of real estate taxes, insurance, and operating expenses. The property is professionally managed.

Join Wayne Dalton, Dee's Restaurant, and Iglesia Evangelica Penta Cristo Viene Church at the property. For sale inquiry and details on current tenants and financials, contact the agent.

Key Highlights

• 112,586 SF flex space with a mix of retail, office, service, and warehouse/distribution space
• Over 400 free parking spaces on site
• Mostly sprinklered building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$448,556

Cap Rate

9.15%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,971,120 $9.0M

Cap Rate 7%

$6,407,943 $6.4M

Cap Rate 9%

$4,983,956 $5.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 112,586 SF

Gross rent

$567.4K $5.04/SF

− Vacancy

−$39.7K −$0.35/SF

EGI

$527.7K $4.69/SF

− OpEx

−$79.2K −$0.70/SF

NOI

$448.6K $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 Rate 5%

$8,971,120

Cap Rate 7%

$6,407,943

Cap Rate 9%

$4,983,956

Alternative Uses

Best Use

Flex RnD

$9.79M

$8.56M – $11.42M (±1% cap)

NOI $685,149 @ 7.0% cap · market cap 13.98%

Second Best

Warehouse

$6.41M

$5.61M – $7.48M (±1% cap)

NOI $448,556 @ 7.0% cap · market cap 9.15%

Theoretical Best

Office A

$20.98M

$18.36M – $24.48M (±1% cap)

NOI $1,468,626 @ 7.0% cap · market cap 29.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office HVAC Service Hair Salon Storage Facility

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

Sprinkler system

Location Intelligence

Trade Area within ½ mile

659

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 44663, OH

25,601

Population

11,702

Households

2.2

Avg Household Size

43

Median Age

21%

College-Educated

91%

High-School Grad

96.2 sq mi

ZIP Area

266

Density / Sq Mi

$62,383

Median Household Income

$36,495

Median Earnings

$859

Median Rent

$177,100

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

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Frequently Asked Questions

What type of property is this?

Flex space - Mostly sprinklered flex space with over 400 on-site parking spaces and triple-net lease structure.

Where is this flex space located?

The property is located at 1109-1139 Bowers NW New Philadelphia, OH.

What is the asking price?

The asking price for this property is $4,900,000.

What are key features of this property?

This property features: 112,586 SF flex space with a mix of retail, office, service, and warehouse/distribution space; Over 400 free parking spaces on site; Mostly sprinklered building