Self Storage
New
For Sale
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111 TREMONT CITY RD, Springfield, OH 45502
Built in 1996, the facility is currently 92% occupied.
Property Size54,438 SF
Price / SF$61.54
Days on Market7
Property Features for 111 TREMONT CITY RD
General Information
Standard status
Active
Size
54,438 SF
Total Parking Spaces
80
Property subtype
Self Storage
Occupancy
92%
Investment Type
Stabilized
Net Operating Income
$217,022
Building Details
Year Built
1996
Year Renovated
2025
Buildings
16
Stories
1
Units
376
Listing Agency:
Marcus & Millichap - Chicago Oak Brook
(630) 570-2200
Listed By:
Sean Delaney · License #IL 475.141529
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 2:27AM
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 Marcus & Millichap - Chicago Oak Brook
Investment Insights
Based on property information with market context.
This self-storage facility was constructed in 1996 and is currently 92% occupied. The property is offered as a self-storage asset with existing occupancy and operating history.
Key Highlights
- 92% current occupancy
- Constructed in 1996
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
$271,631
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
8.11%
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%
$5,432,620
$5.4M
Cap Rate 7%
$3,880,443
$3.9M
Cap Rate 9%
$3,018,122
$3.0M
Market Conditions
NOI Build-Up for 54,438 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
$348.9K $6.41/SF
− Vacancy
−$29.4K −$0.54/SF
EGI
$319.6K $5.87/SF
− OpEx
−$47.9K −$0.88/SF
NOI
$271.6K $4.99/SF
Area
Clark County, OH
Vacancy
8.42%
Lease Rate
$6.41 /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%
$5,432,620
Cap Rate 7%
$3,880,443
Cap Rate 9%
$3,018,122
Alternative Uses
Best Use
Self Storage
$6.83M
$5.97M – $7.96M
NOI $477,857 @ 7.0% cap · market cap 14.26%
Second Best
Warehouse
$3.88M
$3.40M – $4.53M
NOI $271,631 @ 7.0% cap · market cap 8.11%
Theoretical Best
Specialty Retail
$15.18M
$13.29M – $17.72M
NOI $1,062,905 @ 7.0% cap · market cap 31.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Explore this area
Business Placement
Demographics for 45502, OH
16,767
Population
7,073
Households
2.4
Avg Household Size
46
Median Age
23%
College-Educated
92%
High-School Grad
115.3 sq mi
ZIP Area
145
Density / Sq Mi
$87,378
Median Household Income
$49,402
Median Earnings
$886
Median Rent
$225,500
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?
Self storage facility - Built in 1996, the facility is currently 92% occupied.
Where is this self storage facility located?
The property is located at 111 TREMONT CITY RD Springfield, OH.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: 92% current occupancy; Constructed in 1996
