Free Standing Warehouse
For Sale
$649,000
1111 Tennessee Ave, Cincinnati, OH 45229
Free standing 9,000 SF warehouse/flex/retail building with fenced outdoor storage and three 10' x 10' overhead doors.
Property Size9,000 SF
Price / SF$72.11
Days on Market201
Property Features for 1111 Tennessee Ave
General Information
Standard status
Active
Size
9,000 SF
Property subtype
Street Retail
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Clear Height
11.2 ft
Amenities
Large Pylon Signage
Building Details
Building Size
9,000 SF
Year Built
1971
Listing Agency:
NAI | Bergman
Listed By:
David Metz · License #SAL.2002005228
(513) 769-1700
Source:
Thebrokerlist
Added: Feb 18
Changed: Sep 3
Last Checked: Jul 23 at 10:23AM
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 NAI | Bergman
Investment Insights
Based on property information with market context.
The property is a free standing 9,000 SF warehouse/flex/retail building. The facility includes fenced outdoor storage and three overhead doors sized 10' x 10'. Ceiling height reaches 11'2".
The building is located on Tennessee Ave near Paddock Road within Norwood Lateral. Access is described as Paddock Rd to Tennessee Ave.
Recent improvements include new HVAC installed in 2021. The property also features large pylon signage.
The building is located on Tennessee Ave near Paddock Road within Norwood Lateral. Access is described as Paddock Rd to Tennessee Ave.
Recent improvements include new HVAC installed in 2021. The property also features large pylon signage.
Key Highlights
- Free‑standing 9,000 SF warehouse/flex/retail building on Tennessee Ave near Paddock Rd
- Warehouse/flex/retail space plus fenced outdoor storage
- Three 10' x 10' overhead doors
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
$52,647
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%
$1,052,940
$1.1M
Cap Rate 7%
$752,100
$752.1K
Cap Rate 9%
$584,967
$585.0K
Market Conditions
NOI Build-Up for 9,000 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
$67.0K $7.44/SF
− Vacancy
−$5.0K −$0.56/SF
EGI
$61.9K $6.88/SF
− OpEx
−$9.3K −$1.03/SF
NOI
$52.6K $5.85/SF
Area
Cincinnati, OH
Vacancy
7.50%
Lease Rate
$7.44 /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%
$1,052,940
Cap Rate 7%
$752,100
Cap Rate 9%
$584,967
Alternative Uses
Best Use
Retail
$1.48M
$1.30M – $1.73M
NOI $103,761 @ 7.0% cap · market cap 15.99%
Second Best
Flex RnD
$1.12M
$979.3K – $1.31M
NOI $78,343 @ 7.0% cap · market cap 12.07%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,235 @ 7.0% cap · market cap 19.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11 ft
Clear height
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45229, OH
12,540
Population
7,813
Households
1.6
Avg Household Size
37
Median Age
31%
College-Educated
87%
High-School Grad
2.7 sq mi
ZIP Area
4,644
Density / Sq Mi
$30,829
Median Household Income
$25,772
Median Earnings
$831
Median Rent
$316,000
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.
Frequently Asked Questions
What type of property is this?
Flex space - Free standing 9,000 SF warehouse/flex/retail building with fenced outdoor storage and three 10' x 10' overhead doors.
Where is this flex space located?
The property is located at 1111 Tennessee Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Free‑standing 9,000 SF warehouse/flex/retail building on Tennessee Ave near Paddock Rd; Warehouse/flex/retail space plus fenced outdoor storage; Three 10' x 10' overhead doors
