Flex Space with Renovated
For Sale
$450,000
116 Us Highway 224 E, Greenwich, OH 44837
Flex space on just over nine acres with office space, warehousing, and a secondary addition renovated about 15 years ago.
Property Size5,808 SF
Price / SF$77.48
Days on Market38
Property Features for 116 Us Highway 224 E
General Information
Standard status
Active
Size
5,808 SF
Additional Details
Highway Access
Yes
Amenities
scenic pond
Building Details
Year Built
1977
Listing Agency:
RE/MAX Quality Realty
Listed By:
Frank Van Dresser · License #2001016429
(419) 660-1907
Source:
Theacclaimedrealty
Added: Jul 29
Changed: Sep 4
Last Checked: Sep 2 at 2:16AM
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 RE/MAX Quality Realty
Investment Insights
Based on property information with market context.
Flex space on just over 9 acres designed for industrial, storage, fabrication, or light manufacturing uses. The property includes a functional main building with substantial space suited to operations, warehousing, equipment storage, or light manufacturing, plus a dedicated on-site office for administrative needs.
A secondary addition was extensively renovated approximately 15 years ago and includes a newer garage door, an updated roof, and a Modine heater to support efficient day-to-day operations. The property also features a scenic pond on site.
With expansive acreage, the site offers room for outdoor storage, operational flexibility, expansion, or future development, while still providing convenient access to nearby cities and major highways through its US Highway 224 W location.
A secondary addition was extensively renovated approximately 15 years ago and includes a newer garage door, an updated roof, and a Modine heater to support efficient day-to-day operations. The property also features a scenic pond on site.
With expansive acreage, the site offers room for outdoor storage, operational flexibility, expansion, or future development, while still providing convenient access to nearby cities and major highways through its US Highway 224 W location.
Key Highlights
- Just over 9 acres for industrial, storage, fabrication, or light manufacturing uses
- Secondary addition extensively renovated approximately 15 years ago
- Newer garage door plus updated roof in the renovated addition
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
$28,980
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
6.44%
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%
$579,600
$579.6K
Cap Rate 7%
$414,000
$414.0K
Cap Rate 9%
$322,000
$322.0K
Market Conditions
NOI Build-Up for 5,808 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
$37.2K $6.41/SF
− Vacancy
−$3.1K −$0.54/SF
EGI
$34.1K $5.87/SF
− OpEx
−$5.1K −$0.88/SF
NOI
$29.0K $4.99/SF
Area
Huron 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%
$579,600
Cap Rate 7%
$414,000
Cap Rate 9%
$322,000
Alternative Uses
Best Use
Flex RnD
$976.5K
$854.5K – $1.14M
NOI $68,357 @ 7.0% cap · market cap 15.19%
Second Best
Warehouse
$414.0K
$362.3K – $483.0K
NOI $28,980 @ 7.0% cap · market cap 6.44%
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,501 @ 7.0% cap · market cap 18.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44837, OH
4,330
Population
1,643
Households
2.6
Avg Household Size
36
Median Age
18%
College-Educated
84%
High-School Grad
66.8 sq mi
ZIP Area
65
Density / Sq Mi
$69,513
Median Household Income
$42,577
Median Earnings
$731
Median Rent
$157,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
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 - Flex space on just over nine acres with office space, warehousing, and a secondary addition renovated about 15 years ago.
Where is this flex space located?
The property is located at 116 Us Highway 224 E Greenwich, OH.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Just over 9 acres for industrial, storage, fabrication, or light manufacturing uses; Secondary addition extensively renovated approximately 15 years ago; Newer garage door plus updated roof in the renovated addition
