Properties For Sale

at 1151 East St

1151 East St AVAILABLE, Now

Floor 1

Size 19,440 SF

Type INDUSTRIAL

Lease Type NNN

Sublease No

19,440± SF Facility 2,520± SF Two-Story Office Space Newly Renovated 16,920± SF Repair Facility, Storage Two (2) New - Used Oil Furnaces (2021) 5.69± Acres Newly Paved - 115,000± SF Asphalt Over 1 Acre Fenced-In Storage Area - “Fairport Storage” Building Converted from a Truck Terminal into a Full Service Semi Repair Facility Located on East St (State Route 535) The Subject Property is within Close Proximity to SR 2 & SR 44 and Interstate 90 Entire Property Available For Lease Tenant will Receive Exclusive Rights to Storage Areas as well as Exclusive Rights to Commercial Truck Yard

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Listing Agency: Global Real Estate Advisors Show Phone

Listed By: Neil Sawicki, SIOR, Broker Show Phone

Source: Moodyscre

Added: Jan 14, 2025 Changed: Oct 25 Last Checked: Oct 26 at 6:55PM

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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 Global Real Estate Advisors

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Investment Insights

Based on property information with market context.

This 19,440± SF facility includes 2,520± SF of newly renovated two-story office space and 16,920± SF of repair facility and storage space. The building was converted from a truck terminal into a full-service semi-repair facility. It features two new used oil furnaces installed in 2021. Situated on 5.69± acres, the property includes a newly paved 115,000± SF asphalt area and over 1 acre of fenced-in storage known as "Fairport Storage." Located on East St (State Route 535), the property is in close proximity to SR 2, SR 44, and Interstate 90. The entire property is available for lease, and the tenant will receive exclusive rights to the storage areas and the commercial truck yard.

Key Highlights

• 16,920± SF Repair Facility/Storage: Large space ideal for semi‑truck repair or storage.
• Over 1 Acre Fenced‑In Storage Area: Secure and exclusive storage space.
• Newly Paved 115,000± SF Asphalt: Provides ample and well‑maintained outdoor space.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$90,861

Cap Rate

5.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,817,220 $1.8M

Cap Rate 7%

$1,298,014 $1.3M

Cap Rate 9%

$1,009,567 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 19,440 SF

Gross rent

$111.0K $5.71/SF

− Vacancy

−$4.1K −$0.21/SF

EGI

$106.9K $5.50/SF

− OpEx

−$16.0K −$0.82/SF

NOI

$90.9K $4.67/SF

Area

Lake County, OH

Vacancy

3.70%

Lease Rate

$5.71 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,817,220

Cap Rate 7%

$1,298,014

Cap Rate 9%

$1,009,567

Alternative Uses

Best Use

Warehouse

$1.30M

$1.14M – $1.51M (±1% cap)

NOI $90,861 @ 7.0% cap · market cap 5.05%

Second Best

Industrial

$1.07M

$935.3K – $1.25M (±1% cap)

NOI $74,827 @ 7.0% cap · market cap 4.16%

Theoretical Best

Office A

$4.49M

$3.93M – $5.24M (±1% cap)

NOI $314,295 @ 7.0% cap · market cap 17.46%

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

Property Analytics

Current Use

Truck terminals

Suggested Use

Top Pick Dental Office Real Estate Agency Electrical Service (Bike/Boat/Book/etc) Store Hair Salon Auto Parts 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.

Location Intelligence

Trade Area within ½ mile

225

Businesses Nearby

Explore this area Business Placement

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

Frequently Asked Questions

What type of property is this?

Truck terminal - 19,440± SF renovated truck repair facility with storage.

Where is this truck terminal located?

The property is located at 1151 East St Fairport Harbor, OH.

What is the asking price?

The asking price for this property is $1,800,000.

What are key features of this property?

This property features: 16,920± SF Repair Facility/Storage: Large space ideal for semi‑truck repair or storage.; Over 1 Acre Fenced‑In Storage Area: Secure and exclusive storage space.; Newly Paved 115,000± SF Asphalt: Provides ample and well‑maintained outdoor space.