Listing Agency: Marcus & Millichap | Chicago Downtown Show Phone

Listed By: Alex Gallicho · License #(S):IL:475.204018 Show Phone

Source: Moodyscre

Added: Mar 19, 2025 Changed: Sep 7 Last Checked: Sep 13 at 10:58AM

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Investment Insights

Based on property information with market context.

This industrial property in Cincinnati, OH, offers a substantial warehouse space of 197,014 square feet. The property is intended for use as a warehouse.

Key Highlights

• 197,014 square foot warehouse
• Located in Cincinnati, OH
• Warehouse available

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

$1,152,473

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

4.12%

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%

$23,049,460 $23.0M

Cap Rate 7%

$16,463,900 $16.5M

Cap Rate 9%

$12,805,256 $12.8M

Market Conditions

NOI Build-Up for 197,014 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

$1.47M $7.44/SF

− Vacancy

−$109.9K −$0.56/SF

EGI

$1.36M $6.88/SF

− OpEx

−$203.4K −$1.03/SF

NOI

$1.15M $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%

$23,049,460

Cap Rate 7%

$16,463,900

Cap Rate 9%

$12,805,256

Alternative Uses

Best Use

Warehouse

$16.46M

$14.41M – $19.21M (±1% cap)

NOI $1,152,473 @ 7.0% cap · market cap 4.12%

Second Best

Industrial

$13.78M

$12.06M – $16.07M (±1% cap)

NOI $964,486 @ 7.0% cap · market cap 3.44%

Theoretical Best

Office A

$39.16M

$34.27M – $45.69M (±1% cap)

NOI $2,741,451 @ 7.0% cap · market cap 9.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Enson Cincinnati Inc. Big Box & Wholesale Store

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Building Supply Auto Parts Store Big Box & Wholesale 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

468

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Cincinnati, OH

4.2% 2019

5% 2020

4.1% 2021

1.7% 2022

5.1% 2023

5.6% 2024

6.2% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Industrial property - 197,014 square foot warehouse available in Cincinnati, OH.

Where is this industrial property located?

The property is located at 605 N Wayne Ave Cincinnati, OH.

What is the asking price?

The asking price for this property is $28,000,000.

What are key features of this property?

This property features: 197,014 square foot warehouse; Located in Cincinnati, OH; Warehouse available