Vermilion Automotive and Retail
For Sale
$1,790,000
4545 Liberty Avenue, Vermilion, OH 44089
Automotive and retail property with frontage on Liberty Avenue.
Property Size26,360 SF
Price / SF$67.91
Days on Market140
Property Features for 4545 Liberty Avenue
General Information
Standard status
Active
Size
26,360 SF
Property subtype
Industrial
Listing Agency:
CBRE - Cleveland
(216) 363-6435
Listed By:
Mike Petrigan · License #SAL.0000435412
(216) 363-6435
Source:
Cbre
Added: Mar 25
Changed: Jul 6
Last Checked: Aug 11 at 12:38PM
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 CBRE - Cleveland
Investment Insights
Based on property information with market context.
This commercial property in Vermilion, Ohio, features two buildings suitable for automotive and retail use. The front building has a total area of 15,160 square feet, including a 1,220-square-foot showroom, a 1,610-square-foot office and customer lounge area with four offices, and an 8,330-square-foot service center. The service center is equipped with three lifts (two 7,000 lb lifts and one 9,000 lb lift), bathrooms, radiant tube heat, and three 14' x 14' overhead doors, with a 14' clear height. A 4,000-square-foot parts department includes two overhead doors (one 8' x 8' and one 8' x 10'). The back building measures 11,200 square feet (70' x 160') and features radiant tube heat, a 14' to 16' clear height, and a 7,000 lb lift. It also includes two 12' x 14' overhead doors, three compressors (Ingersoll-Rand, Campbell Hausfeld & Devair), and two paint booths: a Blowtherm booth built in 2002 (14'W x 26'D x 10'H) and a Sima booth built in 2000 (14'W x 28'D x 12'H). The property benefits from its location in a pro-development community, close proximity to Lake Erie, and high visibility with over 311' of frontage on Liberty Avenue, which sees 14,214 vehicles per day.
Key Highlights
- Total of 26,360 SF across two buildings
- Front building service center equipped with 3 lifts and 3 overhead doors
- Back building includes two paint booths and a 7,000 lb lift
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
$108,318
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
6.05%
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%
$2,166,360
$2.2M
Cap Rate 7%
$1,547,400
$1.5M
Cap Rate 9%
$1,203,533
$1.2M
Market Conditions
NOI Build-Up for 26,360 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
$169.0K $6.41/SF
− Vacancy
−$14.2K −$0.54/SF
EGI
$154.7K $5.87/SF
− OpEx
−$46.4K −$1.76/SF
NOI
$108.3K $4.11/SF
Area
Erie County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
30.00%
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%
$2,166,360
Cap Rate 7%
$1,547,400
Cap Rate 9%
$1,203,533
Alternative Uses
Best Use
Retail
$6.82M
$5.97M – $7.95M
NOI $477,279 @ 7.0% cap · market cap 26.66%
Second Best
Industrial
$1.55M
$1.35M – $1.81M
NOI $108,318 @ 7.0% cap · market cap 6.05%
Theoretical Best
Multifamily LT 5
$290.09M
$253.83M – $338.44M
NOI $20,306,233 @ 7.0% cap · market cap 1,134.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
61k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 32%
Groceries 30%
Shops & Services 27%
Apparel 9%
Giant Eagle Supermarket
Groceries
18,382 visits/mo
0.4 miles
McDonald's
Dining
13,739 visits/mo
0.1 miles
Speedway
Shops & Services
8,142 visits/mo
0.1 miles
Goodwill
Apparel
5,233 visits/mo
0.5 miles
BP
Shops & Services
3,265 visits/mo
0.2 miles
Demographics for 44089, OH
15,899
Population
8,012
Households
2
Avg Household Size
50
Median Age
29%
College-Educated
93%
High-School Grad
34.6 sq mi
ZIP Area
460
Density / Sq Mi
$72,045
Median Household Income
$43,836
Median Earnings
$1,102
Median Rent
$197,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Liberty Ford Lincoln Service — 4215 East, 4215 Liberty Ave, Vermilion, OH 44089
- Liberty Ford Vermilion Collision — 4215 liberty ave, vermilion, oh 44089
- Conrad's Tire Express & Total Car Care — 4813 Liberty Ave, Vermilion, OH 44089
- Liberty Vermilion Auto Body Collision Repair — 4395 Liberty Ave, Vermilion, OH 44089
- Liberty Vermilion Service — 4215 Liberty Ave, Vermilion, OH 44089
Frequently Asked Questions
What type of property is this?
Auto shop - Automotive and retail property with frontage on Liberty Avenue.
Where is this auto shop located?
The property is located at 4545 Liberty Avenue Vermilion, OH.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Total of 26,360 SF across two buildings; Front building service center equipped with **3 lifts** and **3 overhead doors**; Back building includes **two paint booths** and a 7,000 lb lift
