Updated Flex Warehouse and
New
For Sale
$899,000
1243 Tennessee Ave, Cincinnati, OH 45229
Warehouse and office improvements support adaptable industrial and manufacturing use.
Property Size8,696 SF
Price / SF$103.33
Days on Market2
Property Features for 1243 Tennessee Ave
General Information
Standard status
Active
Size
8,696 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Dock-High Doors
1
Amenities
waiting area
break room with kitchenette
Building Details
Year Built
1967
Buildings
1
Building Size
8,696 SF
Listing Agency:
Keller Williams Advisors
Listed By:
Jeffrey J Asquith · License #20174005140
(513) 766-9200
Source:
Lovdalgroup
Added: Sep 6
Last Checked: Sep 6 at 2:55PM
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 Keller Williams Advisors
Investment Insights
Based on property information with market context.
This flex property combines warehouse and office space with a practical mix of features for industrial operations. The warehouse area includes high ceilings, concrete floors, fresh paint, updated LED lighting, a dock, and a roll-up door. Office improvements include a renovated waiting area, a separate office, and an updated break room with kitchenette. Natural light and contemporary finishes add function to the customer-facing areas, while a newer roof supports the building’s ongoing utility.
Built in 1967, the property is located at 1243 Tennessee Ave in Cincinnati, Ohio, between I-71 and I-75. Access is available from the Lateral. The property is offered for sale, and an NNN lease is also being considered.
Built in 1967, the property is located at 1243 Tennessee Ave in Cincinnati, Ohio, between I-71 and I-75. Access is available from the Lateral. The property is offered for sale, and an NNN lease is also being considered.
Key Highlights
- Warehouse and office configuration with adaptable industrial and manufacturing use
- High ceilings, concrete floors, fresh paint, and updated LED lighting
- Single dock and roll‑up door serve the warehouse area
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
$75,732
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
8.42%
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%
$1,514,640
$1.5M
Cap Rate 7%
$1,081,886
$1.1M
Cap Rate 9%
$841,467
$841.5K
Market Conditions
NOI Build-Up for 8,700 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
$125.3K $14.40/SF
− Vacancy
−$8.8K −$1.01/SF
EGI
$116.5K $13.39/SF
− OpEx
−$40.8K −$4.69/SF
NOI
$75.7K $8.70/SF
Area
Cincinnati, OH
Vacancy
7.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$1,514,640
Cap Rate 7%
$1,081,886
Cap Rate 9%
$841,467
Alternative Uses
Best Use
Office B
$1.48M
$1.30M – $1.73M
NOI $103,835 @ 7.0% cap · market cap 11.55%
Second Best
Flex RnD
$1.08M
$946.7K – $1.26M
NOI $75,732 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,061 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
413
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 Office in Cincinnati, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office improvements support adaptable industrial and manufacturing use.
Where is this flex space located?
The property is located at 1243 Tennessee Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Warehouse and office configuration with adaptable industrial and manufacturing use; High ceilings, concrete floors, fresh paint, and updated LED lighting; Single dock and roll‑up door serve the warehouse area
