Vintage Office Building with
For Sale
$450,000
148 E Miller Ave., Akron, OH 44301
Office building with storage units on 1.396 acres.
Property Size13,141 SF
Lot Size1.40 Acres
Price / SF$74.14
Days on Market158
Property Features for 148 E Miller Ave.
General Information
Standard status
Active
Size
13,141 SF
Class
B
Lot size
1.40 Acres
Property subtype
Office
Building Details
Building Size
13,141 SF
Year Built
1930
Listing Agency:
NAI Pleasant Valley
Listed By:
Robert Raskow, SIOR · License #SAL.0000347491
(330) 697-6818
Source:
Naiglobal
Added: Apr 1
Changed: Sep 4
Last Checked: Sep 4 at 5:22AM
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 NAI Pleasant Valley
Investment Insights
Based on property information with market context.
This property features a vintage office building and 23 storage/warehouse units, situated on 1.396 acres. The office building provides 6,070 square feet of space. Additionally, there are 23 storage units totaling 7,071 square feet. The property includes newer roof top air conditioning units and fiber optic cable.
Key Highlights
- 23 Storage/Warehouse Units totaling 7,071 SF
- 6,070 SF Office Building
- Located on 1.396 Acres
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
$28,308
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
6.29%
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%
$566,160
$566.2K
Cap Rate 7%
$404,400
$404.4K
Cap Rate 9%
$314,533
$314.5K
Market Conditions
NOI Build-Up for 6,070 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
$41.5K $6.84/SF
− Vacancy
−$1.1K −$0.18/SF
EGI
$40.4K $6.66/SF
− OpEx
−$12.1K −$2.00/SF
NOI
$28.3K $4.66/SF
Area
Akron, OH
Vacancy
2.60%
Lease Rate
$6.84 /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%
$566,160
Cap Rate 7%
$404,400
Cap Rate 9%
$314,533
Alternative Uses
Best Use
Office B
$1.03M
$897.4K – $1.20M
NOI $71,790 @ 7.0% cap · market cap 15.95%
Second Best
Self Storage
$730.4K
$639.1K – $852.1K
NOI $51,128 @ 7.0% cap · market cap 11.36%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,274 @ 7.0% cap · market cap 23.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
553
Businesses Nearby
Explore this area
Business Placement
Demographics for 44301, OH
14,364
Population
6,859
Households
2.1
Avg Household Size
37
Median Age
20%
College-Educated
89%
High-School Grad
3.6 sq mi
ZIP Area
3,990
Density / Sq Mi
$52,134
Median Household Income
$34,553
Median Earnings
$990
Median Rent
$103,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with storage units on 1.396 acres.
Where is this office building located?
The property is located at 148 E Miller Ave. Akron, 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: 23 Storage/Warehouse Units totaling 7,071 SF; 6,070 SF Office Building; Located on 1.396 Acres
