Multi-Use Flex Industrial
For Sale
$750,000
720 Townline Road 151, Norwalk, OH 44857
Flex-style complex with professional office and showroom, light manufacturing, warehouse space, tall ceilings, and overhead doors.
Property Size11,000 SF
Lot Size1.45 Acres
Price / SF$68.18
Days on Market474
Property Features for 720 Townline Road 151
General Information
Standard status
Active
Size
11,000 SF
Lot size
1.45 Acres
Taxes and HOA fees
Annual Taxes
$5,434
Listing Agency:
Ewell & Associates
Listed By:
Jay A Ewell
(419) 677-1066
Source:
Exprealty
Added: May 19, 2025
Changed: Aug 20
Last Checked: Sep 2 at 2:06AM
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 Ewell & Associates
Investment Insights
Based on property information with market context.
This for-sale commercial property in Norwalk Township sits on a 1.451-acre lot just south of Norwalk and includes more than 11,000 square feet of combined commercial buildings. The space is set up to support a range of uses, with professional office space and a showroom, as well as light manufacturing and warehouse areas. Key physical features include tall ceilings and overhead doors. A paved parking lot is also on site.
The current tenant is expected to be leaving, potentially by June or sooner, creating an opportunity for an owner-user or investor to reposition the property to a new use.
The property’s mixed configuration and existing warehouse and office improvements make it suitable for buyers seeking a multi-use facility within a single site.
The current tenant is expected to be leaving, potentially by June or sooner, creating an opportunity for an owner-user or investor to reposition the property to a new use.
The property’s mixed configuration and existing warehouse and office improvements make it suitable for buyers seeking a multi-use facility within a single site.
Key Highlights
- Commercial property just south of Norwalk on a 1.451‑acre lot
- Over 11,000 sq ft of commercial buildings with professional office and showroom space
- Includes light manufacturing and warehouse space with tall ceilings
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
$54,887
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
7.32%
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%
$1,097,740
$1.1M
Cap Rate 7%
$784,100
$784.1K
Cap Rate 9%
$609,856
$609.9K
Market Conditions
NOI Build-Up for 11,000 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
$70.5K $6.41/SF
− Vacancy
−$5.9K −$0.54/SF
EGI
$64.6K $5.87/SF
− OpEx
−$9.7K −$0.88/SF
NOI
$54.9K $4.99/SF
Area
Huron County, OH
Vacancy
8.42%
Lease Rate
$6.41 /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%
$1,097,740
Cap Rate 7%
$784,100
Cap Rate 9%
$609,856
Alternative Uses
Best Use
Office B
$1.93M
$1.69M – $2.25M
NOI $134,857 @ 7.0% cap · market cap 17.98%
Second Best
Flex RnD
$1.85M
$1.62M – $2.16M
NOI $129,464 @ 7.0% cap · market cap 17.26%
Theoretical Best
Specialty Retail
$2.29M
$2.00M – $2.67M
NOI $160,039 @ 7.0% cap · market cap 21.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44857, OH
23,619
Population
10,579
Households
2.2
Avg Household Size
41
Median Age
21%
College-Educated
93%
High-School Grad
81.6 sq mi
ZIP Area
289
Density / Sq Mi
$62,227
Median Household Income
$42,100
Median Earnings
$795
Median Rent
$170,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Aramark — 255 Shady Ln Dr # A, Norwalk, OH 44857
Frequently Asked Questions
What type of property is this?
Flex space - Flex-style complex with professional office and showroom, light manufacturing, warehouse space, tall ceilings, and overhead doors.
Where is this flex space located?
The property is located at 720 Townline Road 151 Norwalk, OH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Commercial property just south of Norwalk on a 1.451‑acre lot; Over 11,000 sq ft of commercial buildings with professional office and showroom space; Includes light manufacturing and warehouse space with tall ceilings
