Two-Building Warehouse
For Sale
Contact for pricing
28990 Anderson Rd, Wickliffe, OH 44092
Two warehouse buildings totaling 5,200 square feet are offered for sale in a single portfolio.
Property Size5,200 SF
Price / SF$81.73
Days on Market159
Property Features for 28990 Anderson Rd
General Information
Standard status
Active
Size
5,200 SF
Property subtype
INDUSTRIAL
Listing Agency:
Green Bridge Real Estate
(216) 469-0030
Listed By:
John M. Wagner · License #BRK2010003646
(216) 469-0030
Source:
Moodyscre
Added: Mar 3
Changed: Jul 22
Last Checked: Jul 22 at 6:50AM
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 Green Bridge Real Estate
Investment Insights
Based on property information with market context.
Two warehouse buildings are offered for sale as part of a portfolio at 28970 Anderson Rd and 28990 Anderson Rd. The listed sizes are 2,736 square feet and 5,211 square feet, respectively, bringing the combined portfolio area to 5,200 square feet as provided.
The offering is structured as a for-sale portfolio with an estimated pro-forma rent of $5.50 per square foot, and both buildings are listed at $425,000.
This is a straightforward warehouse portfolio opportunity for buyers seeking ownership of two separate warehouse assets within the same offering.
The offering is structured as a for-sale portfolio with an estimated pro-forma rent of $5.50 per square foot, and both buildings are listed at $425,000.
This is a straightforward warehouse portfolio opportunity for buyers seeking ownership of two separate warehouse assets within the same offering.
Key Highlights
- Two warehouse buildings offered for sale in a single portfolio
- 28970 Anderson Rd.: 2,736 SF warehouse building
- 28990 Anderson Rd.: 5,211 SF warehouse building
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
$24,304
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
5.72%
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%
$486,080
$486.1K
Cap Rate 7%
$347,200
$347.2K
Cap Rate 9%
$270,044
$270.0K
Market Conditions
NOI Build-Up for 5,200 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
$29.7K $5.71/SF
− Vacancy
−$1.1K −$0.21/SF
EGI
$28.6K $5.50/SF
− OpEx
−$4.3K −$0.82/SF
NOI
$24.3K $4.67/SF
Area
Lake County, OH
Vacancy
3.70%
Lease Rate
$5.71 /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%
$486,080
Cap Rate 7%
$347,200
Cap Rate 9%
$270,044
Alternative Uses
Best Use
Warehouse
$347.2K
$303.8K – $405.1K
NOI $24,304 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,071 @ 7.0% cap · market cap 19.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44092, OH
16,786
Population
8,258
Households
2
Avg Household Size
43
Median Age
28%
College-Educated
95%
High-School Grad
7.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$67,907
Median Household Income
$41,236
Median Earnings
$1,059
Median Rent
$167,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Two warehouse buildings totaling 5,200 square feet are offered for sale in a single portfolio.
Where is this warehouse located?
The property is located at 28990 Anderson Rd Wickliffe, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two warehouse buildings offered for sale in a single portfolio; 28970 Anderson Rd.: 2,736 SF warehouse building; 28990 Anderson Rd.: 5,211 SF warehouse building
