Listing Agency: NAI Spring Show Phone

Listed By: Bryce Custer, SIOR, CCIM · License #BRKM.2017004455 Show Phone

Source: Moodyscre

Added: Jul 10, 2023 Changed: Sep 3 Last Checked: Sep 12 at 11:23AM

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Investment Insights

Based on property information with market context.

This industrial/flex space offers a total of 10,600 SF and is available for sale or lease. The layout is well-suited for businesses that need both functional industrial space and flexible work or operational areas.

The property is located at 10708 Market St in North Lima, OH 44452.

Key Highlights

• 10,600 SF industrial/flex space
• Available for sale or lease
• Property located at 10708 Market St, North Lima, OH 44452

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

$43,557

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

2.90%

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%

$871,140 $871.1K

Cap Rate 7%

$622,243 $622.2K

Cap Rate 9%

$483,967 $484.0K

Market Conditions

NOI Build-Up for 10,600 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

$67.9K $6.41/SF

− Vacancy

−$5.7K −$0.54/SF

EGI

$62.2K $5.87/SF

− OpEx

−$18.7K −$1.76/SF

NOI

$43.6K $4.11/SF

Area

Mahoning 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%

$871,140

Cap Rate 7%

$622,243

Cap Rate 9%

$483,967

Alternative Uses

Best Use

Industrial

$622.2K

$544.5K – $726.0K (±1% cap)

NOI $43,557 @ 7.0% cap · market cap 2.90%

Second Best

Flex RnD

$590.6K

$516.8K – $689.0K (±1% cap)

NOI $41,340 @ 7.0% cap · market cap 2.76%

Theoretical Best

Office A

$2.00M

$1.75M – $2.33M (±1% cap)

NOI $140,022 @ 7.0% cap · market cap 9.33%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick HVAC Service Dental Office Auto Parts Store Real Estate Agency Spa & Massage Center Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

81

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 44452, OH

3,114

Population

1,166

Households

2.7

Avg Household Size

50

Median Age

28%

College-Educated

92%

High-School Grad

13.7 sq mi

ZIP Area

227

Density / Sq Mi

$60,000

Median Household Income

$44,875

Median Earnings

$738

Median Rent

$223,800

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Industrial and flex space totaling 10,600 SF, available for sale or lease.

Where is this flex space located?

The property is located at 10708 Market St North Lima, OH.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: 10,600 SF industrial/flex space; Available for sale or lease; Property located at 10708 Market St, North Lima, OH 44452