Listing Agency: NAI Harmon Group Show Phone

Listed By: Mark Baringer · License ##SAL.0000272275 Show Phone

Source: Moodyscre

Added: Mar 19, 2025 Changed: Sep 12 Last Checked: Sep 14 at 6:10AM

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Investment Insights

Based on property information with market context.

NNN freezer/cooler facility totaling 36,616 SF, offered as a net lease investment. The property is described as guaranteed by a strong national tenant.

Lease structure details include eight years remaining, along with two additional 5-year renewal options. The lease also provides for 3% annual rent escalations.

The offering highlights the economic context of Allen County as a national recognized economic area.

Key Highlights

• 36,616 SF NNN freezer/cooler facility
• Leased under NNN structure
• Guaranteed by a strong national tenant

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

$182,704

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

2.95%

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%

$3,654,080 $3.7M

Cap Rate 7%

$2,610,057 $2.6M

Cap Rate 9%

$2,030,044 $2.0M

Market Conditions

NOI Build-Up for 36,616 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

$234.7K $6.41/SF

− Vacancy

−$19.8K −$0.54/SF

EGI

$214.9K $5.87/SF

− OpEx

−$32.2K −$0.88/SF

NOI

$182.7K $4.99/SF

Area

Allen 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%

$3,654,080

Cap Rate 7%

$2,610,057

Cap Rate 9%

$2,030,044

Alternative Uses

Best Use

Warehouse

$2.61M

$2.28M – $3.05M (±1% cap)

NOI $182,704 @ 7.0% cap · market cap 2.95%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$8.82M

$7.72M – $10.29M (±1% cap)

NOI $617,363 @ 7.0% cap · market cap 9.96%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Hydrofresh HPP Food Processing Plant

Suggested Use

Top Pick Real Estate Agency Big Box & Wholesale Store Law Firm Auto Repair Shop Hair Salon Dental Office

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

31

Businesses Nearby

Explore this area Business Placement

Demographics for 45833, OH

10,682

Population

4,735

Households

2.3

Avg Household Size

41

Median Age

22%

College-Educated

92%

High-School Grad

72.4 sq mi

ZIP Area

148

Density / Sq Mi

$66,919

Median Household Income

$45,558

Median Earnings

$822

Median Rent

$156,000

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this refrigerated & cold storage located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Refrigerated & cold storage - NNN freezer/cooler facility leased to a strong national tenant with eight years remaining and renewal options.

Where is this refrigerated & cold storage located?

The property is located at 1571 Gressel Delphos, OH.

What is the asking price?

The asking price for this property is $6,200,000.

What are key features of this property?

This property features: 36,616 SF NNN freezer/cooler facility; Leased under NNN structure; Guaranteed by a strong national tenant