Flex Space with High-Bay
For Sale
$260,000
3852 County Road 51, Galion, OH 44833
Connected shop, service, and office areas provide a practical footprint for contractor, equipment, automotive, or mixed commercial operations.
Property Size5,348 SF
Lot Size6.90 Acres
Days on Market42
Property Features for 3852 County Road 51
General Information
Standard status
Active
Size
5,348 SF
Lot size
6.90 Acres
Property subtype
Commercial
Zoning
Commercial/Ind
Warehouse & Industrial
Clear Height
14 ft
Office Build-Out
1,168 SF
Additional Details
Outdoor Storage
Yes
Taxes and HOA fees
Annual Taxes
$4,283
Building Details
Building Size
5,348 SF
Listing Agency:
ARX Real Estate
(614) 260-5377
Listed By:
James R Kerr · License #2014000913
Source:
Honnerlawrealestate
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 9:18AM
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 ARX Real Estate
Investment Insights
Based on property information with market context.
This flex property combines 5,348± sq ft of connected shop, service, and office space on 6.9± acres. A 1,972± sq ft high-bay area features 14 ft ceilings and two 12 ft commercial overhead doors, providing enclosed capacity for equipment, vehicles, or fabrication work. The building also includes a 384± sq ft paint booth, two half baths, propane heat, wall A/C, and an oil furnace serving the shop areas.
More than an acre of the site is graveled for parking and outdoor yard use, with room for fleet parking, materials, or contractor staging. A detached 2,160± sq ft pole building adds storage capacity, while an older grain silo remains on the property. The facility is located at 3852 County Road 51 in Galion, Ohio, and is suited to service, contractor, automotive, equipment, or mixed commercial operations.
More than an acre of the site is graveled for parking and outdoor yard use, with room for fleet parking, materials, or contractor staging. A detached 2,160± sq ft pole building adds storage capacity, while an older grain silo remains on the property. The facility is located at 3852 County Road 51 in Galion, Ohio, and is suited to service, contractor, automotive, equipment, or mixed commercial operations.
Key Highlights
- 5,348± sq ft of connected shop, service, and office space
- 6.9± acres with more than an acre of graveled parking and outdoor yard area
- 1,972± sq ft high‑bay section with 14 ft 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
$21,976
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
8.45%
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%
$439,520
$439.5K
Cap Rate 7%
$313,943
$313.9K
Cap Rate 9%
$244,178
$244.2K
Market Conditions
NOI Build-Up for 5,348 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
$34.3K $6.41/SF
− Vacancy
−$2.9K −$0.54/SF
EGI
$31.4K $5.87/SF
− OpEx
−$9.4K −$1.76/SF
NOI
$22.0K $4.11/SF
Area
Crawford 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%
$439,520
Cap Rate 7%
$313,943
Cap Rate 9%
$244,178
Alternative Uses
Best Use
Warehouse
$381.2K
$333.6K – $444.8K
NOI $26,685 @ 7.0% cap · market cap 10.26%
Second Best
Industrial
$313.9K
$274.7K – $366.3K
NOI $21,976 @ 7.0% cap · market cap 8.45%
Theoretical Best
Specialty Retail
$1.05M
$917.3K – $1.22M
NOI $73,387 @ 7.0% cap · market cap 28.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44833, OH
16,786
Population
8,278
Households
2
Avg Household Size
44
Median Age
16%
College-Educated
91%
High-School Grad
90.4 sq mi
ZIP Area
186
Density / Sq Mi
$57,234
Median Household Income
$39,535
Median Earnings
$772
Median Rent
$127,700
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?
Flex space - Connected shop, service, and office areas provide a practical footprint for contractor, equipment, automotive, or mixed commercial operations.
Where is this flex space located?
The property is located at 3852 County Road 51 Galion, OH.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 5,348± sq ft of connected shop, service, and office space; 6.9± acres with more than an acre of graveled parking and outdoor yard area; 1,972± sq ft high‑bay section with 14 ft ceilings
