Building Details

Year Built 1978

Buildings 1

Building Size 30,000 SF

Listing Agency: Berkshire Hathaway HomeServices Koehler Realty j***@aol.com Show Phone

Listed By: James C. Koehler II

Source: Exprealty

Added: Feb 26, 2025 Changed: Aug 30 Last Checked: Aug 30 at 5:48AM

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Investment Insights

Based on property information with market context.

This industrial warehouse property combines 28,000 SF of open warehouse area with 2,000 SF of office space. Constructed in 1978, the building offers ceiling heights reaching 21 feet, two overhead doors measuring 12'x12' and 12'x14', and one dock door. Electrical service includes two 400 AMP services with 440V, three-phase power.

The property encompasses 6.2 acres across 13 parcels at 400 W Elm St in North Baltimore, Ohio, approximately 2 miles west of I-75 and near CSX Intermodal. Zoning includes M-2 general industrial and R-2 medium density residential. Additional land is identified for expansion or future development, with occupancy available April 1, 2025.

Key Highlights

• 28,000 SF open warehouse area plus 2,000 SF of office space
• 6.2 acres spanning 13 parcels
• Ceiling heights reach 21 feet

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

$113,578

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

7.57%

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%

$2,271,560 $2.3M

Cap Rate 7%

$1,622,543 $1.6M

Cap Rate 9%

$1,261,978 $1.3M

Market Conditions

NOI Build-Up for 30,000 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

$190.8K $6.36/SF

− Vacancy

−$16.1K −$0.54/SF

EGI

$174.7K $5.82/SF

− OpEx

−$61.2K −$2.04/SF

NOI

$113.6K $3.79/SF

Area

Wood County, OH

Vacancy

8.42%

Lease Rate

$6.36 /SF/Yr

Expense Ratio

35.00%

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%

$2,271,560

Cap Rate 7%

$1,622,543

Cap Rate 9%

$1,261,978

Alternative Uses

Best Use

Warehouse

$3.17M

$2.77M – $3.69M (±1% cap)

NOI $221,676 @ 7.0% cap · market cap 14.78%

Second Best

Industrial

$2.65M

$2.32M – $3.09M (±1% cap)

NOI $185,343 @ 7.0% cap · market cap 12.36%

Theoretical Best

Office A

$6.99M

$6.11M – $8.15M (±1% cap)

NOI $489,139 @ 7.0% cap · market cap 32.61%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Auto Repair Shop Dental Office Spa & Massage Center

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

Lease Details

21 ft

Clear height

1

Dock-high doors

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

114

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 45872, OH

4,120

Population

2,025

Households

2

Avg Household Size

40

Median Age

12%

College-Educated

92%

High-School Grad

30.7 sq mi

ZIP Area

134

Density / Sq Mi

$62,380

Median Household Income

$34,234

Median Earnings

$732

Median Rent

$113,300

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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Frequently Asked Questions

What type of property is this?

Warehouse - M-2 zoning, overhead doors, dock access, and three-phase power are in place.

Where is this warehouse located?

The property is located at 400 W Elm St North Baltimore, 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: 28,000 SF open warehouse area plus 2,000 SF of office space; 6.2 acres spanning 13 parcels; Ceiling heights reach 21 feet