Vermilion Freestanding Commercial
For Sale
Contact for pricing
14006 W Lake Rd, Vermilion, OH 44089
3,830 SF commercial building suitable for various uses.
Property Size3,830 SF
Price / SF$207.57
Days on Market169
Property Features for 14006 W Lake Rd
General Information
Standard status
Active
Size
3,830 SF
Property subtype
Mixed Use, Office, Retail, Special Purpose
Zoning
COMMERCIAL
Building Details
Year Built
1988
Buildings
1
Listing Agency:
eXp Commercial
(360) 685-4206
Listed By:
Kas Filippova · License #Oh 2020006531
Source:
Crexi
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 11 at 5:27PM
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 eXp Commercial
Investment Insights
Based on property information with market context.
This 3,830 SF freestanding commercial building, formerly a beauty salon, features a flexible layout suitable for a variety of uses. The property includes 3,013 SF on the first floor and 814 SF on the second floor, with multiple rooms, a laundry room, kitchenette, abundant built-in cabinetry, and extensive plumbing. A major capital improvement includes connection to city sewer. Additional improvements include four furnace units, two hot water tanks, new electrical subpanels, well-maintained landscaping, tile flooring, French doors leading to a rear patio, and a roof approximately 15 years old. The property offers ample on-site parking and a storage shed. With its existing infrastructure and room configuration, the building is well suited for salon or salon suites, wellness offices, restaurant, brewery, or wine bar conversion, assisted living or adult day care, professional office, or other service-oriented uses. Located on West Lake Road in Vermilion, the property offers visibility and accessibility less than one mile from Vermilion’s Historic Harbor Town. The site benefits from close proximity to Lake Erie, with easy access to lakefront recreation, boating, beaches, and seasonal tourism traffic. The property enjoys connectivity to surrounding communities and regional routes leading toward Sandusky, Eastlake, and Greater Northeast Ohio.
Key Highlights
- Highly improved 3,830 SF freestanding commercial building with flexible layout suitable for various uses.
- Major capital improvement: connection to city sewer (estimated $100,000 value).
- Strategically positioned on W Lake Road near Vermilion's Historic Harbor Town, offering excellent visibility and accessibility.
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
$69,347
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
8.72%
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%
$1,386,940
$1.4M
Cap Rate 7%
$990,671
$990.7K
Cap Rate 9%
$770,522
$770.5K
Market Conditions
NOI Build-Up for 3,830 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
$103.4K $27.00/SF
− Vacancy
−$4.3K −$1.13/SF
EGI
$99.1K $25.87/SF
− OpEx
−$29.7K −$7.76/SF
NOI
$69.3K $18.11/SF
Area
Erie County, OH
Vacancy
4.20%
Lease Rate
$27.00 /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%
$1,386,940
Cap Rate 7%
$990,671
Cap Rate 9%
$770,522
Alternative Uses
Best Use
Retail
$990.7K
$866.8K – $1.16M
NOI $69,347 @ 7.0% cap · market cap 8.72%
Second Best
Mixed Use
$183.2K
$160.3K – $213.7K
NOI $12,821 @ 7.0% cap · market cap 1.61%
Theoretical Best
Multifamily LT 5
$42.15M
$36.88M – $49.17M
NOI $2,950,412 @ 7.0% cap · market cap 371.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Explore this area
Business Placement
Demographics for 44089, OH
15,899
Population
8,012
Households
2
Avg Household Size
50
Median Age
29%
College-Educated
93%
High-School Grad
34.6 sq mi
ZIP Area
460
Density / Sq Mi
$72,045
Median Household Income
$43,836
Median Earnings
$1,102
Median Rent
$197,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 3,830 SF commercial building suitable for various uses.
Where is this mixed-use property located?
The property is located at 14006 W Lake Rd Vermilion, OH.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Highly improved 3,830 SF freestanding commercial building with flexible layout suitable for various uses.; Major capital improvement: connection to city sewer (estimated $100,000 value).; Strategically positioned on W Lake Road near Vermilion's Historic Harbor Town, offering excellent visibility and accessibility.
