Modern Office-Shop Flex
For Sale
$420,000
1401 Edgewater Avenue Sandusky, Sandusky, OH 44870
Fully renovated flex property with main office-shop space, epoxy shop floors, and a fully insulated secondary steel building.
Property Size2,561 SF
Price / SF$163
Days on Market63
Property Features for 1401 Edgewater Avenue Sandusky
General Information
Standard status
Active
Size
2,561 SF
Total Parking Spaces
6
Zoning
Commercial
Amenities
Yes
ON
Public Records
Public
6.00
0.3600
1166666.67
No
Aluminum
Building Details
Year Built
1981
Stories
1
Listing Agency:
Russell Commercial Advisory
(330) 472-2967
Listed By:
Christina Moretti · License #2022001084
(330) 472-2967
Source:
Christinamoretti.exprealty
Added: Jun 23
Changed: Aug 23
Last Checked: Aug 22 at 6:28AM
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 Russell Commercial Advisory
Investment Insights
Based on property information with market context.
This fully renovated commercial flex property was remodeled from the studs and converted from a former medical office layout into a modern office/shop space. Renovations included new electrical and plumbing, copper water lines, sewer lines beneath the floors, insulation and vapor barrier, and updated mechanical systems. Interior features include updated windows, a garage door, vinyl laminate flooring, modern lighting, and a full bathroom with a 60x32 shower. The shop floor is epoxy-coated and supported by reinforced concrete floors with a trench drain system. A security system includes 8 Lorex 4K HD cameras updated in 2024.
A lean-to addition was added to the south side in 2015, and a second steel building was added in 2016. The secondary building is fully insulated, and gas and water lines have been extended there and are ready for connection. Additional improvements include reinforced concrete sidewalks and parking areas, fresh exterior paint being completed, a locking steel entrance gate installed in 2018, and new steel panel fencing installed in 2026. An upgraded catch basin and reinforced concrete entrance were completed in 2025, and a reinforced concrete apron was installed in front of the newer building shortly after construction.
A lean-to addition was added to the south side in 2015, and a second steel building was added in 2016. The secondary building is fully insulated, and gas and water lines have been extended there and are ready for connection. Additional improvements include reinforced concrete sidewalks and parking areas, fresh exterior paint being completed, a locking steel entrance gate installed in 2018, and new steel panel fencing installed in 2026. An upgraded catch basin and reinforced concrete entrance were completed in 2025, and a reinforced concrete apron was installed in front of the newer building shortly after construction.
Key Highlights
- 1981‑built commercial flex property remodeled from the studs; former medical office layout updated to modern office/shop space
- Renovations include new electrical, plumbing, copper water lines, sewer lines under floors, insulation, vapor barrier, and updated mechanical systems
- Main building features include vinyl laminate flooring, epoxy‑coated shop floor, modern lighting, and a full bathroom with a 60x32 shower
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
$31,768
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
7.56%
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%
$635,360
$635.4K
Cap Rate 7%
$453,829
$453.8K
Cap Rate 9%
$352,978
$353.0K
Market Conditions
NOI Build-Up for 2,561 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
$55.0K $21.48/SF
− Vacancy
−$12.7K −$4.94/SF
EGI
$42.4K $16.54/SF
− OpEx
−$10.6K −$4.13/SF
NOI
$31.8K $12.40/SF
Area
Erie County, OH
Vacancy
23.00%
Lease Rate
$21.48 /SF/Yr
Expense Ratio
25.00%
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%
$635,360
Cap Rate 7%
$453,829
Cap Rate 9%
$352,978
Alternative Uses
Best Use
Office B
$453.8K
$397.1K – $529.5K
NOI $31,768 @ 7.0% cap · market cap 7.56%
Second Best
Flex RnD
$286.0K
$250.3K – $333.7K
NOI $20,021 @ 7.0% cap · market cap 4.77%
Theoretical Best
Multifamily LT 5
$28.18M
$24.66M – $32.88M
NOI $1,972,848 @ 7.0% cap · market cap 469.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44870, OH
40,416
Population
19,991
Households
2
Avg Household Size
43
Median Age
25%
College-Educated
90%
High-School Grad
60.7 sq mi
ZIP Area
666
Density / Sq Mi
$58,797
Median Household Income
$36,056
Median Earnings
$863
Median Rent
$148,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Fully renovated flex property with main office-shop space, epoxy shop floors, and a fully insulated secondary steel building.
Where is this flex space located?
The property is located at 1401 Edgewater Avenue Sandusky Sandusky, OH.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 1981‑built commercial flex property remodeled from the studs; former medical office layout updated to modern office/shop space; Renovations include new electrical, plumbing, copper water lines, sewer lines under floors, insulation, vapor barrier, and updated mechanical systems; Main building features include vinyl laminate flooring, epoxy‑coated shop floor, modern lighting, and a full bathroom with a 60x32 shower
