Steel Commercial Warehouse with
For Sale
$775,000
14617 Kettlersville Road, Wapakoneta, OH 45895
Steel-on-steel warehouse built in 2011 includes multiple overhead doors, offices, and a fenced impound area.
Property Size6,040 SF
Price / SF$128.31
Days on Market245
Property Features for 14617 Kettlersville Road
General Information
Standard status
Active
Size
6,040 SF
Property subtype
General Commercial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Service Bays
5
Taxes and HOA fees
Annual Taxes
$1,461
Amenities
mechanical room
2nd floor office
parts area
downstairs office
full bath with shower
reception area
Central Air
3
Parking. Corner Lot.
Garage, Gravel, Paved Driveway, Lot, On Site, Private.
450x216
Overhead Doors, Security Lighting. Corner, State Road, US Highway, Asphalt, Concrete Road, Paved Road.
Building Details
Year Built
2011
Stories
2
Construction
steel on steel
Listing Agency:
Listed By:
Brokers Real Estate
(937) 498-4725
Source:
Xome
Added: Jan 4
Changed: Sep 4
Last Checked: Sep 5 at 5:34AM
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 Brokers Real Estate
Investment Insights
Based on property information with market context.
This steel-on-steel commercial building is approximately 50’ x 100’ and was built in 2011. The space includes five bays, a mechanical room, a parts area, and office space on both the second floor and the downstairs level. Improvements also include a full bath with shower and a reception area. Door access features four 14’ x 16’ doors, one 16’ x 20’ door, and three walk-in doors.
The property includes a 200-foot fenced-in impound area. An onsite manufactured home on a permanent foundation is also included, described as a 1989 unit updated in 2024, with 20’ x 50’ dimensions and currently rented (per the remarks). The sale is being conducted via in-person and online auction, with the auction ending at 7:00 PM Thursday, August 20, 2026 at the property; buyers must sign an acknowledgement of terms to bid.
For additional operational configuration, the building is described as having an on-site parts area and offices, along with substantial fenced storage/impound space for vehicles or materials, supported by multiple exterior doors.
The property includes a 200-foot fenced-in impound area. An onsite manufactured home on a permanent foundation is also included, described as a 1989 unit updated in 2024, with 20’ x 50’ dimensions and currently rented (per the remarks). The sale is being conducted via in-person and online auction, with the auction ending at 7:00 PM Thursday, August 20, 2026 at the property; buyers must sign an acknowledgement of terms to bid.
For additional operational configuration, the building is described as having an on-site parts area and offices, along with substantial fenced storage/impound space for vehicles or materials, supported by multiple exterior doors.
Key Highlights
- 2011 steel‑on‑steel commercial building with offices, reception area, mechanical room, parts area, and full bath with shower
- 50' x 100' building with 4 overhead doors (14' x 16'), one overhead door (16' x 20'), plus 3 walk‑in doors and 5 bays
- 200 ft fenced impound area for equipment/vehicles, plus security lighting and overhead doors
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
$52,012
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
6.71%
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%
$1,040,240
$1.0M
Cap Rate 7%
$743,029
$743.0K
Cap Rate 9%
$577,911
$577.9K
Market Conditions
NOI Build-Up for 6,040 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
$87.0K $14.40/SF
− Vacancy
−$7.0K −$1.15/SF
EGI
$80.0K $13.25/SF
− OpEx
−$28.0K −$4.64/SF
NOI
$52.0K $8.61/SF
Area
Auglaize County, OH
Vacancy
8.00%
Lease Rate
$14.40 /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%
$1,040,240
Cap Rate 7%
$743,029
Cap Rate 9%
$577,911
Alternative Uses
Best Use
Flex RnD
$743.0K
$650.2K – $866.9K
NOI $52,012 @ 7.0% cap · market cap 6.71%
Second Best
Warehouse
$430.5K
$376.7K – $502.3K
NOI $30,138 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,163 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Service bays
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45895, OH
17,974
Population
7,963
Households
2.3
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
187.0 sq mi
ZIP Area
96
Density / Sq Mi
$72,965
Median Household Income
$44,392
Median Earnings
$846
Median Rent
$181,700
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 - Steel-on-steel warehouse built in 2011 includes multiple overhead doors, offices, and a fenced impound area.
Where is this flex space located?
The property is located at 14617 Kettlersville Road Wapakoneta, OH.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 2011 steel‑on‑steel commercial building with offices, reception area, mechanical room, parts area, and full bath with shower; 50' x 100' building with 4 overhead doors (14' x 16'), one overhead door (16' x 20'), plus 3 walk‑in doors and 5 bays; 200 ft fenced impound area for equipment/vehicles, plus security lighting and overhead doors
