Steel Flex Building with Multiple
For Sale
$625,000
14617 Kettlersville Road, Wapakoneta, OH 45895
Commercial Sale, Wapakoneta, OH
Property Size5,000 SF
Lot Size2.23 Acres
Price / SF$103.48
Days on Market228
Property Features for 14617 Kettlersville Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial, Residential
Parking features
Parking Lot, Garage
Security features
Security Lighting
Interior features
Ceiling Fan(s)
Exterior features
Overhead Door(s)
Fencing
Fenced
Appliances
Electric Water Heater, Water Softener Owned
Directions
I75 to W on US 33/EXIT 110, US 33 Westt to L on Kettlersville Rd. 14617 Kettlersville Rd immediately to R
Subdivision
802 Wapakoneta
Special listing conditions
Auction
Standard status
Active
APN
G2203403401
Size
6,040 SF
Lot size
2.23 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Forced Air, Natural Gas
Cooling system
Central Air
Water source
Well
Amenities
5 bays
mechanical room
reception area
full bath with shower
fenced impound area
Building Details
Year built
2011
Flooring type
Tile, Vinyl, Wood
Building materials
Steel Frame, Steel Siding
Architectural style
Other
Listing Agency:
Brokers Real Estate
(937) 498-4725
Listed By:
Pattie Armstrong
(937) 498-4725
Added: Jan 5
Changed: Aug 20
Last Checked: Aug 21 at 8:06PM
MLS# 1043598
Copyright © 2026 Western Regional Information System & Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes a 6,040-square-foot steel-framed building constructed in 2011 on 2.23 acres. The facility is arranged across five bays with four 14-by-16-foot overhead doors, one 16-by-20-foot overhead door, and three walk-in doors. Interior features include a mechanical room, offices on both levels, a parts area, reception space, and a full bathroom with shower. Central air, forced-air heating, electric service, and natural gas heating are among the building systems. Tile, vinyl, and wood flooring are installed throughout portions of the property.
The site also provides a 200-foot fenced impound area, parking, and a garage. A 20-by-50-foot manufactured home on a permanent foundation is included; it was built in 1989 and updated in 2024, with a two- or three-bedroom layout. The property is served by a private well and septic tank.
The site also provides a 200-foot fenced impound area, parking, and a garage. A 20-by-50-foot manufactured home on a permanent foundation is included; it was built in 1989 and updated in 2024, with a two- or three-bedroom layout. The property is served by a private well and septic tank.
Key Highlights
- 6,040‑square‑foot steel‑framed building completed in 2011 on 2.23 acres
- Five bays with four 14'x16' doors, one 16'x20' door, and 3 walk‑in doors
- Offices, reception area, parts area, mechanical room, and full bath with 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
$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
8.32%
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 8.32%
Second Best
Warehouse
$430.5K
$376.7K – $502.3K
NOI $30,138 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,163 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Steel-framed commercial property combines flexible workspace, offices, service doors, and a fenced outdoor 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 $625,000.
What are key features of this property?
This property features: 6,040‑square‑foot steel‑framed building completed in 2011 on 2.23 acres; Five bays with four 14'x16' doors, one 16'x20' door, and 3 walk‑in doors; Offices, reception area, parts area, mechanical room, and full bath with shower
