Corner Auto Repair
For Sale
$147,998
1507 Cleveland Road Sandusky, Sandusky, OH 44870
AS-IS auto repair property with paved parking and corner lot exposure at a major intersection.
Property Size1,424 SF
Lot Size0.39 Acres
Price / SF$103.93
Days on Market34
Property Features for 1507 Cleveland Road Sandusky
General Information
Standard status
Active
Size
1,424 SF
Total Parking Spaces
25
Lot size
0.39 Acres
Amenities
Yes
ON
320
1104
Public Records
174.69
Public
25.00
irr 174 x79.41 x 166 rear x 133.98 east
0.3900
379482.05
No
Block
Building Details
Year Built
1945
Stories
1
Listing Agency:
(614) 660-5959
Listed By:
Joe Herban
(614) 660-5959
Source:
Movenowohio
Added: Jul 7
Changed: Aug 8
Last Checked: Aug 9 at 5:03AM
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 Joe Herban
Investment Insights
Based on property information with market context.
The property is currently operating as an auto repair shop and is being sold AS IS. The site includes paved parking on a corner lot, providing an on-site area for customer and service vehicles. A tenant has expressed interest in remaining on a month-to-month lease structure.
The location sits at the intersection of Cleveland Rd and Butler Rd, with exposure to passing traffic. It is positioned on the eastern corner of McKinley St, offering frontage and visibility consistent with retail and service uses that rely on drive-by customers.
For buyers or operators, this configuration supports continued automotive service activity on a compact site with convenient paved parking. The existing use and expressed month-to-month tenant interest may appeal to parties looking for an owner-operator setup or an immediate continuation of the current repair shop operations, subject to the terms of the tenant arrangement and an AS-IS purchase condition.
The location sits at the intersection of Cleveland Rd and Butler Rd, with exposure to passing traffic. It is positioned on the eastern corner of McKinley St, offering frontage and visibility consistent with retail and service uses that rely on drive-by customers.
For buyers or operators, this configuration supports continued automotive service activity on a compact site with convenient paved parking. The existing use and expressed month-to-month tenant interest may appeal to parties looking for an owner-operator setup or an immediate continuation of the current repair shop operations, subject to the terms of the tenant arrangement and an AS-IS purchase condition.
Key Highlights
- AS‑IS auto repair property with block exterior and electricity on
- 0.39‑acre corner lot with 174.69 ft frontage on Cleveland Rd/Butler intersection
- Paved parking lot with total of 25 parking spaces
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
$5,851
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
3.95%
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%
$117,020
$117.0K
Cap Rate 7%
$83,586
$83.6K
Cap Rate 9%
$65,011
$65.0K
Market Conditions
NOI Build-Up for 1,424 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
$9.1K $6.41/SF
− Vacancy
−$769 −$0.54/SF
EGI
$8.4K $5.87/SF
− OpEx
−$2.5K −$1.76/SF
NOI
$5.9K $4.11/SF
Area
Erie County, OH
Vacancy
8.42%
Lease Rate
$6.41 /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%
$117,020
Cap Rate 7%
$83,586
Cap Rate 9%
$65,011
Alternative Uses
Best Use
Retail
$368.3K
$322.3K – $429.7K
NOI $25,783 @ 7.0% cap · market cap 17.42%
Second Best
Industrial
$83.6K
$73.1K – $97.5K
NOI $5,851 @ 7.0% cap · market cap 3.95%
Theoretical Best
Multifamily LT 5
$15.67M
$13.71M – $18.28M
NOI $1,096,968 @ 7.0% cap · market cap 741.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Well-served
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - AS-IS auto repair property with paved parking and corner lot exposure at a major intersection.
Where is this auto shop located?
The property is located at 1507 Cleveland Road Sandusky Sandusky, OH.
What is the asking price?
The asking price for this property is $147,998.
What are key features of this property?
This property features: AS‑IS auto repair property with block exterior and electricity on; 0.39‑acre corner lot with 174.69 ft frontage on Cleveland Rd/Butler intersection; Paved parking lot with total of 25 parking spaces
