Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Warehouse with Office and Freezer Title is generated by Realmo AI

    1597 S Washington St, Millersburg, OH

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Warehouse featuring office space, freezer, and multiple loading docks.

    Type:INDUSTRIAL
    Property size:
    41,000 SF
    Lot size:
    5.31 Acres
    Price / SF:
    $85/SF
    Added:
    Jun 10, 2025
    Days on Market:
    357
    Last Refresh:
    May 20 at 8:44 pm

    Property Features for 1597 S Washington St

    General Information

    Standard status
    Active
    Size
    41,000 SF
    Lot size
    5.31 Acres
    Property subtype
    INDUSTRIAL

    We can help!

    Listing Contact
    Bob Lockett

    Listing agent Bob Lockett

    Listing office Alterra Real Estate Advisors

    Listing date Jun 10, 2025

    Source Moodyscre

    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 Alterra Real Estate Advisors

    HighLights

    • Two Drive‑in Doors (16x14 and 12x10) and Two Docks for versatile loading/unloading.
    • Approximately 1000 SF of Freezer Space for temperature‑sensitive storage.
    • Excess Power to support high‑demand equipment.
    • 18’ Ceiling Height suitable for various storage and operational needs.
    • 1000 SF of Office Space for administrative functions.
    • Directly Across from a Super Walmart offering convenient access and visibility.

    Overview

    This warehouse property includes 1,000 square feet of office space and approximately 1,000 square feet of freezer space. It features a 16x14 drive-in door and a 12x10 drive-in door, along with two docks. The interior layout includes a locker room area and a 20x15 break room. The warehouse has an 18-foot ceiling height and excess power. The property is located directly across from a Super Walmart.

    Local Financial Insights For Warehouse

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $369.0k $9.00
    − Vacancy −$25.5k −$0.62
    EGI $343.5k $8.38
    − OpEx −$51.5k −$1.26
    NOI $292.0k $7.12
    41,000 SF · lease $9.00/SF/yr · vacancy 6.90% · expense 15.00%

    Alternative Uses

    Best Use
    Warehouse
    $4.17M
    $3.65M – $4.87M (±1% cap)
    NOI $292,008 @ 7.0% cap · market cap 8.34%
    Second Best
    Industrial
    $3.44M
    $3.01M – $4.01M (±1% cap)
    NOI $240,477 @ 7.0% cap · market cap 6.87%
    Theoretical Best
    Multifamily LT 5
    $517.73M
    $453.02M – $604.02M (±1% cap)
    NOI $36,241,285 @ 7.0% cap · market cap 1,035.47%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Lock-Safe Rentals — 81 Logsdon Ave, Millersburg, OH 44654

    Location Insight

    • Map
    • Local Demand
    City
    Millersburg
    County
    Holmes
    State
    Ohio
    Longitude
    -81.9158
    Latitude
    40.5341

    Nearby Similar for Sale

    • $1,200,000
      12,000 SF

      Versatile Commercial Property in Millersburg, OH

      3.138-acre commercial property with over 12,000 sqft building space.
      6470 Township Road 310, Millersburg, OH 44654
      View Details
    • $2,250,000
      31,852 SF

      Historic Hotel in Amish Country

      Landmark hotel with restaurant, tavern, and craft retreat business.
      35 W Jackson St, Millersburg, OH 44654
      View Details
    • $3,900,000
      17,833 SF

      Retail/Office/Warehouse Building For Sale

      One-story building near Walmart, anchored by DaVita and Dollar Tree.
      1639 S Washington St, Millersburg, OH 44654
      View Details
    • $3,900,000
      1,300 SF

      Retail/Office/Warehouse Space For Rent

      One-story building with suite available, anchored by credit tenants.
      1633-1639 S Washington St, Millersburg, OH
      View Details

    FAQs

    What type of property is this?
    Warehouse - Warehouse featuring office space, freezer, and multiple loading docks.
    Where is this warehouse located?
    The property is located at 1597 S Washington St Millersburg, OH.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: Two Drive‑in Doors (16x14 and 12x10) and Two Docks for versatile loading/unloading.; Approximately 1000 SF of Freezer Space for temperature‑sensitive storage.; Excess Power to support high‑demand equipment.
    (614) 545-4091 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Bob Lockett
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1597 S Washington St, Millersburg, OH
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!