Flex Industrial
For Sale
Contact for pricing
1601 Sheridan Avenue, Springfield, OH 45505
Light Industrial-zoned property combines heated shop space with conditioned offices and two restrooms.
Property Size11,600 SF
Price / SF$77.16
Days on Market21
Property Features for 1601 Sheridan Avenue
General Information
Standard status
Active
Size
11,600 SF
Property subtype
Industrial
Zoning
Light Industrial
Building Details
Year Built
2013
Buildings
1
Listing Agency:
Apex Commercial Group, LLC
Listed By:
Matt Tunnacliffe · License #OH
Source:
Crexi
Added: Aug 11
Changed: Aug 30
Last Checked: Aug 30 at 9:57PM
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 Apex Commercial Group, LLC
Investment Insights
Based on property information with market context.
Built in 2013, this 11,600-square-foot flex industrial building combines shop, warehouse, and office areas within a practical layout. The shop includes radiant heat and a 6-inch concrete floor, while the office portion is heated and air-conditioned. Two restrooms support daily operations, and an oil separator serves the floor drains.
Material handling and vehicle access are supported by three 14' x 14' overhead doors and two 12' x 10' overhead doors. The site also provides room for parking, outdoor storage, equipment, or expansion. Light Industrial zoning and the rear loading-dock potential add further functional flexibility for industrial operations.
Material handling and vehicle access are supported by three 14' x 14' overhead doors and two 12' x 10' overhead doors. The site also provides room for parking, outdoor storage, equipment, or expansion. Light Industrial zoning and the rear loading-dock potential add further functional flexibility for industrial operations.
Key Highlights
- 11,600‑square‑foot industrial building constructed in 2013
- Three 14' x 14' overhead doors and two 12' x 10' overhead doors
- Radiant‑heated shop with a 6‑inch concrete floor
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
$57,881
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
6.47%
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%
$1,157,620
$1.2M
Cap Rate 7%
$826,871
$826.9K
Cap Rate 9%
$643,122
$643.1K
Market Conditions
NOI Build-Up for 11,600 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
$74.4K $6.41/SF
− Vacancy
−$6.3K −$0.54/SF
EGI
$68.1K $5.87/SF
− OpEx
−$10.2K −$0.88/SF
NOI
$57.9K $4.99/SF
Area
Clark County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
15.00%
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%
$1,157,620
Cap Rate 7%
$826,871
Cap Rate 9%
$643,122
Alternative Uses
Best Use
Office B
$2.21M
$1.93M – $2.58M
NOI $154,503 @ 7.0% cap · market cap 17.26%
Second Best
Warehouse
$826.9K
$723.5K – $964.7K
NOI $57,881 @ 7.0% cap · market cap 6.47%
Theoretical Best
Specialty Retail
$3.24M
$2.83M – $3.77M
NOI $226,491 @ 7.0% cap · market cap 25.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45505, OH
19,708
Population
9,365
Households
2.1
Avg Household Size
38
Median Age
10%
College-Educated
84%
High-School Grad
13.6 sq mi
ZIP Area
1,449
Density / Sq Mi
$42,409
Median Household Income
$30,322
Median Earnings
$802
Median Rent
$87,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cozy Cauldron Cookies & Catering — 1322 Sunset Ave, Springfield, OH 45505
Frequently Asked Questions
What type of property is this?
Flex space - Light Industrial-zoned property combines heated shop space with conditioned offices and two restrooms.
Where is this flex space located?
The property is located at 1601 Sheridan Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 11,600‑square‑foot industrial building constructed in 2013; Three 14' x 14' overhead doors and two 12' x 10' overhead doors; Radiant‑heated shop with a 6‑inch concrete floor
