Heated Flex Space with Drive-In
For Sale
$204,000
165 Kenwood Street #1/2, Elyria, OH 44035
Combined warehouse, garage, and office areas include restroom facilities, water service, and floor drains.
Property Size2,150 SF
Days on Market412
Property Features for 165 Kenwood Street #1/2
General Information
Standard status
Active
Size
2,150 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Outdoor Storage
Yes
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$347
Building Details
Building Size
2,150 SF
Year Built
1999
Listing Agency:
Home Equity Realty Group
(330) 350-0016
Listed By:
Roger L Nair · License #2011001849
(330) 350-0016
Source:
Carolgoffrealestate
Added: Jul 15, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:51PM
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 Home Equity Realty Group
Investment Insights
Based on property information with market context.
This 1999 flex property combines garage, warehouse, and office areas in a practical configuration measuring 50 by 35 feet plus an additional 20-by-20-foot section. The space is heated and includes a restroom, water service, and floor drains. Two drive-in doors, measuring 10 feet and 14 feet, support direct access for vehicles and equipment.
The property is located at 165 Kenwood Street in Elyria, Ohio. A 31-by-127-foot lot accompanies the building and can accommodate parking or outside storage. Commercial zoning supports the property's stated commercial use.
The property is located at 165 Kenwood Street in Elyria, Ohio. A 31-by-127-foot lot accompanies the building and can accommodate parking or outside storage. Commercial zoning supports the property's stated commercial use.
Key Highlights
- Garage, warehouse, and office configuration measuring 50x35 plus 20x20
- Heated interior with restroom
- 10' and 14' drive‑in 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
$9,863
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
4.83%
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%
$197,260
$197.3K
Cap Rate 7%
$140,900
$140.9K
Cap Rate 9%
$109,589
$109.6K
Market Conditions
NOI Build-Up for 2,150 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
$12.1K $5.61/SF
− Vacancy
−$458 −$0.21/SF
EGI
$11.6K $5.40/SF
− OpEx
−$1.7K −$0.81/SF
NOI
$9.9K $4.59/SF
Area
Lorain County, OH
Vacancy
3.80%
Lease Rate
$5.61 /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%
$197,260
Cap Rate 7%
$140,900
Cap Rate 9%
$109,589
Alternative Uses
Best Use
Warehouse
$140.9K
$123.3K – $164.4K
NOI $9,863 @ 7.0% cap · market cap 4.83%
Second Best
Flex RnD
$127.2K
$111.3K – $148.4K
NOI $8,901 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$541.8K
$474.1K – $632.1K
NOI $37,926 @ 7.0% cap · market cap 18.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44035, OH
61,921
Population
29,637
Households
2.1
Avg Household Size
42
Median Age
17%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
1,301
Density / Sq Mi
$54,362
Median Household Income
$38,493
Median Earnings
$871
Median Rent
$147,600
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 - Combined warehouse, garage, and office areas include restroom facilities, water service, and floor drains.
Where is this flex space located?
The property is located at 165 Kenwood Street #1/2 Elyria, OH.
What is the asking price?
The asking price for this property is $204,000.
What are key features of this property?
This property features: Garage, warehouse, and office configuration measuring 50x35 plus 20x20; Heated interior with restroom; 10' and 14' drive‑in doors
