Ground-Leased Industrial
172 Reaser Ct Elyria, OH 44035
For Sale
Contact for pricing
Ground-leased industrial property with an established operating tenant in Elyria, Ohio.
Property Size30,620 SF
Price / SF$71.85
Days on Market114
Property Features for 172 Reaser Ct
General Information
- Standard status
- Active
- Size
- 30,620 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 1996
Listing Agency:
Matthews
Listed By:
Evan Cianciolo · License #OH2023004160
Source:
Crexi
Added: Apr 2
Changed: Jul 23
Last Checked: Jul 24 at 10:24AM
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 Matthews
Investment Insights
Based on property information with market context.
This ground-leased industrial facility is offered for sale with an established operating tenant. The investment profile is presented as an in-place, passive ground lease structure intended to reduce management responsibilities and limited capital expenditure exposure. The tenant, North American Kitchen Solutions, provides equipment support, installation, and servicing for restaurant, institutional kitchen, and foodservice operators.
The property is located in Elyria, approximately 25 miles west of Cleveland. The remarks indicate access to major transportation corridors including I-80/90 Ohio Turnpike and I-480, supporting connectivity to the greater Cleveland MSA’s labor pool and logistics infrastructure.
The seller’s materials also describe the offer price as reflecting an 8.00% cap rate and an attractive going-in yield for investors seeking stable in-place cash flow from day one.
The property is located in Elyria, approximately 25 miles west of Cleveland. The remarks indicate access to major transportation corridors including I-80/90 Ohio Turnpike and I-480, supporting connectivity to the greater Cleveland MSA’s labor pool and logistics infrastructure.
The seller’s materials also describe the offer price as reflecting an 8.00% cap rate and an attractive going-in yield for investors seeking stable in-place cash flow from day one.
Key Highlights
- 1996‑built ground‑leased industrial property in Elyria, OH
- Offered at $2,200,000 with an 8.00% cap rate
- Established operating tenant: North American Kitchen Solutions providing ongoing equipment support and servicing
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 | $171.8k | $5.61 |
| − Vacancy | −$6.5k | −$0.21 |
| EGI | $165.3k | $5.40 |
| − OpEx | −$24.8k | −$0.81 |
| NOI | $140.5k | $4.59 |
30,620 SF · lease $5.61/SF/yr · vacancy 3.80% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$2.01M
$1.76M – $2.34M
NOI $140,463 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.72M
$6.75M – $9.00M
NOI $540,137 @ 7.0% cap · market cap 24.55%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
American Hood Systems ...
Production Facility
North American Kitchen ...
Kitchen & Bath Showroom
HoodMart
(Bike/Boat/Book/etc) Store
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- Hideaway Storage of Elyria LLC — 450 Taylor St, Elyria, OH 44035
- CubeSmart Self Storage — 821 Cleveland St, Elyria, OH 44035
- SpareBox Storage — 1130 Taylor St, Elyria, OH 44035
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FAQs
What type of property is this?
Warehouse - Ground-leased industrial property with an established operating tenant in Elyria, Ohio.
Where is this warehouse located?
The property is located at 172 Reaser Ct Elyria, OH.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 1996‑built ground‑leased industrial property in Elyria, OH; Offered at $2,200,000 with an 8.00% cap rate; Established operating tenant: North American Kitchen Solutions providing ongoing equipment support and servicing
