Flex Space for Office and Lab
For Sale
Contact for pricing
1818 Miller Pkwy, Streetsboro, OH 44241
Zoned I-1 flex space with office and lab manufacturing uses near I-80 and I-480.
Property Size27,812 SF
Price / SF$71.01
Days on Market299
Property Features for 1818 Miller Pkwy
General Information
Standard status
Active
Size
27,812 SF
Property subtype
INDUSTRIAL
Zoning
I-1
Additional Details
Highway Access
Yes
Listing Agency:
CBRE | Cleveland
(216) 687-1800
Listed By:
George Stevens, SIOR, CCIM · License #OH2109006434
(216) 687-1800
Source:
Moodyscre
Added: Nov 5, 2025
Changed: Aug 14
Last Checked: Aug 30 at 4:43PM
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 CBRE | Cleveland
Investment Insights
Based on property information with market context.
1818 Miller Pkwy in Streetsboro, OH offers a flex space layout suited to office, lab manufacturing, and warehouse use. The building is zoned I-1 and totals 27,812 square feet, providing practical space for industrial operations that need a combination of work and office environments.
The property is positioned for strong highway accessibility, with immediate proximity to Interstates 80 and 480. It also provides convenient access to state routes 303, 43, and 14, supporting efficient regional connectivity for staff, suppliers, and distribution.
Available for lease or sale, this I-1 flex space is designed to support manufacturing and industrial business needs with office, lab, and warehouse functionality in one facility.
The property is positioned for strong highway accessibility, with immediate proximity to Interstates 80 and 480. It also provides convenient access to state routes 303, 43, and 14, supporting efficient regional connectivity for staff, suppliers, and distribution.
Available for lease or sale, this I-1 flex space is designed to support manufacturing and industrial business needs with office, lab, and warehouse functionality in one facility.
Key Highlights
- 27,812 SF flex space at 1818 Miller Pkwy in Streetsboro, OH
- Zoned I‑1 for industrial and manufacturing use
- Supports office, lab manufacturing, and warehouse operations
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
$132,745
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
6.72%
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%
$2,654,900
$2.7M
Cap Rate 7%
$1,896,357
$1.9M
Cap Rate 9%
$1,474,944
$1.5M
Market Conditions
NOI Build-Up for 27,812 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
$166.3K $5.98/SF
− Vacancy
−$10.1K −$0.36/SF
EGI
$156.2K $5.62/SF
− OpEx
−$23.4K −$0.84/SF
NOI
$132.7K $4.77/SF
Area
Portage County, OH
Vacancy
6.10%
Lease Rate
$5.98 /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%
$2,654,900
Cap Rate 7%
$1,896,357
Cap Rate 9%
$1,474,944
Alternative Uses
Best Use
Warehouse
$1.90M
$1.66M – $2.21M
NOI $132,745 @ 7.0% cap · market cap 6.72%
Second Best
Industrial
$1.56M
$1.37M – $1.82M
NOI $109,319 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$5.60M
$4.90M – $6.54M
NOI $392,144 @ 7.0% cap · market cap 19.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44241, OH
17,659
Population
7,756
Households
2.3
Avg Household Size
41
Median Age
27%
College-Educated
91%
High-School Grad
22.2 sq mi
ZIP Area
795
Density / Sq Mi
$81,392
Median Household Income
$48,141
Median Earnings
$1,372
Median Rent
$190,700
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 - Zoned I-1 flex space with office and lab manufacturing uses near I-80 and I-480.
Where is this flex space located?
The property is located at 1818 Miller Pkwy Streetsboro, OH.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: 27,812 SF flex space at 1818 Miller Pkwy in Streetsboro, OH; Zoned I‑1 for industrial and manufacturing use; Supports office, lab manufacturing, and warehouse operations
