Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Industrial Warehouse in LaGrange Title is generated by Realmo AI

    186 Commerce Dr, Lagrange, OH

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Fully renovated industrial warehouse with modern upgrades and ample space.

    Type:INDUSTRIAL
    Property size:
    47,576 SF
    Lot size:
    2.02 Acres
    Price / SF:
    $85/SF
    Added:
    Oct 8, 2025
    Days on Market:
    228
    Last Refresh:
    Apr 5 at 9:25 pm

    Property Features for 186 Commerce Dr

    General Information

    Standard status
    Active
    Size
    47,576 SF
    Lot size
    2.02 Acres
    Property subtype
    INDUSTRIAL

    Properties For Sale

    at 186 Commerce Dr Contact us

    We can help!

    Listing Contact
    Terry Coyne, SIOR, CCIM

    Listing agent Terry Coyne, SIOR, CCIM

    Listing office Newmark | Cleveland

    Listing date Oct 8, 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 Newmark | Cleveland

    HighLights

    • Eight (8) brand new roof‑mounted HVAC units
    • Full office suite interior renovation: paint, luxury carpet & vinyl tile, ceiling tiles
    • Full exterior reconditioning: new paint & landscaping
    • Full interior shop area restoration
    • New 8” reinforced concrete & asphalt in parking lot
    • Brand new LED lighting throughout entire building including the shop

    Overview

    This industrial property, located in LaGrange, Ohio, features a fully reconditioned exterior with new paint and landscaping. The parking lot has been upgraded with new 8-inch reinforced concrete and asphalt. The interior office suite has undergone a complete renovation, including new paint, luxury carpet and vinyl tile, and ceiling tiles. Brand new LED lighting has been installed throughout the entire building, including the shop area, which has also been fully restored. The property includes eight brand new roof-mounted HVAC units, new dock shelters and bumpers, and a 125 HP rotary screw air compressor. The dock doors have been refinished, and two new man doors have been added. New security and emergency exit lights, along with a new sprinkler-monitoring system and panel, have been installed. The property encompasses 47576 square feet and is suitable for warehouse, industrial, and distribution purposes.

    Financial Insights

    Value Estimation Calculated for Warehouse

    Conservative
    $2.42M
    NOI $218,245 @ 9.00% cap · cautious / downside scenario
    Moderate
    $3.12M
    NOI $218,245 @ 7.00% cap · market / base-case scenario
    Aggressive
    $4.36M
    NOI $218,245 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Warehouse

    Component $ $/SF
    Gross rent $266.9k $5.61
    − Vacancy −$10.1k −$0.21
    EGI $256.8k $5.40
    − OpEx −$38.5k −$0.81
    NOI $218.2k $4.59
    47,576 SF · lease $5.61/SF/yr · vacancy 3.80% · expense 15.00%

    Alternative Use Scenarios

    Best Use
    Warehouse
    $3.12M
    $2.73M – $3.64M (±1% cap)
    NOI $218,245 @ 7.0% cap · market cap 5.37%
    Second Best
    Industrial
    $2.57M
    $2.25M – $3.00M (±1% cap)
    NOI $179,731 @ 7.0% cap · market cap 4.42%
    Theoretical Best
    Office A
    $11.99M
    $10.49M – $13.99M (±1% cap)
    NOI $839,241 @ 7.0% cap · market cap 20.66%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Micron Manufacturing Industrial Manufacturer

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Accounting Firm

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

    Similar Places Nearby

    • Keystone Self Storage — 233 W Commerce Dr, Lagrange, OH 44050
    • 1st Choice Storage — 177 E Commerce Dr, Lagrange, OH 44050

    Location Insight

    • Map
    • Local Demand
    City
    Lagrange
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1252
    Latitude
    41.2283

    Nearby Similar for Sale

    • $169,900

      LaGrange Commercial Property For Sale

      Commercial property in central LaGrange with high visibility.
      111 S Center Street, LaGrange, OH 44050
      View Details
    • $399,999
      12,000 SF

      LaGrange Warehouse with Fenced Yard

      12,000 sqft warehouse with fenced outdoor storage and drive-in doors.
      121 West Commerce Drive, LaGrange, OH 44050
      View Details
    • $1,275,000
      39,804 SF

      Manufacturing Facility with Expansion Land

      Manufacturing facility with expansion land and easy highway access.
      110 Commerce Dr, LaGrange, OH
      View Details
    • $2,350,000
      47,730 SF

      Manufacturing Facility with Expansion Potential

      Manufacturing facility with heavy power, multiple doors, and expansion land.
      300 Commerce Dr, LaGrange, OH
      View Details

    FAQs

    What type of property is this?
    Warehouse - Fully renovated industrial warehouse with modern upgrades and ample space.
    Where is this warehouse located?
    The property is located at 186 Commerce Dr Lagrange, OH.
    What is the asking price?
    The asking price for this property is $4,063,000.
    What are key features of this property?
    This property features: Eight (8) brand new roof‑mounted HVAC units; Full office suite interior renovation: paint, luxury carpet & vinyl tile, ceiling tiles; Full exterior reconditioning: new paint & landscaping
    (216) 861-3040 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Terry Coyne, SIOR, CCIM
    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
    186 Commerce Dr, LaGrange, 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!