Renovated Industrial Warehouse in
For Sale
Contact for pricing
186 Commerce Dr, Lagrange, OH
Fully renovated industrial warehouse with modern upgrades and ample space.
Property Size47,576 SF
Lot Size2.02 Acres
Price / SF$85.40
Days on Market320
Property Features for 186 Commerce Dr
General Information
Standard status
Active
Size
47,576 SF
Lot size
2.02 Acres
Property subtype
INDUSTRIAL
Lease Type
NNN
Properties For Sale
at 186 Commerce Dr Contact us- Floor
- Bldg
- Size
- 47,576 SF
- Type
- INDUSTRIAL
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
186 Commerce Dr
- Full exterior reconditioning: new paint & landscaping
- New 8” reinforced concrete...
show more
Contact us
Listing Agency:
Newmark | Cleveland
(216) 453-3001
Listed By:
Terry Coyne, SIOR, CCIM
Source:
Moodyscre
Added: Oct 8, 2025
Changed: Aug 9
Last Checked: Aug 23 at 9:25AM
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
Investment Insights
Based on property information with market context.
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.
Key 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
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
$218,245
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
5.37%
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%
$4,364,900
$4.4M
Cap Rate 7%
$3,117,786
$3.1M
Cap Rate 9%
$2,424,944
$2.4M
Market Conditions
NOI Build-Up for 47,576 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
$266.9K $5.61/SF
− Vacancy
−$10.1K −$0.21/SF
EGI
$256.8K $5.40/SF
− OpEx
−$38.5K −$0.81/SF
NOI
$218.2K $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%
$4,364,900
Cap Rate 7%
$3,117,786
Cap Rate 9%
$2,424,944
Alternative Uses
Best Use
Warehouse
$3.12M
$2.73M – $3.64M
NOI $218,245 @ 7.0% cap · market cap 5.37%
Second Best
Industrial
$2.57M
$2.25M – $3.00M
NOI $179,731 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$11.99M
$10.49M – $13.99M
NOI $839,241 @ 7.0% cap · market cap 20.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
81
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Keystone Self Storage — 233 W Commerce Dr, Lagrange, OH 44050
- 1st Choice Storage — 177 E Commerce Dr, Lagrange, OH 44050
Frequently Asked Questions
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
