New Flex Space with Overhead
For Sale
$2,300,000
19 Fort Monroe Parkway, Monroeville, OH 44847
CommercialSale, Monroeville, OH
Property Size11,250 SF
Lot Size3.00 Acres
Price / SF$204.44
Days on Market424
Property Features for 19 Fort Monroe Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Subdivision
Firelands Connecticut Western
Lot features
Split Possible
Elementary school district
Monroeville LSD - 3902
Middle school district
Monroeville LSD - 3902
High school district
Monroeville LSD - 3902
Directions
From Rt 20 to Fort Monroe Industrial Parkway, follow to dead end, property on West side
Standard status
Active
APN
42-0040-05-019-0000
Lot size
3.00 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SEC 4 GL 10, 15 & OL 47, 4823 AC CORR23 COMB/W 42-045A-01-002-0600 & 001-0300
Tax Annual Amount
2401
Legal Description
SEC 4 GL 10, 15 & OL 47, 4823 AC CORR23 COMB/W 42-045A-01-002-0600 & 001-0300
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Electric (Heating)
Cooling system
Central Air, ENERGY STAR Qualified Equipment
Water source
Public
Building Details
Year built
2024
Floors in Building
1
Roof type
Aluminum
Listing Agency:
Russell Real Estate Services
(440) 282-4444
Listed By:
Trista E Hyer · License #2015005494
(440) 452-9117
Added: Jun 25, 2025
Changed: Aug 20
Last Checked: Aug 22 at 2:06PM
MLS# 5134365
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2024, this approximately 11,250-square-foot flex property combines office and shop functionality. The building includes an ADA-compliant reception area, adaptable office or conference rooms, a kitchenette, four bathrooms, a mechanical room, and central air in the office areas. Radiant heat and a dual mini-split system provide additional climate control, while Energy Star-qualified equipment supports efficient operation.
Three 14-foot overhead doors with openers provide loading access, and the building is equipped with 3-phase electric service, public water, and public sewer. The standing-seam aluminum roof has a 30-foot eave on the low side and a 31'6" back. The approximately 3-acre parcel includes the existing building, with an additional 5 vacant acres available for discussion. Zoning supports commercial, industrial, and agricultural uses, and the shop floor is suited for installation of a 10-ton overhead crane.
Three 14-foot overhead doors with openers provide loading access, and the building is equipped with 3-phase electric service, public water, and public sewer. The standing-seam aluminum roof has a 30-foot eave on the low side and a 31'6" back. The approximately 3-acre parcel includes the existing building, with an additional 5 vacant acres available for discussion. Zoning supports commercial, industrial, and agricultural uses, and the shop floor is suited for installation of a 10-ton overhead crane.
Key Highlights
- Approximately 11,250 square feet of flex space completed in 2024
- Three 14‑foot overhead doors with openers
- 3‑phase electric service with public water and public sewer
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
$132,406
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
5.76%
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%
$2,648,120
$2.6M
Cap Rate 7%
$1,891,514
$1.9M
Cap Rate 9%
$1,471,178
$1.5M
Market Conditions
NOI Build-Up for 11,250 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
$213.3K $18.96/SF
− Vacancy
−$9.6K −$0.85/SF
EGI
$203.7K $18.11/SF
− OpEx
−$71.3K −$6.34/SF
NOI
$132.4K $11.77/SF
Area
Huron County, OH
Vacancy
4.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$2,648,120
Cap Rate 7%
$1,891,514
Cap Rate 9%
$1,471,178
Alternative Uses
Best Use
Flex RnD
$1.89M
$1.66M – $2.21M
NOI $132,406 @ 7.0% cap · market cap 5.76%
Second Best
Warehouse
$801.9K
$701.7K – $935.6K
NOI $56,135 @ 7.0% cap · market cap 2.44%
Theoretical Best
Specialty Retail
$2.34M
$2.05M – $2.73M
NOI $163,677 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44847, OH
3,488
Population
1,657
Households
2.1
Avg Household Size
43
Median Age
17%
College-Educated
96%
High-School Grad
68.3 sq mi
ZIP Area
51
Density / Sq Mi
$74,677
Median Household Income
$45,262
Median Earnings
$1,015
Median Rent
$167,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Newly built flex property with office amenities, loading access, climate control, and commercial, industrial, and agricultural zoning.
Where is this flex space located?
The property is located at 19 Fort Monroe Parkway Monroeville, OH.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Approximately 11,250 square feet of flex space completed in 2024; Three 14‑foot overhead doors with openers; 3‑phase electric service with public water and public sewer
