Building Details

Year Built 2024

Buildings 1

Listing Agency: Russell Real Estate Services

Listed By: Trista E Hyer · License #2015005494 Show Phone

Source: Theacclaimedrealty

Added: Sep 19 Last Checked: Sep 22 at 10:10PM

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Investment Insights

Based on property information with market context.

Built in 2024, this approximately 11,250-square-foot flex property at 19 Fort Monroe Parkway combines office and shop functionality. The office area includes an ADA-compliant reception space, adaptable office or conference rooms, a kitchenette, two bathrooms, central forced-air cooling, and radiant heat. The shop floor adds two bathrooms, a mechanical room, three 14-foot overhead doors with openers, and 3-phase electrical service. Electric, gas, water, and sewer serve the building, which also features a metal standing-seam roof and Energy Star design elements.

The property is zoned for Commercial, Industrial, and Agricultural use. The existing building is situated on approximately 3 acres, with an additional 5 vacant acres available for discussion. The building is also configured to accommodate installation of a 10 ton overhead crane, supporting a range of flex, light industrial, manufacturing, warehousing, contractor, automotive service, and agricultural operations.

Key Highlights

• Approximately 11,250 square feet of flex space built in 2024
• Three 14‑foot overhead doors with openers
• 3‑phase electric service with electric, gas, water, and 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 (±1% cap)

NOI $132,406 @ 7.0% cap · market cap 5.76%

Second Best

Warehouse

$801.9K

$701.7K – $935.6K (±1% cap)

NOI $56,135 @ 7.0% cap · market cap 2.44%

Theoretical Best

Specialty Retail

$2.34M

$2.05M – $2.73M (±1% cap)

NOI $163,677 @ 7.0% cap · market cap 7.12%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Parking Lot & Garage Building Supply HVAC Service Big Box & Wholesale Store Garden Center Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Drive-in doors

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

31

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Flexible commercial space with office areas, loading doors, full utilities, and zoning supporting industrial and agricultural uses.

Where is this flex space located?

The property is located at 19 Fort Monroe Pkwy 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 built in 2024; Three 14‑foot overhead doors with openers; 3‑phase electric service with electric, gas, water, and sewer