Light Industrial Flex
For Sale
$425,000
Pending
19200 Miles Road, Warrensville Heights, OH 44128
CommercialSale, Warrensville Heights, OH
Property Size5,447 SF
Lot Size0.16 Acres
Days on Market105
Property Features for 19200 Miles Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Open, Off Street, Garage, Parking Lot, Gated, Secured, Driveway
Fencing
Gate, Fenced
Subdivision
Warrensville
Elementary school district
Warrensville Heights - 1831
Middle school district
Warrensville Heights - 1831
High school district
Warrensville Heights - 1831
Directions
19200 Miles Rd., Warrensville Heights, Ohio 44128
Standard status
Pending
APN
762-12-004
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
94 NWP 1171.09FT EP
Tax Annual Amount
4589
Legal Description
94 NWP 1171.09FT EP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Roof type
Flat
Listing Agency:
Kiko
(330) 453-9187
Listed By:
Jack W Kiko · License #2003007797
(330) 206-0174
Added: May 12
Changed: Aug 20
Last Checked: Aug 24 at 2:06PM
MLS# 5209775
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.
This U6-zoned light industrial property comprises 5,447 SF across two buildings on a 0.1632-acre fenced asphalt lot. The primary building includes 432 SF of remodeled office space and 2,722 SF of open warehouse area with 13-foot ceilings. Improvements include a Daikin HVAC system with ductwork, refreshed restrooms, insulated entry and garage doors, upgraded lighting, glass block windows, waterproof interior and exterior paint, and an insulated roof with a 30-year material warranty.
The rear structure contains 2,293 SF of renovated heated space with three insulated overhead doors, an additional man door, 11-foot ceilings, and office area. Its updates include siding, gutters, glass block windows, fire-retardant ceiling covers, and UFO LED lighting. The site has gated fencing, open and off-street parking, public water and sewer, forced-air natural gas heat, central air, and a flat roof.
The rear structure contains 2,293 SF of renovated heated space with three insulated overhead doors, an additional man door, 11-foot ceilings, and office area. Its updates include siding, gutters, glass block windows, fire-retardant ceiling covers, and UFO LED lighting. The site has gated fencing, open and off-street parking, public water and sewer, forced-air natural gas heat, central air, and a flat roof.
Key Highlights
- 5,447 SF total building area across two light industrial structures
- U6 zoning with a fenced, gated asphalt lot on 0.1632 acres
- Main building includes 432 SF remodeled office and 2,722 SF warehouse
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
$19,673
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
4.63%
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%
$393,460
$393.5K
Cap Rate 7%
$281,043
$281.0K
Cap Rate 9%
$218,589
$218.6K
Market Conditions
NOI Build-Up for 5,447 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
$32.0K $5.88/SF
− Vacancy
−$1.8K −$0.32/SF
EGI
$30.3K $5.56/SF
− OpEx
−$10.6K −$1.94/SF
NOI
$19.7K $3.61/SF
Area
Cuyahoga County, OH
Vacancy
5.50%
Lease Rate
$5.88 /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%
$393,460
Cap Rate 7%
$281,043
Cap Rate 9%
$218,589
Alternative Uses
Best Use
Warehouse
$4.36M
$3.82M – $5.09M
NOI $305,506 @ 7.0% cap · market cap 71.88%
Second Best
Industrial
$3.59M
$3.14M – $4.19M
NOI $251,593 @ 7.0% cap · market cap 59.20%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13 ft
Clear height
4
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44128, OH
28,146
Population
14,184
Households
2
Avg Household Size
41
Median Age
18%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,198
Density / Sq Mi
$44,615
Median Household Income
$32,719
Median Earnings
$957
Median Rent
$90,200
Median Home Value
Market
Vacancy Rate% for Office 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 - Two updated structures provide office, warehouse, heated work areas, overhead doors, and secured outdoor parking.
Where is this flex space located?
The property is located at 19200 Miles Road Warrensville Heights, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 5,447 SF total building area across two light industrial structures; U6 zoning with a fenced, gated asphalt lot on 0.1632 acres; Main building includes 432 SF remodeled office and 2,722 SF warehouse
