Industrial Flex Building with Drive-In
For Sale
$599,000
201 Reed Street, Spencer, OH 44275
Office/warehouse layout on 3.43 acres with four drive-in doors and central HVAC, zoned industrial.
Property Size10,032 SF
Lot Size3.43 Acres
Price / SF$59.71
Days on Market299
Property Features for 201 Reed Street
General Information
Standard status
Active
Size
10,032 SF
Lot size
3.43 Acres
Property subtype
Flex
Zoning
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Drive-In Doors
4
Listing Agency:
Hoff & Leigh
(216) 302-4338
Listed By:
Cole Kroneker · License #SAL.2024000334
(216) 302-4338
Source:
Hoffleigh
Added: Oct 7, 2025
Changed: Jul 10
Last Checked: Jul 31 at 2:49AM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
The property is a 10,032 SF industrial/flex building featuring an office/warehouse configuration. It includes four drive-in doors and central HVAC, with public utilities available. The site totals 3.43 acres, and the offering includes an extra 3.4 acres for additional options such as self-storage, flex space, or a standalone shop.
Located at 201 Reed Street in Spencer, Ohio, the site is off OH-301 south of Rt. 162. The location is described as providing privacy while maintaining convenient access to Medina, Lodi, and Wellington.
Designed for contractors, service businesses, and manufacturers that need both workspace and loading capability, this asset also supports flexible tenant use given the industrial zoning. For buyers evaluating an operational base with room for on-site expansion or additional development, the combination of office/warehouse space, multiple drive-in doors, and utility services provides a practical foundation for a range of industrial and flex requirements.
Located at 201 Reed Street in Spencer, Ohio, the site is off OH-301 south of Rt. 162. The location is described as providing privacy while maintaining convenient access to Medina, Lodi, and Wellington.
Designed for contractors, service businesses, and manufacturers that need both workspace and loading capability, this asset also supports flexible tenant use given the industrial zoning. For buyers evaluating an operational base with room for on-site expansion or additional development, the combination of office/warehouse space, multiple drive-in doors, and utility services provides a practical foundation for a range of industrial and flex requirements.
Key Highlights
- 10,032 SF office/warehouse building on 3.43 acres in Medina County
- Office/warehouse layout includes 4 drive‑in doors
- Central HVAC and public utilities
Financial Insights For Warehouse
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $55.9k | $5.57 |
| − Vacancy | −$2.5k | −$0.25 |
| EGI | $53.4k | $5.32 |
| − OpEx | −$8.0k | −$0.80 |
| NOI | $45.4k | $4.53 |
10,032 SF · lease $5.57/SF/yr · vacancy 4.40% · expense 15.00%
Alternative Uses
Best Use
Office B
$1.76M
$1.54M – $2.05M
NOI $122,989 @ 7.0% cap · market cap 20.53%
Second Best
Self Storage
$1.40M
$1.23M – $1.64M
NOI $98,173 @ 7.0% cap · market cap 16.39%
Theoretical Best
Specialty Retail
$2.80M
$2.45M – $3.26M
NOI $195,875 @ 7.0% cap · market cap 32.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44275, OH
3,257
Population
1,255
Households
2.6
Avg Household Size
46
Median Age
14%
College-Educated
91%
High-School Grad
37.1 sq mi
ZIP Area
88
Density / Sq Mi
$102,083
Median Household Income
$43,382
Median Earnings
$1,121
Median Rent
$250,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office/warehouse layout on 3.43 acres with four drive-in doors and central HVAC, zoned industrial.
Where is this flex space located?
The property is located at 201 Reed Street Spencer, OH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 10,032 SF office/warehouse building on 3.43 acres in Medina County; Office/warehouse layout includes 4 drive‑in doors; Central HVAC and public utilities
