Building Details

Building Size 10,032 SF

Listing Agency: Hoff & Leigh Show Phone

Listed By: Cole Kroneker · License #SAL.2024000334 Show Phone

Source: Hoffleigh

Added: Oct 7, 2025 Changed: Sep 6 Last Checked: Sep 15 at 4:04AM

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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.

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

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

$45,407

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

7.58%

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%

$908,140 $908.1K

Cap Rate 7%

$648,671 $648.7K

Cap Rate 9%

$504,522 $504.5K

Market Conditions

NOI Build-Up for 10,032 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

$55.9K $5.57/SF

− Vacancy

−$2.5K −$0.25/SF

EGI

$53.4K $5.32/SF

− OpEx

−$8.0K −$0.80/SF

NOI

$45.4K $4.53/SF

Area

Medina County, OH

Vacancy

4.40%

Lease Rate

$5.57 /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%

$908,140

Cap Rate 7%

$648,671

Cap Rate 9%

$504,522

Alternative Uses

Best Use

Office B

$1.76M

$1.54M – $2.05M (±1% cap)

NOI $122,989 @ 7.0% cap · market cap 20.53%

Second Best

Self Storage

$1.40M

$1.23M – $1.64M (±1% cap)

NOI $98,173 @ 7.0% cap · market cap 16.39%

Theoretical Best

Specialty Retail

$2.80M

$2.45M – $3.26M (±1% cap)

NOI $195,875 @ 7.0% cap · market cap 32.70%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Legro Inc. Construction Company

Suggested Use

Top Pick Building Supply Auto Repair Shop Storage Facility Garden Center Barber Shop Food Market

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

4

Drive-in doors

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

188

Businesses Nearby

Under-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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 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 - 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