Warehouse with Fenced Yard and
For Sale
Contact for pricing
2034 CLEVELAND AVE, Springfield, OH 45503
Versatile warehouse with multiple overhead doors, fenced yard, and dedicated office space for a wide range of owner-user uses.
Property Size4,608 SF
Price / SF$48.83
Days on Market55
Property Features for 2034 CLEVELAND AVE
General Information
Standard status
Active
Size
4,608 SF
Property subtype
Mixed Use, Self Storage
Zoning
Mixed Use Residential/Commercial
Investment Type
Owner/User
Additional Details
Fenced Yard
Yes
Drive-In Doors
3
Building Details
Year Built
1988
Year Renovated
2020
Buildings
1
Stories
1
Listing Agency:
Real Estate II
Listed By:
Al Fulk · License #OH267155
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 12 at 8:35AM
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 Real Estate II
Investment Insights
Based on property information with market context.
The property is a 4,608-square-foot warehouse facility on a fully fenced lot with a mix of asphalt and concrete parking and storage areas. The building includes three oversized overhead doors for straightforward loading and receiving, supported by a spacious open warehouse layout. Interior amenities include two restrooms, dedicated office space, and a loft storage area to help organize additional inventory or materials. A 12' x 32' detached outbuilding added in 2020 provides extra office or workspace and is served by a heating and cooling split unit.
The site is surrounded by industrial, commercial, and residential properties. Vehicle and equipment operations can be supported by the fenced yard and multiple parking and storage surfaces. The listing also notes nearby railway access for additional transportation and logistics capabilities.
This configuration can fit a range of businesses that need warehouse space alongside administrative or specialized work areas, such as an auto repair facility, contractor headquarters, equipment storage, or a fabrication and small logistics/distribution operation. Purchasers should contact the City of Springfield Planning & Zoning Division to confirm future business opportunities and verify what uses are available.
The site is surrounded by industrial, commercial, and residential properties. Vehicle and equipment operations can be supported by the fenced yard and multiple parking and storage surfaces. The listing also notes nearby railway access for additional transportation and logistics capabilities.
This configuration can fit a range of businesses that need warehouse space alongside administrative or specialized work areas, such as an auto repair facility, contractor headquarters, equipment storage, or a fabrication and small logistics/distribution operation. Purchasers should contact the City of Springfield Planning & Zoning Division to confirm future business opportunities and verify what uses are available.
Key Highlights
- 4,608 SF warehouse facility built in 1988 on a fully fenced lot with asphalt and concrete parking/storage areas
- Three oversized overhead doors for vehicle/equipment access and operations
- Interior includes open warehouse layout, two restrooms, dedicated office space, and a loft storage area
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
$18,935
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
8.42%
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%
$378,700
$378.7K
Cap Rate 7%
$270,500
$270.5K
Cap Rate 9%
$210,389
$210.4K
Market Conditions
NOI Build-Up for 4,608 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
$29.5K $6.41/SF
− Vacancy
−$2.5K −$0.54/SF
EGI
$27.1K $5.87/SF
− OpEx
−$8.1K −$1.76/SF
NOI
$18.9K $4.11/SF
Area
Clark County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
30.00%
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%
$378,700
Cap Rate 7%
$270,500
Cap Rate 9%
$210,389
Alternative Uses
Best Use
Office B
$876.8K
$767.2K – $1.02M
NOI $61,375 @ 7.0% cap · market cap 27.28%
Second Best
Warehouse
$328.5K
$287.4K – $383.2K
NOI $22,993 @ 7.0% cap · market cap 10.22%
Theoretical Best
Specialty Retail
$1.29M
$1.12M – $1.50M
NOI $89,971 @ 7.0% cap · market cap 39.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45503, OH
32,870
Population
15,458
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
89%
High-School Grad
17.5 sq mi
ZIP Area
1,878
Density / Sq Mi
$54,561
Median Household Income
$36,761
Median Earnings
$871
Median Rent
$153,100
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.
Similar Off Market Nearby
- All Seasons Catering by Chef Troy — 1928 Mitchell Blvd, Springfield, OH 45503
Frequently Asked Questions
What type of property is this?
Flex space - Versatile warehouse with multiple overhead doors, fenced yard, and dedicated office space for a wide range of owner-user uses.
Where is this flex space located?
The property is located at 2034 CLEVELAND AVE Springfield, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 4,608 SF warehouse facility built in 1988 on a fully fenced lot with asphalt and concrete parking/storage areas; Three oversized overhead doors for vehicle/equipment access and operations; Interior includes open warehouse layout, two restrooms, dedicated office space, and a loft storage area
