Six-Unit Connected
For Sale
$650,000
21-26-10006 Milan Road, Milan, OH 44846
Heated, drywalled storage space offers multiple overhead doors, 24/7 access, and plumbing roughed in for future bathrooms.
Property Size6,570 SF
Price / SF$98.93
Days on Market75
Property Features for 21-26-10006 Milan Road
General Information
Standard status
Active
Size
6,570 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
15.4 ft
Warehouse Space
6,570 SF
Drive-In Doors
6
Taxes and HOA fees
Annual Taxes
$5,464
Amenities
24/7 access
remote garage door openers
shared restroom
heated
Listing Agency:
RE/MAX Quality Realty - Sandusky
(419) 656-4162
Listed By:
Linda J. Armstrong
(419) 656-4162
Source:
Exprealty
Added: Jun 18
Changed: Aug 31
Last Checked: Aug 31 at 1:08AM
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 RE/MAX Quality Realty - Sandusky
Investment Insights
Based on property information with market context.
This sale offering includes six connected storage condo units configured as one contiguous interior area, measuring 65.7 feet wide by 100 feet long with 15.4-foot clear height. The heated, fully drywalled space has six individual overhead doors, each measuring 14 feet high by 13.2 feet wide, along with remote door openers and plumbing roughed in for up to four bathrooms. The layout supports storage and workshop functions for vehicles, boats, RVs, equipment, or inventory. A shared restroom is available behind the main office.
The property is located on State Route 250 in Milan, Ohio, with 24/7 access for convenient entry. The annual association fee includes professional management, common-area maintenance, common electric, lawn care, and snow removal.
The property is located on State Route 250 in Milan, Ohio, with 24/7 access for convenient entry. The annual association fee includes professional management, common-area maintenance, common electric, lawn care, and snow removal.
Key Highlights
- Six connected storage condo units currently configured as one open space
- 65.7' W X 100' L X 15.4' H interior dimensions
- Six individual overhead doors measuring 14 feet high by 13.2 feet wide
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
$51,361
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
7.90%
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%
$1,027,220
$1.0M
Cap Rate 7%
$733,729
$733.7K
Cap Rate 9%
$570,678
$570.7K
Market Conditions
NOI Build-Up for 6,570 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
$85.1K $12.96/SF
− Vacancy
−$6.1K −$0.93/SF
EGI
$79.0K $12.03/SF
− OpEx
−$27.7K −$4.21/SF
NOI
$51.4K $7.82/SF
Area
Erie County, OH
Vacancy
7.20%
Lease Rate
$12.96 /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%
$1,027,220
Cap Rate 7%
$733,729
Cap Rate 9%
$570,678
Alternative Uses
Best Use
Flex RnD
$733.7K
$642.0K – $856.0K
NOI $51,361 @ 7.0% cap · market cap 7.90%
Second Best
Warehouse
$468.3K
$409.8K – $546.4K
NOI $32,783 @ 7.0% cap · market cap 5.04%
Theoretical Best
Multifamily LT 5
$72.30M
$63.26M – $84.35M
NOI $5,061,151 @ 7.0% cap · market cap 778.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15 ft
Clear height
6
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44846, OH
3,322
Population
1,334
Households
2.5
Avg Household Size
44
Median Age
32%
College-Educated
96%
High-School Grad
22.3 sq mi
ZIP Area
149
Density / Sq Mi
$97,109
Median Household Income
$44,323
Median Earnings
$963
Median Rent
$235,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Heated, drywalled storage space offers multiple overhead doors, 24/7 access, and plumbing roughed in for future bathrooms.
Where is this warehouse located?
The property is located at 21-26-10006 Milan Road Milan, OH.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Six connected storage condo units currently configured as one open space; 65.7' W X 100' L X 15.4' H interior dimensions; Six individual overhead doors measuring 14 feet high by 13.2 feet wide
