Listing Agency: RE/MAX Quality Realty - Sandusky k***@bex.net Show Phone

Listed By: Linda J. Armstrong Show Phone

Source: Exprealty

Added: Jun 18 Changed: Oct 7 Last Checked: Oct 15 at 4:45AM

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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.

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 / Yr

$51,361

Cap Rate

7.90%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $51,361 @ 7.0% cap · market cap 7.90%

Second Best

Warehouse

$468.3K

$409.8K – $546.4K (±1% cap)

NOI $32,783 @ 7.0% cap · market cap 5.04%

Theoretical Best

Multifamily LT 5

$72.30M

$63.26M – $84.35M (±1% cap)

NOI $5,061,151 @ 7.0% cap · market cap 778.64%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Auto Repair Shop Big Box & Wholesale Store Garden Center Bakery Home Appliance Store Auto Parts Store

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

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 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 warehouses located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Heated Self-Storage Condo

6-10006 Milan Rd, Milan, OH 44846

$119,900

1,320 SF

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Specialty Land Auction Parcel

9816 Us Highway 250 N, Milan, OH 44846

$500,000

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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