Renovated Flex Warehouse with
For Sale
Contact for pricing
211 W Main St, Russia, OH 45363
Renovated flex facility featuring front office reception, upgraded restrooms, and multiple overhead doors servicing a heated warehouse.
Property Size15,210 SF
Lot Size0.43 Acres
Price / SF$52.27
Days on Market187
Property Features for 211 W Main St
General Information
Standard status
Active
Size
15,210 SF
Lot size
0.43 Acres
Property subtype
INDUSTRIAL
Building Details
Year Built
1958
Listing Agency:
Equity | Dayton
(937) 291-1179
Listed By:
Tracey Herron · License #SAL.0000446465
(937) 216-4636
Source:
Moodyscre
Added: Mar 5
Changed: Sep 3
Last Checked: Aug 14 at 8:02AM
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 Equity | Dayton
Investment Insights
Based on property information with market context.
Built in 1958 and completely renovated, this flex warehouse includes a reception area with three front offices and two fully renovated front bathrooms. The layout also provides a full kitchen/breakroom and a supervisor’s office in the warehouse with windows. In addition to brand-new warehouse restrooms with a full shower and a washer/dryer area, the property has been improved with new electrical and plumbing.
Operational features include 220 Amp / 240 Volt / 3-Phase power, air compression lines, water lines, drains, and power drops. The warehouse offers approximately 12’–14’ ceiling height and is served by new HVAC systems, with three front units and four warehouse heating units replaced within the last two years.
Overhead door openings include (1) 10’x10’, (1) 12’x10’, and (1) 8’x8’, and the listing notes that additional door locations can be put back in. The property is situated on 0.4340 acres.
Operational features include 220 Amp / 240 Volt / 3-Phase power, air compression lines, water lines, drains, and power drops. The warehouse offers approximately 12’–14’ ceiling height and is served by new HVAC systems, with three front units and four warehouse heating units replaced within the last two years.
Overhead door openings include (1) 10’x10’, (1) 12’x10’, and (1) 8’x8’, and the listing notes that additional door locations can be put back in. The property is situated on 0.4340 acres.
Key Highlights
- Completely renovated 1958‑built flex facility on 0.4340 acres (Parcel # 24‑2414155.001)
- Reception area plus 3 front offices and a supervisor’s office in the warehouse with windows
- Full kitchen/breakroom and 2 fully renovated front bathrooms
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
$62,501
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
7.86%
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%
$1,250,020
$1.3M
Cap Rate 7%
$892,871
$892.9K
Cap Rate 9%
$694,456
$694.5K
Market Conditions
NOI Build-Up for 15,210 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
$97.5K $6.41/SF
− Vacancy
−$8.2K −$0.54/SF
EGI
$89.3K $5.87/SF
− OpEx
−$26.8K −$1.76/SF
NOI
$62.5K $4.11/SF
Area
Shelby 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%
$1,250,020
Cap Rate 7%
$892,871
Cap Rate 9%
$694,456
Alternative Uses
Best Use
Warehouse
$1.08M
$948.7K – $1.26M
NOI $75,894 @ 7.0% cap · market cap 9.55%
Second Best
Industrial
$892.9K
$781.3K – $1.04M
NOI $62,501 @ 7.0% cap · market cap 7.86%
Theoretical Best
Specialty Retail
$4.24M
$3.71M – $4.95M
NOI $296,976 @ 7.0% cap · market cap 37.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 45363, OH
1,853
Population
698
Households
2.7
Avg Household Size
35
Median Age
26%
College-Educated
97%
High-School Grad
22.8 sq mi
ZIP Area
81
Density / Sq Mi
$85,000
Median Household Income
$48,405
Median Earnings
$887
Median Rent
$263,900
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?
Flex space - Renovated flex facility featuring front office reception, upgraded restrooms, and multiple overhead doors servicing a heated warehouse.
Where is this flex space located?
The property is located at 211 W Main St Russia, OH.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Completely renovated 1958‑built flex facility on 0.4340 acres (Parcel # 24‑2414155.001); Reception area plus 3 front offices and a supervisor’s office in the warehouse with windows; Full kitchen/breakroom and 2 fully renovated front bathrooms
