Renovated-Office Flex
For Sale
$950,000
2110 George St, Sandusky, OH 44870
Industrial building combining open operational areas, multiple bay doors, and updated administrative space on a sizable parcel.
Property Size20,808 SF
Price / SF$45.66
Days on Market20
Property Features for 2110 George St
General Information
Standard status
Active
Size
20,808 SF
Amenities
multiple bay doors
open workspace
newly renovated office space
Building Details
Year Built
1967
Listing Agency:
Lokal Real Estate, LLC.
(216) 482-7188
Listed By:
Kayla Carosella · License #2019003710
Source:
Theacclaimedrealty
Added: Aug 13
Changed: Aug 31
Last Checked: Aug 31 at 7:28PM
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 Lokal Real Estate, LLC.
Investment Insights
Based on property information with market context.
This 20,808-square-foot flex property, built in 1967, combines open workspace with multiple bay doors for industrial operations. Newly renovated office areas add a clean setting for administrative functions or client-facing activity, creating a practical division between work and office space.
The property is located at 2110 George St in Sandusky, Ohio, with easy access and ample parking on a large lot. The existing configuration is suited to warehouse, automotive, service-oriented, and light industrial applications, with the flexibility to accommodate multiple business functions within one facility.
The property is located at 2110 George St in Sandusky, Ohio, with easy access and ample parking on a large lot. The existing configuration is suited to warehouse, automotive, service-oriented, and light industrial applications, with the flexibility to accommodate multiple business functions within one facility.
Key Highlights
- 20,808‑square‑foot flex property at 2110 George St, Sandusky, OH 44870
- Multiple bay doors support loading and operational access
- Open workspace provides functional industrial floor 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
$85,504
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
9.00%
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%
$1,710,080
$1.7M
Cap Rate 7%
$1,221,486
$1.2M
Cap Rate 9%
$950,044
$950.0K
Market Conditions
NOI Build-Up for 20,808 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
$133.4K $6.41/SF
− Vacancy
−$11.2K −$0.54/SF
EGI
$122.1K $5.87/SF
− OpEx
−$36.6K −$1.76/SF
NOI
$85.5K $4.11/SF
Area
Erie 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%
$1,710,080
Cap Rate 7%
$1,221,486
Cap Rate 9%
$950,044
Alternative Uses
Best Use
Office B
$3.69M
$3.23M – $4.30M
NOI $258,117 @ 7.0% cap · market cap 27.17%
Second Best
Flex RnD
$2.32M
$2.03M – $2.71M
NOI $162,666 @ 7.0% cap · market cap 17.12%
Theoretical Best
Multifamily LT 5
$228.99M
$200.37M – $267.15M
NOI $16,029,290 @ 7.0% cap · market cap 1,687.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
133
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44870, OH
40,416
Population
19,991
Households
2
Avg Household Size
43
Median Age
25%
College-Educated
90%
High-School Grad
60.7 sq mi
ZIP Area
666
Density / Sq Mi
$58,797
Median Household Income
$36,056
Median Earnings
$863
Median Rent
$148,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial building combining open operational areas, multiple bay doors, and updated administrative space on a sizable parcel.
Where is this flex space located?
The property is located at 2110 George St Sandusky, OH.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 20,808‑square‑foot flex property at 2110 George St, Sandusky, OH 44870; Multiple bay doors support loading and operational access; Open workspace provides functional industrial floor area
