Building Details

Year Built 1971

Buildings 1

Building Size 24,960 SF

Tenancy Single

Listing Agency: Newmark | Cleveland Show Phone

Listed By: Connor McCoy Show Phone

Source: Moodyscre

Added: May 19 Changed: Oct 25 Last Checked: Oct 28 at 9:26AM

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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 Newmark | Cleveland

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Investment Insights

Based on property information with market context.

Single-tenant 24,960 SF manufacturing/warehouse facility on 3.45 acres in Lorain, OH. The building includes 22,460 SF of warehouse area and 2,500 SF of office space, constructed in 1971. The facility is set up for light manufacturing and distribution use with 20’ clear height, three dock-high doors, and a 10’ x 14’ drive-in door.

Site power and loading capability support flexible industrial operations, including 600 AMP / 480V / 3-phase power. The property also provides 50 surface parking spaces and generous outdoor circulation for vehicles and deliveries.

Overall, this is a well-suited single-tenant warehouse configuration for users seeking substantial clear height, practical door access, and on-site office space within a dedicated site.

Key Highlights

• 24,960 SF single‑tenant manufacturing/warehouse facility on 3.45 acres
• 22,460 SF warehouse plus 2,500 SF office, constructed in 1971
• 20’ clear height for light manufacturing and distribution

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$114,499

Cap Rate

7.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,289,980 $2.3M

Cap Rate 7%

$1,635,700 $1.6M

Cap Rate 9%

$1,272,211 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 24,960 SF

Gross rent

$140.0K $5.61/SF

− Vacancy

−$5.3K −$0.21/SF

EGI

$134.7K $5.40/SF

− OpEx

−$20.2K −$0.81/SF

NOI

$114.5K $4.59/SF

Area

Lorain County, OH

Vacancy

3.80%

Lease Rate

$5.61 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,289,980

Cap Rate 7%

$1,635,700

Cap Rate 9%

$1,272,211

Alternative Uses

Best Use

Office B

$4.50M

$3.94M – $5.25M (±1% cap)

NOI $315,058 @ 7.0% cap · market cap 21.04%

Second Best

Warehouse

$1.64M

$1.43M – $1.91M (±1% cap)

NOI $114,499 @ 7.0% cap · market cap 7.65%

Theoretical Best

Office A

$6.29M

$5.50M – $7.34M (±1% cap)

NOI $440,294 @ 7.0% cap · market cap 29.40%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

SK Finishing Powder Coating Service

Suggested Use

Top Pick Restaurant Dental Office Building Supply Law Firm Big Box & Wholesale Store Auto Repair Shop

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

20 ft

Clear height

3

Dock-high doors

1

Drive-in doors

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

140

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 44053, OH

20,735

Population

9,529

Households

2.2

Avg Household Size

44

Median Age

21%

College-Educated

91%

High-School Grad

10.8 sq mi

ZIP Area

1,920

Density / Sq Mi

$65,332

Median Household Income

$43,654

Median Earnings

$827

Median Rent

$189,500

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Similar Off Market Nearby

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Frequently Asked Questions

What type of property is this?

Warehouse - Single-tenant manufacturing warehouse with office space, twenty-foot clear height, and dock-high plus drive-in door access.

Where is this warehouse located?

The property is located at 2201 W Park Dr Lorain, OH.

What is the asking price?

The asking price for this property is $1,497,600.

What are key features of this property?

This property features: 24,960 SF single‑tenant manufacturing/warehouse facility on 3.45 acres; 22,460 SF warehouse plus 2,500 SF office, constructed in 1971; 20’ clear height for light manufacturing and distribution