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: Aug 16 Last Checked: Sep 14 at 8:59AM

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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 = 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

$114,499

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

7.65%

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%

$2,289,980 $2.3M

Cap Rate 7%

$1,635,700 $1.6M

Cap Rate 9%

$1,272,211 $1.3M

Market Conditions

NOI Build-Up for 24,960 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

$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 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%

$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.

Property Analytics

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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

Questions? Ask Rey

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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?

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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