Tudor-Style
For Sale
Contact for pricing
2230 Gilbert Ave, Cincinnati, OH 45206
Warehouse building with dock access, drive-in loading, and planned vacancy for future occupancy or repositioning.
Property Size29,000 SF
Price / SF$80
Days on Market13
Property Features for 2230 Gilbert Ave
General Information
Standard status
Active
Size
29,000 SF
Property subtype
INDUSTRIAL
Listing Agency:
Lee & Associates | Cincinnati
(513) 272-6800
Listed By:
Paul Schmerge · License #0000439660
(513) 305-5690
Source:
Moodyscre
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 20 at 10:18AM
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 Lee & Associates | Cincinnati
Investment Insights
Based on property information with market context.
This 29,000-square-foot warehouse features Tudor-style construction and a practical loading configuration with one dock and two drive-in doors. The property is scheduled to become vacant by 1/1/2027, providing a future opportunity for an owner-user, occupant, or redevelopment plan.
Positioned in uptown Cincinnati, the building offers close access to I-71. Its existing warehouse format, loading improvements, and planned vacancy create a flexible basis for evaluating continued industrial use or a new property concept.
Positioned in uptown Cincinnati, the building offers close access to I-71. Its existing warehouse format, loading improvements, and planned vacancy create a flexible basis for evaluating continued industrial use or a new property concept.
Key Highlights
- 29,000‑square‑foot warehouse building
- Tudor‑style construction
- One dock and two drive‑in doors
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
$169,641
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
7.31%
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%
$3,392,820
$3.4M
Cap Rate 7%
$2,423,443
$2.4M
Cap Rate 9%
$1,884,900
$1.9M
Market Conditions
NOI Build-Up for 29,000 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
$215.8K $7.44/SF
− Vacancy
−$16.2K −$0.56/SF
EGI
$199.6K $6.88/SF
− OpEx
−$29.9K −$1.03/SF
NOI
$169.6K $5.85/SF
Area
Cincinnati, OH
Vacancy
7.50%
Lease Rate
$7.44 /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%
$3,392,820
Cap Rate 7%
$2,423,443
Cap Rate 9%
$1,884,900
Alternative Uses
Best Use
Warehouse
$2.42M
$2.12M – $2.83M
NOI $169,641 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.76M
$5.04M – $6.73M
NOI $403,535 @ 7.0% cap · market cap 17.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,481
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45206, OH
10,670
Population
7,191
Households
1.5
Avg Household Size
37
Median Age
49%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
5,335
Density / Sq Mi
$51,128
Median Household Income
$44,936
Median Earnings
$849
Median Rent
$269,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Cincinnati, OH
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Similar Off Market Nearby
- Go Store It Self Storage — 2351 Terhune Alley, Cincinnati, OH 45206
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse building with dock access, drive-in loading, and planned vacancy for future occupancy or repositioning.
Where is this warehouse located?
The property is located at 2230 Gilbert Ave Cincinnati, OH.
What is the asking price?
The asking price for this property is $2,320,000.
What are key features of this property?
This property features: 29,000‑square‑foot warehouse building; Tudor‑style construction; One dock and two drive‑in doors
