Storage Condo with 14-Foot
For Sale
$74,900
Pending
229-3720 E Aqua Aire Dr, Port Clinton, OH 43452
18' x 45' storage condo with a large loft and a 14' high door for oversized vehicles and equipment.
Property Size810 SF
Days on Market55
Property Features for 229-3720 E Aqua Aire Dr
General Information
Standard status
Pending
Size
810 SF
Property subtype
Residential
Additional Details
Highway Access
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$540
Listing Agency:
CENTURY 21 DePiero & Associates, Inc.
(440) 537-8975
Listed By:
Patricia Gouker
(440) 537-8975
Source:
Exprealty
Added: Jun 28
Changed: Aug 20
Last Checked: Aug 21 at 12:53PM
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 CENTURY 21 DePiero & Associates, Inc.
Investment Insights
Based on property information with market context.
This 18' x 45' storage condo provides efficient, rectangular storage space, with a large loft for additional overhead storage. The unit is served by a 14-foot high door, making it well-suited for oversized vehicles, boats, RVs, and other large equipment or trailers. HOA dues are approximately $84.50 per month and include electric, supporting a straightforward ownership experience. The property is being sold as an estate sale, and the unit will be emptied before closing.
Access is described as “just off Route 2” at the SR 2/SR 53 (S.E. Catawba Road) exit. Route 53 SE Catawba Road is noted as a main artery leading toward Catawba Island, Port Clinton, Lakeside, and Marblehead. The unit is also stated to be about 2–3 minutes north of the SR 2/SR 53 interchange.
For buyers seeking a storage condo configured to handle taller items, the combination of a large loft and 14-foot door is a practical fit. The inclusion of electric in the monthly HOA dues can also simplify operating costs for maintaining the space. With the unit scheduled to be emptied before closing, it should be ready for the next owner’s intended use once the sale completes.
Access is described as “just off Route 2” at the SR 2/SR 53 (S.E. Catawba Road) exit. Route 53 SE Catawba Road is noted as a main artery leading toward Catawba Island, Port Clinton, Lakeside, and Marblehead. The unit is also stated to be about 2–3 minutes north of the SR 2/SR 53 interchange.
For buyers seeking a storage condo configured to handle taller items, the combination of a large loft and 14-foot door is a practical fit. The inclusion of electric in the monthly HOA dues can also simplify operating costs for maintaining the space. With the unit scheduled to be emptied before closing, it should be ready for the next owner’s intended use once the sale completes.
Key Highlights
- 810 SF storage condo measuring 18' x 45'
- Large loft provides extra storage space
- 14' high door accommodates oversized vehicles, boats, RVs, equipment, or trailers
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
$4,042
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
5.40%
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%
$80,840
$80.8K
Cap Rate 7%
$57,743
$57.7K
Cap Rate 9%
$44,911
$44.9K
Market Conditions
NOI Build-Up for 810 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
$5.2K $6.41/SF
− Vacancy
−$437 −$0.54/SF
EGI
$4.8K $5.87/SF
− OpEx
−$713 −$0.88/SF
NOI
$4.0K $4.99/SF
Area
Ottawa County, OH
Vacancy
8.42%
Lease Rate
$6.41 /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%
$80,840
Cap Rate 7%
$57,743
Cap Rate 9%
$44,911
Alternative Uses
Best Use
Self Storage
$98.9K
$86.5K – $115.4K
NOI $6,923 @ 7.0% cap · market cap 9.24%
Second Best
Warehouse
$57.7K
$50.5K – $67.4K
NOI $4,042 @ 7.0% cap · market cap 5.40%
Theoretical Best
Retail
$288.7K
$252.6K – $336.8K
NOI $20,207 @ 7.0% cap · market cap 26.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
Explore this area
Business Placement
Demographics for 43452, OH
13,443
Population
10,859
Households
1.2
Avg Household Size
52
Median Age
28%
College-Educated
93%
High-School Grad
46.2 sq mi
ZIP Area
291
Density / Sq Mi
$63,815
Median Household Income
$43,782
Median Earnings
$937
Median Rent
$206,800
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?
Self storage facility - 18' x 45' storage condo with a large loft and a 14' high door for oversized vehicles and equipment.
Where is this self storage facility located?
The property is located at 229-3720 E Aqua Aire Dr Port Clinton, OH.
What is the asking price?
The asking price for this property is $74,900.
What are key features of this property?
This property features: 810 SF storage condo measuring 18' x 45'; Large loft provides extra storage space; 14' high door accommodates oversized vehicles, boats, RVs, equipment, or trailers
