Flex Space with Expansive
For Sale
$750,000
2358 W 23rd St, Bellaire, OH 43906
Vacant commercial facility combines adaptable workspace with level land for storage, expansion, or outdoor operations.
Property Size5,772 SF
Price / SF$129.94
Days on Market41
Property Features for 2358 W 23rd St
General Information
Standard status
Active
Size
5,772 SF
Land
Topography
flat
Land Use
industrial, mixed-use
Building Details
Year Built
1997
Building Size
5,772 SF
Listing Agency:
Old Colony Company Of Ohio Valley
(304) 242-6700
Listed By:
Paul Ashmore · License #SAL.2020000986
Source:
Theacclaimedrealty
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 25 at 8:29AM
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 Old Colony Company Of Ohio Valley
Investment Insights
Based on property information with market context.
This vacant flex-space property includes 5,772 square feet of improvements on more than 10 acres of level ground. Built in 1997, the facility provides office areas and large conference rooms within a layout suited to businesses needing both enclosed workspace and additional land. The open acreage can support uses such as a laydown yard, outdoor storage, or future expansion, subject to applicable approvals and requirements.
Located at 2358 W 23rd Street in Bellaire, Ohio, the property sits along the Ohio River and is near downtown. Its commercial zoning and combination of building space with substantial land create a flexible setting for industrial, office, or other commercial operations supported by the existing configuration.
Located at 2358 W 23rd Street in Bellaire, Ohio, the property sits along the Ohio River and is near downtown. Its commercial zoning and combination of building space with substantial land create a flexible setting for industrial, office, or other commercial operations supported by the existing configuration.
Key Highlights
- 5,772 square feet of building space
- More than 10 acres of flat, open land
- Built in 1997
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
$55,273
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
7.37%
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%
$1,105,460
$1.1M
Cap Rate 7%
$789,614
$789.6K
Cap Rate 9%
$614,144
$614.1K
Market Conditions
NOI Build-Up for 5,772 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
$92.1K $15.96/SF
− Vacancy
−$18.4K −$3.19/SF
EGI
$73.7K $12.77/SF
− OpEx
−$18.4K −$3.19/SF
NOI
$55.3K $9.58/SF
Area
Belmont County, OH
Vacancy
20.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,105,460
Cap Rate 7%
$789,614
Cap Rate 9%
$614,144
Alternative Uses
Best Use
Office B
$789.6K
$690.9K – $921.2K
NOI $55,273 @ 7.0% cap · market cap 7.37%
Second Best
Industrial
$338.8K
$296.5K – $395.3K
NOI $23,718 @ 7.0% cap · market cap 3.16%
Theoretical Best
Specialty Retail
$1.13M
$990.1K – $1.32M
NOI $79,205 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43906, OH
7,952
Population
4,202
Households
1.9
Avg Household Size
45
Median Age
11%
College-Educated
89%
High-School Grad
32.2 sq mi
ZIP Area
247
Density / Sq Mi
$41,635
Median Household Income
$27,269
Median Earnings
$695
Median Rent
$106,200
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 - Vacant commercial facility combines adaptable workspace with level land for storage, expansion, or outdoor operations.
Where is this flex space located?
The property is located at 2358 W 23rd St Bellaire, OH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 5,772 square feet of building space; More than 10 acres of flat, open land; Built in 1997
