Industrial Building with Office
For Sale
Contact for pricing
237 State Rd, Ashtabula, OH 44004
10,452 SF industrial building with office and shop space.
Property Size10,452 SF
Price / SF$40.66
Days on Market1675
Property Features for 237 State Rd
General Information
Standard status
Active
Size
10,452 SF
Property subtype
Industrial
Zoning
M-1
Building Details
Year Built
1979
Listing Agency:
The Masica Company
Listed By:
Steve Masica · License #OH #2013002150
(216) 293-8900
Source:
Crexi
Added: Feb 2, 2022
Changed: Aug 20
Last Checked: Sep 3 at 10:34AM
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 The Masica Company
Investment Insights
Based on property information with market context.
This 10,452 SF industrial building includes 1,872 SF of office space, featuring a conference room, two private offices, a bullpen area, a kitchenette, a locker room, and restrooms. The shop area spans 8,580 SF, complemented by an additional 1,872 SF storage/loft area situated above the office space. The shop is equipped with 3-phase power and two 5-ton cranes. Access to the shop is facilitated by two drive-in doors: one on the north side measuring 12' x 13', and another on the west side measuring 13' 6" x 14' 10".
Key Highlights
- 10,452 SF Industrial building
- Shop area: 8,580 SF with 1,872 SF storage/loft
- Two 5‑ton cranes in shop
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
$36,137
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
8.50%
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%
$722,740
$722.7K
Cap Rate 7%
$516,243
$516.2K
Cap Rate 9%
$401,522
$401.5K
Market Conditions
NOI Build-Up for 10,452 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
$52.7K $5.04/SF
− Vacancy
−$1.1K −$0.10/SF
EGI
$51.6K $4.94/SF
− OpEx
−$15.5K −$1.48/SF
NOI
$36.1K $3.46/SF
Area
Ashtabula County, OH
Vacancy
2.00%
Lease Rate
$5.04 /SF/Yr
Expense Ratio
30.00%
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%
$722,740
Cap Rate 7%
$516,243
Cap Rate 9%
$401,522
Alternative Uses
Best Use
Industrial
$516.2K
$451.7K – $602.3K
NOI $36,137 @ 7.0% cap · market cap 8.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,341 @ 7.0% cap · market cap 32.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 44004, OH
31,661
Population
15,262
Households
2.1
Avg Household Size
44
Median Age
15%
College-Educated
87%
High-School Grad
74.1 sq mi
ZIP Area
427
Density / Sq Mi
$49,507
Median Household Income
$31,471
Median Earnings
$813
Median Rent
$120,300
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?
Manufacturing property - 10,452 SF industrial building with office and shop space.
Where is this manufacturing property located?
The property is located at 237 State Rd Ashtabula, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 10,452 SF Industrial building; Shop area: 8,580 SF with 1,872 SF storage/loft; Two 5‑ton cranes in shop
