Industrial Garage with Office
For Sale
$500,000
2384 W 23rd St, Bellaire, OH 43906
Industrial building with five 14-foot drive-in garage doors, 10-inch concrete floors, and an office loft over two buildings.
Property Size5,320 SF
Lot Size4.00 Acres
Price / SF$93.98
Days on Market88
Property Features for 2384 W 23rd St
General Information
Standard status
Active
Size
5,320 SF
Lot size
4.00 Acres
Additional Details
Highway Access
Yes
Drive-In Doors
5
Taxes and HOA fees
Annual Taxes
$1,894
Listing Agency:
Harvey Goodman, REALTOR
(740) 695-3131
Listed By:
Jay H Goodman · License #BRKP.2012000489
(773) 936-6511
Source:
Exprealty
Added: Jun 10
Changed: Sep 4
Last Checked: Sep 4 at 9:21AM
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 Harvey Goodman, REALTOR
Investment Insights
Based on property information with market context.
This for-sale industrial property includes two buildings totaling 5,320 square feet. The main building offers five 14-foot industrial garage doors for drive-in truck maintenance, supported by a robust 10-inch concrete floor. A lofted second floor provides office space, and a car lift is included for automotive operations with specialized needs. There is also a 320 sf storage building for additional on-site storage.
The property is located at 2384 W 23rd Street in Bellaire, Ohio, about 1 mile from Route 7. Access to major transportation routes is supported by nearby OH-7 and I-470/I-70.
With multiple drive-in doors, durable slab construction, office space within the main structure, and dedicated storage, the site is designed to accommodate practical industrial and automotive service functions.
The property is located at 2384 W 23rd Street in Bellaire, Ohio, about 1 mile from Route 7. Access to major transportation routes is supported by nearby OH-7 and I-470/I-70.
With multiple drive-in doors, durable slab construction, office space within the main structure, and dedicated storage, the site is designed to accommodate practical industrial and automotive service functions.
Key Highlights
- Industrial property built in 2000 with 5,320 SF across 2 buildings on over 4 acres
- Main building offers five 14‑foot drive‑in industrial garage doors for maintenance and shop access
- 10‑inch concrete floor throughout the main building
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
$39,468
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
7.89%
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%
$789,360
$789.4K
Cap Rate 7%
$563,829
$563.8K
Cap Rate 9%
$438,533
$438.5K
Market Conditions
NOI Build-Up for 5,320 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
$58.7K $11.04/SF
− Vacancy
−$2.3K −$0.44/SF
EGI
$56.4K $10.60/SF
− OpEx
−$16.9K −$3.18/SF
NOI
$39.5K $7.42/SF
Area
Belmont County, OH
Vacancy
4.00%
Lease Rate
$11.04 /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%
$789,360
Cap Rate 7%
$563,829
Cap Rate 9%
$438,533
Alternative Uses
Best Use
Retail
$563.8K
$493.4K – $657.8K
NOI $39,468 @ 7.0% cap · market cap 7.89%
Second Best
Industrial
$312.3K
$273.3K – $364.4K
NOI $21,861 @ 7.0% cap · market cap 4.37%
Theoretical Best
Specialty Retail
$1.04M
$912.5K – $1.22M
NOI $73,003 @ 7.0% cap · market cap 14.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
41
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 Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Carl's Auto Repair — 2379 W 23rd St, Bellaire, OH 43906
- J & L Collision Center — 520 33rd St, Bellaire, OH 43906
Frequently Asked Questions
What type of property is this?
Auto shop - Industrial building with five 14-foot drive-in garage doors, 10-inch concrete floors, and an office loft over two buildings.
Where is this auto shop located?
The property is located at 2384 W 23rd St Bellaire, OH.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Industrial property built in 2000 with 5,320 SF across 2 buildings on over 4 acres; Main building offers five 14‑foot drive‑in industrial garage doors for maintenance and shop access; 10‑inch concrete floor throughout the main building
