Office/Warehouse with Two-Story
For Sale
Contact for pricing
2648 Medina Road, Medina, OH 44256
Updated office/warehouse building includes dedicated two-story office space and substantial warehouse capacity.
Property Size19,890 SF
Lot Size3.80 Acres
Price / SF$75.41
Days on Market53
Property Features for 2648 Medina Road
General Information
Standard status
Active
Size
19,890 SF
Lot size
3.80 Acres
Property subtype
Office, Industrial
Building Details
Year Renovated
2015
Stories
2
Listing Agency:
Gerspacher Real Estate Group
Listed By:
Emily Faust · License #SAL.2021003573
(330) 722-5002
Source:
Crexi
Added: Jul 14
Changed: Aug 8
Last Checked: Sep 1 at 10:33PM
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 Gerspacher Real Estate Group
Investment Insights
Based on property information with market context.
This office/warehouse property offers a combined office and warehouse footprint designed to support mixed-use operations. The building includes 8,280 SF of office space and 11,610 SF of warehouse space. Office space is split between the first floor and second floor, with 6,480 SF on the first floor and 1,800 SF on the second floor. The office area includes built-out space within the warehouse that could potentially be removed to create additional warehouse capacity, increasing warehouse space to 16,410 SF.
The property is located at 2648 Medina Road in Sharon Township and is described as highly visible from Route 18. Improvements were completed in 2015, with approximately $425,000 in updates noted, including new office construction, roof work (2015 and 2019), four rooftop A/C units, furnaces, concrete entrances, siding, and drive-in and dock doors. The rear of the property provides potential for expansion of building and/or yard space.
The site comprises 3.80 acres and is positioned to accommodate both office functions and warehousing needs within one facility.
The property is located at 2648 Medina Road in Sharon Township and is described as highly visible from Route 18. Improvements were completed in 2015, with approximately $425,000 in updates noted, including new office construction, roof work (2015 and 2019), four rooftop A/C units, furnaces, concrete entrances, siding, and drive-in and dock doors. The rear of the property provides potential for expansion of building and/or yard space.
The site comprises 3.80 acres and is positioned to accommodate both office functions and warehousing needs within one facility.
Key Highlights
- 19,890 SF office/warehouse building on 3.80 acres in Sharon Township at 2648 Medina Road
- Space split includes 8,280 SF office and 11,610 SF warehouse capacity
- Dedicated office: 6,480 SF on the first floor and 1,800 SF on the second floor
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
$90,026
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
6.00%
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%
$1,800,520
$1.8M
Cap Rate 7%
$1,286,086
$1.3M
Cap Rate 9%
$1,000,289
$1.0M
Market Conditions
NOI Build-Up for 19,890 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
$110.8K $5.57/SF
− Vacancy
−$4.9K −$0.25/SF
EGI
$105.9K $5.32/SF
− OpEx
−$15.9K −$0.80/SF
NOI
$90.0K $4.53/SF
Area
Medina County, OH
Vacancy
4.40%
Lease Rate
$5.57 /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%
$1,800,520
Cap Rate 7%
$1,286,086
Cap Rate 9%
$1,000,289
Alternative Uses
Best Use
Office B
$3.48M
$3.05M – $4.06M
NOI $243,846 @ 7.0% cap · market cap 16.26%
Second Best
Warehouse
$1.29M
$1.13M – $1.50M
NOI $90,026 @ 7.0% cap · market cap 6.00%
Theoretical Best
Specialty Retail
$5.55M
$4.85M – $6.47M
NOI $388,353 @ 7.0% cap · market cap 25.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44256, OH
64,815
Population
26,740
Households
2.4
Avg Household Size
43
Median Age
42%
College-Educated
96%
High-School Grad
130.8 sq mi
ZIP Area
496
Density / Sq Mi
$100,345
Median Household Income
$55,180
Median Earnings
$1,120
Median Rent
$292,000
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 - Updated office/warehouse building includes dedicated two-story office space and substantial warehouse capacity.
Where is this flex space located?
The property is located at 2648 Medina Road Medina, OH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 19,890 SF office/warehouse building on 3.80 acres in Sharon Township at 2648 Medina Road; Space split includes 8,280 SF office and 11,610 SF warehouse capacity; Dedicated office: 6,480 SF on the first floor and 1,800 SF on the second floor
