Flex-Space Facility with Warehouse
For Sale
$899,999
319 Howard Drive Sandusky, Sandusky, OH 44870
A flex-space building with finished office/showroom areas, warehouse/storage space, and 35 parking spaces with immediate highway access.
Property Size12,000 SF
Price / SF$74
Days on Market59
Property Features for 319 Howard Drive Sandusky
General Information
Standard status
Active
Size
12,000 SF
Total Parking Spaces
35
Property subtype
CommercialSale
Zoning
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$15,626
Amenities
true
false
Public
2.8818
35
PublicRecords
Generator
Asphalt,Paved
12000
Building Details
Year Built
2006
Listed By:
Christina Moretti
(330) 472-2967
Source:
Christinamoretti.exprealty
Added: Jul 10
Changed: Sep 5
Last Checked: Sep 5 at 4:00AM
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 Christina Moretti
Investment Insights
Based on property information with market context.
This flex-space facility totals approximately 12,000 square feet, combining finished office, showroom, conference room, and employee cafeteria space with approximately 3,200 square feet of warehouse and storage area. The layout is designed to support both administrative and operational needs in one building.
The property is described as having immediate highway access, intended to support efficient commuting, customer convenience, and logistics. An on-site parking lot provides 35 spaces for employees, clients, and visitors.
As presented, the building offers a flexible floor plan suited for office, showroom, distribution, and light industrial functions, making it appropriate for owner-users or an investment approach.
The property is described as having immediate highway access, intended to support efficient commuting, customer convenience, and logistics. An on-site parking lot provides 35 spaces for employees, clients, and visitors.
As presented, the building offers a flexible floor plan suited for office, showroom, distribution, and light industrial functions, making it appropriate for owner-users or an investment approach.
Key Highlights
- 12,000 SF flex‑space facility built in 2006
- 8,800 SF finished office/showroom space plus conference room and employee cafeteria
- 3,200 SF warehouse/storage area for operational and distribution use
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
$59,877
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
6.65%
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%
$1,197,540
$1.2M
Cap Rate 7%
$855,386
$855.4K
Cap Rate 9%
$665,300
$665.3K
Market Conditions
NOI Build-Up for 12,000 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
$76.9K $6.41/SF
− Vacancy
−$6.5K −$0.54/SF
EGI
$70.4K $5.87/SF
− OpEx
−$10.6K −$0.88/SF
NOI
$59.9K $4.99/SF
Area
Erie 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%
$1,197,540
Cap Rate 7%
$855,386
Cap Rate 9%
$665,300
Alternative Uses
Best Use
Office B
$2.13M
$1.86M – $2.48M
NOI $148,856 @ 7.0% cap · market cap 16.54%
Second Best
Flex RnD
$1.34M
$1.17M – $1.56M
NOI $93,810 @ 7.0% cap · market cap 10.42%
Theoretical Best
Multifamily LT 5
$132.06M
$115.55M – $154.07M
NOI $9,244,112 @ 7.0% cap · market cap 1,027.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44870, OH
40,416
Population
19,991
Households
2
Avg Household Size
43
Median Age
25%
College-Educated
90%
High-School Grad
60.7 sq mi
ZIP Area
666
Density / Sq Mi
$58,797
Median Household Income
$36,056
Median Earnings
$863
Median Rent
$148,600
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 - A flex-space building with finished office/showroom areas, warehouse/storage space, and 35 parking spaces with immediate highway access.
Where is this flex space located?
The property is located at 319 Howard Drive Sandusky Sandusky, OH.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: 12,000 SF flex‑space facility built in 2006; 8,800 SF finished office/showroom space plus conference room and employee cafeteria; 3,200 SF warehouse/storage area for operational and distribution use
