Flex Space with Warehouse
For Sale
$899,999
319 Howard Drive, Sandusky, OH 44870
CommercialSale, Sandusky, OH
Property Size12,000 SF
Lot Size2.88 Acres
Price / SF$74
Days on Market93
Property Features for 319 Howard Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking
35
Elementary school district
Sandusky CSD - 2206
Middle school district
Sandusky CSD - 2206
High school district
Sandusky CSD - 2206
Directions
State Route 2 and Exit 101. One minute off highway.
Standard status
Active
APN
33-01527-009
Lot size
2.88 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
19 QUARRY LAKES BUSINESS PARK PHASE II 2.8818A
Tax Annual Amount
15626
Legal Description
19 QUARRY LAKES BUSINESS PARK PHASE II 2.8818A
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
conference room
employee cafeteria
Building Details
Year built
2006
Listing Agency:
Russell Real Estate Services
(440) 835-8300
Listed By:
William E Gallagher · License #407351
(216) 244-0478
Added: May 21
Changed: Aug 19
Last Checked: Aug 21 at 4:06PM
MLS# 5214705
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 12,000-square-foot flex facility at 319 Howard Drive combines approximately 8,800 square feet of finished office, showroom, conference, and employee amenity areas with 3,200 square feet dedicated to warehouse and storage use. The 2006 building includes forced-air heating, central air, public water, and public sewer. A 35-space parking lot supports employees, visitors, and daily business activity.
The property occupies 2.8818 acres in Sandusky, Ohio, with immediate access to major highways and transportation corridors. Its layout brings customer-facing, administrative, and operational functions together within one building, while the warehouse component adds practical utility for storage and distribution-related activities.
The property occupies 2.8818 acres in Sandusky, Ohio, with immediate access to major highways and transportation corridors. Its layout brings customer-facing, administrative, and operational functions together within one building, while the warehouse component adds practical utility for storage and distribution-related activities.
Key Highlights
- 12,000‑square‑foot flex facility built in 2006
- Approximately 8,800 square feet of finished office, showroom, conference, and employee amenity space
- 3,200 square feet of warehouse and storage area
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
Location Intelligence
Trade Area within ½ mile
30
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 - Versatile commercial facility combining administrative, showroom, and operational functions with convenient highway connectivity.
Where is this flex space located?
The property is located at 319 Howard Drive 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‑square‑foot flex facility built in 2006; Approximately 8,800 square feet of finished office, showroom, conference, and employee amenity space; 3,200 square feet of warehouse and storage area
