New Flex Space with Overhead
For Sale
$325,000
3218 State Route 5, Cortland, OH 44410
Commercial zoning, insulated construction, and an adaptable open layout support storage, shop, warehouse, and light industrial uses.
Property Size2,800 SF
Days on Market90
Property Features for 3218 State Route 5
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,455
Building Details
Building Size
2,800 SF
Year Built
2026
Buildings
1
Listing Agency:
Brokers Realty Group
(330) 503-0615
Listed By:
Daniel J Alvarez · License #2004020741
(330) 503-0615
Source:
Carolgoffrealestate
Added: Jun 4
Changed: Aug 30
Last Checked: Aug 31 at 5:13PM
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 Brokers Realty Group
Investment Insights
Based on property information with market context.
Completed in 2026, this flex space is a new steel commercial building measuring 40' x 70'. The interior provides an open floor plan with concrete flooring and full insulation, creating a straightforward layout for storage, contractor-shop operations, warehousing, light industrial use, or other commercial applications identified for the property. Steel construction also provides a low-maintenance exterior system.
Vehicle and delivery access is supported by two oversized overhead garage doors, each measuring 12' x 13'. A dedicated parking lot provides on-site space for employees, customers, equipment, or additional storage needs. The property is commercially zoned and located at 3218 State Route 5 in Cortland, Ohio, within Bazetta Township.
Vehicle and delivery access is supported by two oversized overhead garage doors, each measuring 12' x 13'. A dedicated parking lot provides on-site space for employees, customers, equipment, or additional storage needs. The property is commercially zoned and located at 3218 State Route 5 in Cortland, Ohio, within Bazetta Township.
Key Highlights
- New 2026 steel commercial building
- 40' x 70' open floor plan with concrete floors and full insulation
- Two 12' x 13' oversized overhead garage doors
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
$13,971
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
4.30%
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%
$279,420
$279.4K
Cap Rate 7%
$199,586
$199.6K
Cap Rate 9%
$155,233
$155.2K
Market Conditions
NOI Build-Up for 2,800 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
$17.9K $6.41/SF
− Vacancy
−$1.5K −$0.54/SF
EGI
$16.4K $5.87/SF
− OpEx
−$2.5K −$0.88/SF
NOI
$14.0K $4.99/SF
Area
Trumbull 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%
$279,420
Cap Rate 7%
$199,586
Cap Rate 9%
$155,233
Alternative Uses
Best Use
Warehouse
$199.6K
$174.6K – $232.9K
NOI $13,971 @ 7.0% cap · market cap 4.30%
Second Best
Industrial
$164.4K
$143.8K – $191.8K
NOI $11,506 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$531.5K
$465.0K – $620.0K
NOI $37,202 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44410, OH
16,824
Population
7,948
Households
2.1
Avg Household Size
49
Median Age
29%
College-Educated
95%
High-School Grad
65.4 sq mi
ZIP Area
257
Density / Sq Mi
$63,158
Median Household Income
$45,447
Median Earnings
$762
Median Rent
$174,600
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?
Flex space - Commercial zoning, insulated construction, and an adaptable open layout support storage, shop, warehouse, and light industrial uses.
Where is this flex space located?
The property is located at 3218 State Route 5 Cortland, OH.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: New 2026 steel commercial building; 40' x 70' open floor plan with concrete floors and full insulation; Two 12' x 13' oversized overhead garage doors
