New Steel Flex
For Sale
$325,000
3218 State Route 5, Cortland, OH 44410
CommercialSale, Cortland, OH
Property Size2,800 SF
Lot Size0.59 Acres
Price / SF$116.07
Days on Market80
Property Features for 3218 State Route 5
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Lakewood Acres
Elementary school district
Lakeview LSD - 7812
Middle school district
Lakeview LSD - 7812
High school district
Lakeview LSD - 7812
Directions
Rt 82 to North on Route 5 (Elm Rd). On the corner of Wilmar St and Route 5.
Standard status
Active
APN
33-063300
Lot size
0.59 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1455
Building Details
Year built
2026
Roof type
Metal
Listing Agency:
Brokers Realty Group · Real Living
(330) 856-7777
Listed By:
Daniel J Alvarez · License #2004020741
(330) 503-0615
Added: Jun 4
Changed: Aug 20
Last Checked: Aug 22 at 7:06PM
MLS# 5216048
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 2026 steel flex-space building provides a 40' x 70' open interior with concrete flooring and full insulation. The property includes two 12' x 13' overhead garage doors, supporting vehicle, equipment, and delivery access. A metal roof and steel construction provide a low-maintenance building envelope, while the open configuration allows for customization.
The commercially zoned property is located at 3218 State Route 5 in Cortland, Ohio, within Bazetta Township. The site encompasses 0.5923 acres and includes a parking lot for employees, customers, vehicles, or storage. The layout is suited to storage, contractor operations, warehouse functions, light industrial activity, and other commercial uses identified for the property.
The commercially zoned property is located at 3218 State Route 5 in Cortland, Ohio, within Bazetta Township. The site encompasses 0.5923 acres and includes a parking lot for employees, customers, vehicles, or storage. The layout is suited to storage, contractor operations, warehouse functions, light industrial activity, and other commercial uses identified for the property.
Key Highlights
- 2026 steel flex‑space building measuring 40' x 70'
- Two 12' x 13' overhead garage doors
- Commercially zoned 0.5923‑acre site
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
134
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Open commercial layout with concrete floors, insulation, and vehicle-access doors.
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: 2026 steel flex‑space building measuring 40' x 70'; Two 12' x 13' overhead garage doors; Commercially zoned 0.5923‑acre site
