Climate-Controlled Self-Storage
For Sale
$230,000
32961 Pin Oak Parkway, Avon Lake, OH 44012
CommercialSale, Avon Lake, OH
Property Size1,080 SF
Lot Size0.01 Acres
Price / SF$212.96
Days on Market296
Property Features for 32961 Pin Oak Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Garage, Parking Lot, Driveway
Subdivision
Avon Lake Office & Storage Condo
Elementary school district
Avon Lake CSD - 4702
Middle school district
Avon Lake CSD - 4702
High school district
Avon Lake CSD - 4702
Directions
Pin Oak Storage at Rear of Development
Standard status
Active
APN
04-00-008-721-019
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
AVON LAKE OFFICE/STORAGE CONDO UNIT 109. Taxes for 2024 payable in 2025. This is an estimate from Auditor County site. It is Buyer's responsibility to investigate full tax liability.
Tax Annual Amount
1602
Legal Description
AVON LAKE OFFICE/STORAGE CONDO UNIT 109. Taxes for 2024 payable in 2025. This is an estimate from Auditor County site. It is Buyer's responsibility to investigate full tax liability.
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
2004
Floors in Building
1
Number of units
1
Listing Agency:
Keller Williams Greater Metropolitan · Keller Williams Realty
(216) 839-5500
Listed By:
Wendy C Milligan · License #2021008584
(216) 288-2258
Added: Nov 1, 2025
Changed: Aug 20
Last Checked: Aug 23 at 6:06PM
MLS# 5139369
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 self-storage unit was built in 2004 and measures approximately 24 feet wide by 45 feet long. The interior includes four-coat epoxy flooring, insulated structural-steel walls with drywall and paint, commercial shelving, and a 30-inch stainless-steel utility sink. Electric heating and air conditioning are installed, while a 40-gallon water heater supplies hot water. Plumbing is already in place for the potential addition of a bathroom.
A 16-foot-wide by 14-foot-high garage door provides access for projects, equipment, and stored materials. High-bay lighting rated at 32,000 lumes illuminates the workspace, and a fitted curtain allows indoor work with the garage door open. Tools, equipment, and other contents remain with the unit. Public water and public sewer serve the property, with garage, parking lot, and driveway parking features.
A 16-foot-wide by 14-foot-high garage door provides access for projects, equipment, and stored materials. High-bay lighting rated at 32,000 lumes illuminates the workspace, and a fitted curtain allows indoor work with the garage door open. Tools, equipment, and other contents remain with the unit. Public water and public sewer serve the property, with garage, parking lot, and driveway parking features.
Key Highlights
- Approximately 24' wide by 45' long
- 16' wide by 14' high garage door
- Four‑coat epoxy flooring throughout the unit
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
$10,288
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
4.47%
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%
$205,760
$205.8K
Cap Rate 7%
$146,971
$147.0K
Cap Rate 9%
$114,311
$114.3K
Market Conditions
NOI Build-Up for 1,080 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
$15.6K $14.40/SF
− Vacancy
−$855 −$0.79/SF
EGI
$14.7K $13.61/SF
− OpEx
−$4.4K −$4.08/SF
NOI
$10.3K $9.53/SF
Area
Lorain County, OH
Vacancy
5.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$205,760
Cap Rate 7%
$146,971
Cap Rate 9%
$114,311
Alternative Uses
Best Use
Self Storage
$147.0K
$128.6K – $171.5K
NOI $10,288 @ 7.0% cap · market cap 4.47%
Second Best
Warehouse
$70.8K
$61.9K – $82.6K
NOI $4,954 @ 7.0% cap · market cap 2.15%
Theoretical Best
Office A
$272.2K
$238.1K – $317.5K
NOI $19,051 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Explore this area
Business Placement
Demographics for 44012, OH
25,206
Population
10,884
Households
2.3
Avg Household Size
45
Median Age
54%
College-Educated
98%
High-School Grad
11.1 sq mi
ZIP Area
2,271
Density / Sq Mi
$110,174
Median Household Income
$63,289
Median Earnings
$1,500
Median Rent
$337,200
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?
Self storage facility - Insulated steel construction, commercial shelving, utility sink, and installed heating and air conditioning support varied indoor uses.
Where is this self storage facility located?
The property is located at 32961 Pin Oak Parkway Avon Lake, OH.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Approximately 24' wide by 45' long; 16' wide by 14' high garage door; Four‑coat epoxy flooring throughout the unit
