Light-Industrial Warehouse
For Sale
$2,499,000
3501 Cleveland Road Sandusky, Sandusky, OH 44870
Light-industrial complex with a 10,000 SF warehouse, multiple overhead doors, fenced yard, and an additional accessory building.
Property Size14,320 SF
Price / SF$174.51
Days on Market48
Property Features for 3501 Cleveland Road Sandusky
General Information
Standard status
Active
Size
14,320 SF
Total Parking Spaces
25
Zoning
Commercial,Industrial
Amenities
Yes
ON
Public Records
Public
25.00
7.1175
351106.43
No
Aluminum,Block
Building Details
Year Built
2006
Stories
1
Listing Agency:
(419) 670-7781
Listed By:
William Joseph
(419) 670-7781
Source:
Quality-realty
Added: Jul 14
Changed: Aug 25
Last Checked: Aug 30 at 1:37PM
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 William Joseph
Investment Insights
Based on property information with market context.
This light-industrial complex includes a primary warehouse building with natural gas heating, central air conditioning in the office area, and a dedicated office setup. The building provides approximately 20' height at the eaves, includes a conference room, private offices, restrooms, and a lobby, and is supported by five 16' x 16' overhead doors. The property also offers a fenced-in yard area, outside storage building, and paved parking.
An adjacent accessory building is included, newly constructed and approximately 4,320 SF with three 14-foot overhead doors, electricity, and propane heat. A quonset hut of approximately 2,100 SF is also on site with paved and fenced perimeter areas. The site is described as having C-1, C-2, and I-1 zoning, supporting a range of commercial uses.
In addition, the property includes extra land totaling approximately 3 acres that fronts US Route 6/Cleveland Road, positioned for high-visibility commercial development. There is a current tenant lease in place that is described as assignable to the new owner, and qualified buyers can sign an NDA for further information. Please do not contact the tenant for tours or site visits.
An adjacent accessory building is included, newly constructed and approximately 4,320 SF with three 14-foot overhead doors, electricity, and propane heat. A quonset hut of approximately 2,100 SF is also on site with paved and fenced perimeter areas. The site is described as having C-1, C-2, and I-1 zoning, supporting a range of commercial uses.
In addition, the property includes extra land totaling approximately 3 acres that fronts US Route 6/Cleveland Road, positioned for high-visibility commercial development. There is a current tenant lease in place that is described as assignable to the new owner, and qualified buyers can sign an NDA for further information. Please do not contact the tenant for tours or site visits.
Key Highlights
- Light‑industrial complex built in 2006 featuring a 10,000 SF primary building with 20' eave height.
- Primary building includes (5) 16' x 16' overhead doors, natural gas heating, and central A/C in the office area.
- Fenced‑in yard area plus conference room, private offices, restrooms, lobby, outside storage building, and paved parking.
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
$71,453
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
2.86%
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%
$1,429,060
$1.4M
Cap Rate 7%
$1,020,757
$1.0M
Cap Rate 9%
$793,922
$793.9K
Market Conditions
NOI Build-Up for 14,320 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
$91.8K $6.41/SF
− Vacancy
−$7.7K −$0.54/SF
EGI
$84.1K $5.87/SF
− OpEx
−$12.6K −$0.88/SF
NOI
$71.5K $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%
$1,429,060
Cap Rate 7%
$1,020,757
Cap Rate 9%
$793,922
Alternative Uses
Best Use
Warehouse
$1.02M
$893.2K – $1.19M
NOI $71,453 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$157.59M
$137.89M – $183.86M
NOI $11,031,307 @ 7.0% cap · market cap 441.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Balanced
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 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?
Warehouse - Light-industrial complex with a 10,000 SF warehouse, multiple overhead doors, fenced yard, and an additional accessory building.
Where is this warehouse located?
The property is located at 3501 Cleveland Road Sandusky Sandusky, OH.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Light‑industrial complex built in 2006 featuring a 10,000 SF primary building with 20' eave height.; Primary building includes (5) 16' x 16' overhead doors, natural gas heating, and central A/C in the office area.; Fenced‑in yard area plus conference room, private offices, restrooms, lobby, outside storage building, and paved parking.
