Avon Flex Building on
For Sale
$556,835
37207 Colorado Avenue, Avon, OH 44011
11,000 sq ft flex building on 1.31 acres.
Property Size11,000 SF
Lot Size1.31 Acres
Price / SF$50.62
Days on Market151
Property Features for 37207 Colorado Avenue
General Information
Standard status
Active
Size
11,000 SF
Lot size
1.31 Acres
Property subtype
Industrial
Listing Agency:
(216) 363-6450
Listed By:
Jenna Gauntner
(216) 363-6450
Source:
Cbre
Added: Mar 25
Changed: Aug 18
Last Checked: Aug 21 at 9:17AM
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 Jenna Gauntner
Investment Insights
Based on property information with market context.
This property features an 11,000 square foot building suited for retail or flexible uses, situated on 1.31 acres. The site is located in Avon, offering potential for various business operations. The property includes excess land, presenting opportunities for building or parking expansion, or complete redevelopment. It has 121 feet of frontage on Colorado Avenue, located 750 feet northwest of the Colorado Avenue and Detroit Road intersection.
Key Highlights
- 11,000 sq ft quasi‑retail/flex building.
- 1.31 acres of land in the heart of Avon.
- Opportunity for building/parking expansion or redevelopment.
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
$45,538
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
8.18%
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%
$910,760
$910.8K
Cap Rate 7%
$650,543
$650.5K
Cap Rate 9%
$505,978
$506.0K
Market Conditions
NOI Build-Up for 11,000 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
$72.6K $6.60/SF
− Vacancy
−$2.5K −$0.23/SF
EGI
$70.1K $6.37/SF
− OpEx
−$24.5K −$2.23/SF
NOI
$45.5K $4.14/SF
Area
Lorain County, OH
Vacancy
3.50%
Lease Rate
$6.60 /SF/Yr
Expense Ratio
35.00%
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%
$910,760
Cap Rate 7%
$650,543
Cap Rate 9%
$505,978
Alternative Uses
Best Use
Flex RnD
$650.5K
$569.2K – $759.0K
NOI $45,538 @ 7.0% cap · market cap 8.18%
Second Best
Industrial
$593.7K
$519.5K – $692.6K
NOI $41,556 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$2.77M
$2.43M – $3.23M
NOI $194,040 @ 7.0% cap · market cap 34.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44011, OH
24,847
Population
9,782
Households
2.5
Avg Household Size
41
Median Age
59%
College-Educated
98%
High-School Grad
20.8 sq mi
ZIP Area
1,195
Density / Sq Mi
$126,618
Median Household Income
$67,143
Median Earnings
$1,446
Median Rent
$377,100
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.
Similar Off Market Nearby
- TBS Avon Pool Concessions — 36265 Detroit Rd, Avon, OH 44011
Frequently Asked Questions
What type of property is this?
Flex space - 11,000 sq ft flex building on 1.31 acres.
Where is this flex space located?
The property is located at 37207 Colorado Avenue Avon, OH.
What is the asking price?
The asking price for this property is $556,835.
What are key features of this property?
This property features: 11,000 sq ft quasi‑retail/flex building.; 1.31 acres of land in the heart of Avon.; Opportunity for building/parking expansion or redevelopment.
