Air-Conditioned Manufacturing
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For Sale
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38228 Western Pkwy, Willoughby, OH 44094
Multi-phase industrial facility with office, mezzanine, restroom, lunchroom, and substantial electrical capacity.
Property Size21,718 SF
Lot Size1.12 Acres
Price / SF$73.67
Days on Market6
Property Features for 38228 Western Pkwy
General Information
Standard status
Active
Size
21,718 SF
Total Parking Spaces
20
Lot size
1.12 Acres
Property subtype
INDUSTRIAL
Zoning
L-I
Warehouse & Industrial
Clear Height
16 ft
Warehouse Space
18,934 SF
Power
800 amps
Voltage
600 V
Three-Phase Power
Yes
Conditioned Warehouse
Yes
Building Details
Buildings
1
Building Size
21,718 SF
Listing Agency:
Global Real Estate Advisors
(440) 668-3300
Listed By:
David Sigg, CCIM, Broker · License #BRK.2014005061
(440) 668-3300
Source:
Moodyscre
Added: Aug 13
Changed: Aug 17
Last Checked: Aug 17 at 5:26AM
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 Global Real Estate Advisors
Investment Insights
Based on property information with market context.
This 21,718-square-foot manufacturing property combines 18,934± square feet of industrial and warehouse space with office and support areas. The multi-phase building was constructed between 1988 and 1994 and includes 1,040± square feet of office space, two second-floor mezzanines, multiple restrooms, and a lunch room. The entire facility is air-conditioned, with clear ceiling heights ranging from 14 to 16 feet.
Located at 38228 Western Pkwy in Willoughby, Ohio, the property occupies 1.12± acres and is zoned L-I, Light Industrial. Electrical service includes 800 amp, 600 volt, 3 phase power. Loading is supported by three overhead doors, while a U-shaped driveway provides circulation around the building. The site also includes 20 parking spaces. Municipal incentives are available, and adjacent 1.1± acre development land is offered separately.
Located at 38228 Western Pkwy in Willoughby, Ohio, the property occupies 1.12± acres and is zoned L-I, Light Industrial. Electrical service includes 800 amp, 600 volt, 3 phase power. Loading is supported by three overhead doors, while a U-shaped driveway provides circulation around the building. The site also includes 20 parking spaces. Municipal incentives are available, and adjacent 1.1± acre development land is offered separately.
Key Highlights
- 21,718± SF total industrial building on 1.12± acres
- 18,934± SF of manufacturing and warehouse space
- 800 amp, 600 volt, 3 phase power
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
$101,508
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
6.34%
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%
$2,030,160
$2.0M
Cap Rate 7%
$1,450,114
$1.5M
Cap Rate 9%
$1,127,867
$1.1M
Market Conditions
NOI Build-Up for 21,718 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
$124.0K $5.71/SF
− Vacancy
−$4.6K −$0.21/SF
EGI
$119.4K $5.50/SF
− OpEx
−$17.9K −$0.82/SF
NOI
$101.5K $4.67/SF
Area
Lake County, OH
Vacancy
3.70%
Lease Rate
$5.71 /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%
$2,030,160
Cap Rate 7%
$1,450,114
Cap Rate 9%
$1,127,867
Alternative Uses
Best Use
Warehouse
$1.45M
$1.27M – $1.69M
NOI $101,508 @ 7.0% cap · market cap 6.34%
Second Best
Industrial
$1.19M
$1.04M – $1.39M
NOI $83,595 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$5.02M
$4.39M – $5.85M
NOI $351,125 @ 7.0% cap · market cap 21.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Location Intelligence
Trade Area within ½ mile
244
Businesses Nearby
Explore this area
Business Placement
Demographics for 44094, OH
37,634
Population
18,323
Households
2.1
Avg Household Size
46
Median Age
39%
College-Educated
95%
High-School Grad
39.7 sq mi
ZIP Area
948
Density / Sq Mi
$76,125
Median Household Income
$49,393
Median Earnings
$1,155
Median Rent
$247,600
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?
Manufacturing property - Multi-phase industrial facility with office, mezzanine, restroom, lunchroom, and substantial electrical capacity.
Where is this manufacturing property located?
The property is located at 38228 Western Pkwy Willoughby, OH.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 21,718± SF total industrial building on 1.12± acres; 18,934± SF of manufacturing and warehouse space; 800 amp, 600 volt, 3 phase power
