Flex Facility with Expansion
New
For Sale
$1,595,000
3950 Ben Hur Avenue, Willoughby, OH 44094
Renovated office space and industrial operations areas support immediate occupancy and future site flexibility.
Property Size21,113 SF
Lot Size3.16 Acres
Price / SF$75.55
Days on Market7
Property Features for 3950 Ben Hur Avenue
General Information
Standard status
Active
Size
21,113 SF
Lot size
3.16 Acres
Property subtype
Warehouse
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
26 ft
Warehouse Space
11,747 SF
Office Build-Out
9,366 SF
Drive-In Doors
2
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$19,370
Building Details
Year Built
1964
Buildings
1
Building Size
21,113 SF
Listing Agency:
Keller Williams Greater Cleveland Northeast
(440) 413-2534
Listed By:
Chandler Jekutis · License #2018003908
(440) 413-2534
Source:
Asacoxhomes
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 8:08AM
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 Keller Williams Greater Cleveland Northeast
Investment Insights
Based on property information with market context.
This 21,113 SF flex facility occupies 3.16 acres and combines approximately 11,747 SF of warehouse area with 9,366 SF of office space. The building includes heavy power, two drive-in doors, 10-26' clear heights, municipal utilities, and an extensively renovated office area. Abundant parking and outdoor storage potential add practical operating flexibility, while excess land provides room for future site improvements.
Built in 1964, the property is positioned along Ben Hur Avenue in Willoughby, Ohio, with immediate access to SR-2 and I-90. Its location provides connectivity to the greater Cleveland market. The existing combination of office, warehouse, and additional land supports a range of industrial and flex-space operations.
Built in 1964, the property is positioned along Ben Hur Avenue in Willoughby, Ohio, with immediate access to SR-2 and I-90. Its location provides connectivity to the greater Cleveland market. The existing combination of office, warehouse, and additional land supports a range of industrial and flex-space operations.
Key Highlights
- 21,113 SF facility on 3.16 acres
- Approximately 11,747 SF of warehouse and 9,366 SF of office space
- Heavy power with two drive‑in doors
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
$98,680
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
6.19%
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%
$1,973,600
$2.0M
Cap Rate 7%
$1,409,714
$1.4M
Cap Rate 9%
$1,096,444
$1.1M
Market Conditions
NOI Build-Up for 21,113 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
$120.6K $5.71/SF
− Vacancy
−$4.5K −$0.21/SF
EGI
$116.1K $5.50/SF
− OpEx
−$17.4K −$0.82/SF
NOI
$98.7K $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%
$1,973,600
Cap Rate 7%
$1,409,714
Cap Rate 9%
$1,096,444
Alternative Uses
Best Use
Office B
$3.82M
$3.34M – $4.46M
NOI $267,405 @ 7.0% cap · market cap 16.77%
Second Best
Warehouse
$1.41M
$1.23M – $1.64M
NOI $98,680 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$4.88M
$4.27M – $5.69M
NOI $341,343 @ 7.0% cap · market cap 21.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
26 ft
Clear height
2
Drive-in doors
Yes
Heavy power
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
470
Businesses Nearby
Under-served
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated office space and industrial operations areas support immediate occupancy and future site flexibility.
Where is this flex space located?
The property is located at 3950 Ben Hur Avenue Willoughby, OH.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 21,113 SF facility on 3.16 acres; Approximately 11,747 SF of warehouse and 9,366 SF of office space; Heavy power with two drive‑in doors
