Flex Space with Expansion
For Sale
$1,595,000
3950 Ben Hur Avenue, Willoughby, OH 44094
CommercialSale, Willoughby, OH
Property Size21,113 SF
Lot Size3.16 Acres
Price / SF$75.55
Days on Market20
Property Features for 3950 Ben Hur Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Garage
Security features
Security
Elementary school district
Willoughby-Eastlake - 4309
Middle school district
Willoughby-Eastlake - 4309
High school district
Willoughby-Eastlake - 4309
Directions
From I-90, take SR-2 East to the Lost Nation Road exit. Head north on Lost Nation Road, then turn right onto Ben Hur Avenue. The property is located approximately 0.3 miles on the left at 3950 Ben Hur Avenue, Willoughby, OH 44094
Standard status
Active
APN
27-B-034-A-00-014-0
Lot size
3.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
additional parcels: 27-B-034-A-00-019, 27-B-034-A-00-020
Tax Annual Amount
19370
Legal Description
additional parcels: 27-B-034-A-00-019, 27-B-034-A-00-020
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1964
Roof type
Flat
Listing Agency:
Keller Williams Greater Cleveland Northeast · Keller Williams Realty
(440) 255-5500
Listed By:
Chandler Jekutis · License #2018003908
(440) 413-2534
Added: Aug 3
Changed: Aug 20
Last Checked: Aug 22 at 11:06AM
MLS# 5233365
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 flex property combines approximately 11,747 SF of warehouse area with 9,366 SF of office space on a 3.16-acre site. The office component has been extensively renovated and is described as move-in ready, while the industrial area includes heavy power, two drive-in doors, and 10–26' clear heights. The building was constructed in 1964 and has forced-air, natural gas heating, central air, a flat roof, and garage parking.
Municipal water and public sewer serve the property. Located at 3950 Ben Hur Avenue in Willoughby, the site is positioned along the Ben Hur industrial corridor with immediate access to SR-2 and I-90. Excess land provides room for future expansion, additional parking, secured outdoor storage, or other improvements supported by applicable approvals.
Municipal water and public sewer serve the property. Located at 3950 Ben Hur Avenue in Willoughby, the site is positioned along the Ben Hur industrial corridor with immediate access to SR-2 and I-90. Excess land provides room for future expansion, additional parking, secured outdoor storage, or other improvements supported by applicable approvals.
Key Highlights
- 3.16‑acre industrial site with substantial excess land
- Approximately 11,747 SF of warehouse space and 9,366 SF of office space
- Renovated office area described as move‑in ready
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
Property Profile
Current Use
Lease Details
26 ft
Clear height
2
Drive-in doors
Yes
Heavy power
Yes
Highway 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, warehouse capacity, heavy power, and additional land support immediate occupancy and future operational growth.
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: 3.16‑acre industrial site with substantial excess land; Approximately 11,747 SF of warehouse space and 9,366 SF of office space; Renovated office area described as move‑in ready
