HVAC-Equipped
For Sale
Contact for pricing
4028 Binion Way, Lebanon, OH 45040
Industrial building with full HVAC, floor drains, and both dock and drive-in loading.
Property Size14,000 SF
Price / SF$175
Days on Market201
Property Features for 4028 Binion Way
General Information
Standard status
Active
Size
14,000 SF
Property subtype
INDUSTRIAL
Listing Agency:
SqFt Commercial
(513) 675-5764
Listed By:
Rod MacEachen · License #SAL.2010001717
(513) 675-5764
Source:
Moodyscre
Added: Feb 10
Changed: Aug 29
Last Checked: Aug 29 at 10:54PM
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 SqFt Commercial
Investment Insights
Based on property information with market context.
This 14,000-square-foot warehouse provides full-building HVAC, floor drains, and a combination of dock-height and drive-in loading. The facility is zoned I-1, supporting its industrial warehouse configuration. Expansion capabilities, outdoor storage, and additional parking expansion are identified as potential property features.
Key Highlights
- 14,000 square feet of warehouse space
- 100% HVAC throughout the building
- Dock door and drive‑in door loading
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
$69,856
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
2.85%
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%
$1,397,120
$1.4M
Cap Rate 7%
$997,943
$997.9K
Cap Rate 9%
$776,178
$776.2K
Market Conditions
NOI Build-Up for 14,000 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
$89.7K $6.41/SF
− Vacancy
−$7.6K −$0.54/SF
EGI
$82.2K $5.87/SF
− OpEx
−$12.3K −$0.88/SF
NOI
$69.9K $4.99/SF
Area
Warren 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%
$1,397,120
Cap Rate 7%
$997,943
Cap Rate 9%
$776,178
Alternative Uses
Best Use
Warehouse
$997.9K
$873.2K – $1.16M
NOI $69,856 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.13M
$2.74M – $3.65M
NOI $218,897 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 45040, OH
57,153
Population
21,977
Households
2.6
Avg Household Size
40
Median Age
65%
College-Educated
98%
High-School Grad
28.5 sq mi
ZIP Area
2,005
Density / Sq Mi
$131,803
Median Household Income
$68,422
Median Earnings
$1,691
Median Rent
$403,700
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial building with full HVAC, floor drains, and both dock and drive-in loading.
Where is this warehouse located?
The property is located at 4028 Binion Way Lebanon, OH.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 14,000 square feet of warehouse space; 100% HVAC throughout the building; Dock door and drive‑in door loading
