Industrial Warehouse with Loading
For Sale
Contact for pricing
405 Eastlake Dr, Ashland, OH 44805
Large-scale industrial facility in an established business park with high ceilings and multiple loading positions.
Property Size234,000 SF
Price / SF$45
Days on Market46
Property Features for 405 Eastlake Dr
General Information
Standard status
Active
Size
234,000 SF
Property subtype
INDUSTRIAL
Additional Details
Highway Access
Yes
Listing Agency:
Matthews Real Estate Investment Services | Cleveland
(216) 215-8991
Listed By:
Matthew Wallace · License #2023004160(OH)
(216) 215-8991
Source:
Moodyscre
Added: Jul 17
Changed: Aug 31
Last Checked: Aug 31 at 1:35AM
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 Matthews Real Estate Investment Services | Cleveland
Investment Insights
Based on property information with market context.
This 234,000-square-foot industrial warehouse offers a substantial operating platform for manufacturing, warehousing, logistics, or light assembly. The facility includes high ceilings, multiple loading positions, and modern industrial infrastructure within a business park setting.
The property is located in Ashland, Ohio, with access to U.S. Route 250, U.S. Route 42, and Interstate 71. Regional connectivity extends toward Cleveland, Columbus, and Akron/Canton, while the surrounding business park includes national and regional manufacturing and distribution companies.
The building and site configuration provide a flexible footprint for current industrial operations and changing production, storage, or distribution requirements.
The property is located in Ashland, Ohio, with access to U.S. Route 250, U.S. Route 42, and Interstate 71. Regional connectivity extends toward Cleveland, Columbus, and Akron/Canton, while the surrounding business park includes national and regional manufacturing and distribution companies.
The building and site configuration provide a flexible footprint for current industrial operations and changing production, storage, or distribution requirements.
Key Highlights
- 234,000‑square‑foot industrial facility
- High‑ceiling warehouse configuration with multiple loading positions
- Suitable for manufacturing, warehousing, logistics, and light assembly
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
$961,552
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
9.13%
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%
$19,231,040
$19.2M
Cap Rate 7%
$13,736,457
$13.7M
Cap Rate 9%
$10,683,911
$10.7M
Market Conditions
NOI Build-Up for 234,000 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
$1.50M $6.41/SF
− Vacancy
−$126.3K −$0.54/SF
EGI
$1.37M $5.87/SF
− OpEx
−$412.1K −$1.76/SF
NOI
$961.6K $4.11/SF
Area
Ashland County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
30.00%
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%
$19,231,040
Cap Rate 7%
$13,736,457
Cap Rate 9%
$10,683,911
Alternative Uses
Best Use
Warehouse
$16.68M
$14.59M – $19.46M
NOI $1,167,598 @ 7.0% cap · market cap 11.09%
Second Best
Industrial
$13.74M
$12.02M – $16.03M
NOI $961,552 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$44.16M
$38.64M – $51.52M
NOI $3,091,046 @ 7.0% cap · market cap 29.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44805, OH
31,238
Population
13,248
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
92%
High-School Grad
151.1 sq mi
ZIP Area
207
Density / Sq Mi
$62,058
Median Household Income
$35,122
Median Earnings
$835
Median Rent
$165,000
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.
Frequently Asked Questions
What type of property is this?
Warehouse - Large-scale industrial facility in an established business park with high ceilings and multiple loading positions.
Where is this warehouse located?
The property is located at 405 Eastlake Dr Ashland, OH.
What is the asking price?
The asking price for this property is $10,530,000.
What are key features of this property?
This property features: 234,000‑square‑foot industrial facility; High‑ceiling warehouse configuration with multiple loading positions; Suitable for manufacturing, warehousing, logistics, and light assembly
