Building Details

Year Built 1995

Listing Agency: Auction Ohio c***@auctionohio.com Show Phone

Listed By: Christopher Davis · License #323631

Source: Crexi

Added: Mar 5 Changed: Aug 8 Last Checked: Jul 24 at 6:01PM

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Investment Insights

Based on property information with market context.

This 8,190-square-foot commercial flex facility is located in the growth corridor of Greenfield Township. Currently operating as a marine sales and service business, the property offers a blend of retail, office, and industrial workspace. The facility is designed with a 'flex' philosophy, allowing for transitions between customer-facing retail and technical operations. It features an expansive, open-concept showroom with high ceilings and wide entry points suitable for displaying large inventory such as automotive, marine, or heavy equipment. Dedicated office space provides a climate-controlled environment for administrative tasks, client consultations, and management operations. A secure, organized section is designated for parts storage and inventory management. The warehouse space is equipped for technical repairs with high-bay doors and an open floor plan to accommodate large-scale machinery, boat servicing, or fabrication. The property has significant frontage on Old Columbus Road NW, a high-traffic connector road parallel to US-33. The zoning is B-1 (Business District) within a predominantly rural residential (R-1) landscape.

Key Highlights

• 8,190 sq ft Commercial Flex Facility in Greenfield Township
• Located on high‑traffic Old Columbus Road NW, parallel to US‑33
• Zoned B‑1 (Business District) in a predominantly R‑1 area

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

$27,469

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

4.78%

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%

$549,380 $549.4K

Cap Rate 7%

$392,414 $392.4K

Cap Rate 9%

$305,211 $305.2K

Market Conditions

NOI Build-Up for 7,140 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

$40.7K $5.70/SF

− Vacancy

−$1.5K −$0.20/SF

EGI

$39.2K $5.50/SF

− OpEx

−$11.8K −$1.65/SF

NOI

$27.5K $3.85/SF

Area

Fairfield County, OH

Vacancy

3.58%

Lease Rate

$5.70 /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%

$549,380

Cap Rate 7%

$392,414

Cap Rate 9%

$305,211

Alternative Uses

Best Use

Warehouse

$1.44M

$1.26M – $1.68M (±1% cap)

NOI $100,736 @ 7.0% cap · market cap 17.52%

Second Best

Office B

$1.23M

$1.08M – $1.44M (±1% cap)

NOI $86,154 @ 7.0% cap · market cap 14.98%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

U-Haul Neighborhood Dealer Car Rental Facility Blue Water Marine ... (Bike/Boat/Book/etc) Store Outdoor Cover Warehouse (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Parking Lot & Garage Building Supply HVAC Service Auto Parts Store Storage Facility Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

95

Businesses Nearby

Explore this area Business Placement

Demographics for 43112, OH

5,052

Population

1,604

Households

3.1

Avg Household Size

45

Median Age

30%

College-Educated

97%

High-School Grad

35.4 sq mi

ZIP Area

143

Density / Sq Mi

$98,430

Median Household Income

$39,135

Median Earnings

$955

Median Rent

$338,100

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - 8,190 SF commercial flex facility in Greenfield Township.

Where is this mixed-use property located?

The property is located at 4240 Old Columbus Road NW Carroll, OH.

What is the asking price?

The asking price for this property is $575,000.

What are key features of this property?

This property features: 8,190 sq ft Commercial Flex Facility in Greenfield Township; Located on high‑traffic Old Columbus Road NW, parallel to US‑33; Zoned B‑1 (Business District) in a predominantly R‑1 area