Triplex Office Building with
For Sale
Contact for pricing
445 Griswold Rd, Elyria, OH 44035
Single-story brick triplex office is fully leased with private restrooms, individual HVAC, and an absolute NNN structure.
Property Size2,592 SF
Price / SF$152.01
Days on Market136
Property Features for 445 Griswold Rd
General Information
Standard status
Active
Size
2,592 SF
Class
B
Total Parking Spaces
18
Property subtype
Office
Zoning
BG
Occupancy
100%
Investment Type
Net Lease
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
3
Amenities
private restrooms
individual HVAC systems
front and rear entrances
security system
signage
full carpeting
central air conditioning
Building Details
Buildings
1
Stories
1
Units
3
Construction
brick
Tenancy
Multi
Listing Agency:
Trinity Commercial Realty
Listed By:
Gary Pescatrice · License #OH 0000241394
(216) 402-8000
Source:
Crexi
Added: Apr 23
Changed: Aug 21
Last Checked: Sep 5 at 1:53PM
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 Trinity Commercial Realty
Investment Insights
Based on property information with market context.
This single-story brick triplex office building is fully occupied and offered as a stabilized investment. The property is arranged as three office units, and each unit includes private restrooms, individual HVAC systems, and front and rear entrances. Professional building systems and amenities include security system coverage, signage, full carpeting, and central air conditioning throughout the building.
Located at 445 Griswold Rd in Elyria, OH, the site is positioned for strong accessibility and visibility along Griswold Road. Convenient connections are noted to I-90, SR 57, SR 2, and I-80. The property also includes 18 shared parking spaces, with additional land identified that may support expanded parking.
Zoned B-G (Business General), the building is described as accessible with a no-steps configuration.
Located at 445 Griswold Rd in Elyria, OH, the site is positioned for strong accessibility and visibility along Griswold Road. Convenient connections are noted to I-90, SR 57, SR 2, and I-80. The property also includes 18 shared parking spaces, with additional land identified that may support expanded parking.
Zoned B-G (Business General), the building is described as accessible with a no-steps configuration.
Key Highlights
- 2,592 SF single‑story brick triplex office building with 3 units, 100% occupied
- Absolute NNN lease structure reported, designed for minimal landlord responsibilities
- Each unit includes private restrooms, individual HVAC, and front and rear entrances
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
$32,718
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
8.30%
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%
$654,360
$654.4K
Cap Rate 7%
$467,400
$467.4K
Cap Rate 9%
$363,533
$363.5K
Market Conditions
NOI Build-Up for 2,592 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
$51.3K $19.80/SF
− Vacancy
−$7.7K −$2.97/SF
EGI
$43.6K $16.83/SF
− OpEx
−$10.9K −$4.21/SF
NOI
$32.7K $12.62/SF
Area
Lorain County, OH
Vacancy
15.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$654,360
Cap Rate 7%
$467,400
Cap Rate 9%
$363,533
Alternative Uses
Best Use
Office B
$467.4K
$409.0K – $545.3K
NOI $32,718 @ 7.0% cap · market cap 8.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$653.2K
$571.5K – $762.1K
NOI $45,723 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 44035, OH
61,921
Population
29,637
Households
2.1
Avg Household Size
42
Median Age
17%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
1,301
Density / Sq Mi
$54,362
Median Household Income
$38,493
Median Earnings
$871
Median Rent
$147,600
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?
Office units - Single-story brick triplex office is fully leased with private restrooms, individual HVAC, and an absolute NNN structure.
Where is this office units located?
The property is located at 445 Griswold Rd Elyria, OH.
What is the asking price?
The asking price for this property is $394,000.
What are key features of this property?
This property features: 2,592 SF single‑story brick triplex office building with 3 units, 100% occupied; Absolute NNN lease structure reported, designed for minimal landlord responsibilities; Each unit includes private restrooms, individual HVAC, and front and rear entrances
