Listing Agency: RE/MAX Oasis Dream Homes m***@remax.net Show Phone

Listed By: Thomas J Coffman · License #2016000377 Show Phone

Source: Exprealty

Added: Mar 19 Changed: Sep 8 Last Checked: Sep 13 at 12:11PM

Report an Issue

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 RE/MAX Oasis Dream Homes

Investment Insights

Based on property information with market context.

This remodeled self-storage property includes 129 non-climate-controlled storage units plus a 13,000 square foot building zoned light industrial. A “Clean Phase 1” is scheduled for April 2026, with the facility positioned as a turn-key storage and flex industrial use combination.

The property is located at 4651 State Rd in Peninsula, OH. The 13,000 sf light industrial building is currently being rented at $6,300 per month, and the storage units are currently reported as 72% occupied.

For buyers looking for a storage asset with an attached light industrial building, the mix of non-climate storage units and dedicated industrial space provides straightforward operating options. The current on-site income from the light industrial building, along with the existing unit occupancy level, may appeal to investors seeking a multi-component property structure built around self-storage and light industrial zoning.

Key Highlights

• Completely remodeled storage facility with 129 non‑climate‑controlled units
• Includes a 13,000 SF light industrial building
• Large building is currently rented for $6,300/month

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

$111,712

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

7.45%

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%

$2,234,240 $2.2M

Cap Rate 7%

$1,595,886 $1.6M

Cap Rate 9%

$1,241,244 $1.2M

Market Conditions

NOI Build-Up for 13,000 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

$171.6K $13.20/SF

− Vacancy

−$12.0K −$0.92/SF

EGI

$159.6K $12.28/SF

− OpEx

−$47.9K −$3.68/SF

NOI

$111.7K $8.59/SF

Area

Summit County, OH

Vacancy

7.00%

Lease Rate

$13.20 /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%

$2,234,240

Cap Rate 7%

$1,595,886

Cap Rate 9%

$1,241,244

Alternative Uses

Best Use

Self Storage

$1.60M

$1.40M – $1.86M (±1% cap)

NOI $111,712 @ 7.0% cap · market cap 7.45%

Second Best

Warehouse

$893.9K

$782.1K – $1.04M (±1% cap)

NOI $62,570 @ 7.0% cap · market cap 4.17%

Theoretical Best

Office A

$3.19M

$2.79M – $3.72M (±1% cap)

NOI $223,322 @ 7.0% cap · market cap 14.89%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

G C Medical ... Pharmacy

Suggested Use

Top Pick Real Estate Agency Restaurant Building Supply Hair Salon Big Box & Wholesale Store 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.

Lease Details

72%

Occupancy

Location Intelligence

Trade Area within ½ mile

95

Businesses Nearby

Explore this area Business Placement

Demographics for 44264, OH

3,370

Population

1,494

Households

2.3

Avg Household Size

43

Median Age

55%

College-Educated

98%

High-School Grad

22.4 sq mi

ZIP Area

150

Density / Sq Mi

$118,277

Median Household Income

$55,313

Median Earnings

$1,165

Median Rent

$354,900

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this self storage facilities located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Self storage facility - Remodeled facility with 129 non-climate units and a 13,000 sf light industrial building for added income.

Where is this self storage facility located?

The property is located at 4651 State Rd Peninsula, OH.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: Completely remodeled storage facility with 129 non‑climate‑controlled units; Includes a 13,000 SF light industrial building; Large building is currently rented for $6,300/month