Industrial Flex Building with Multiple
For Sale
$1,200,000
4676 Paddock Rd, Cincinnati, OH 45229
Industrial-flex facility offers three dock positions, a drive-in door, and 14’ clearance with high-end finishes.
Property Size15,065 SF
Days on Market94
Property Features for 4676 Paddock Rd
General Information
Standard status
Active
Size
15,065 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
14 ft
Dock-High Doors
3
Drive-In Doors
1
Building Details
Building Size
15,065 SF
Listing Agency:
Lee & Associates
Listed By:
Paul Schmerge · License #0000439660
(513) 305-5690
Source:
Lee-associates
Added: Jun 3
Changed: Sep 2
Last Checked: Sep 4 at 5:36AM
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 Lee & Associates
Investment Insights
Based on property information with market context.
The property is an industrial/flex building available for sale, designed to support both warehouse and light industrial use. The building includes three dock positions and one drive-in door, with approximately 14’ clearance. Interior lighting consists of LED fixtures, and the space is described as having high-end finishes.
The building has excellent visibility along Paddock Road and offers immediate access to SR-562. It is positioned for convenient connectivity to major routes, with I-71 and I-75 nearby. The current occupancy is in place at the time of sale.
For users evaluating the site, the combination of dock access, a drive-in door, and LED lighting aligns with typical industrial distribution and service requirements. Occupancy is available beginning May 1, 2027, allowing interested parties to plan for move-in timing around leasing or operational schedules.
The building has excellent visibility along Paddock Road and offers immediate access to SR-562. It is positioned for convenient connectivity to major routes, with I-71 and I-75 nearby. The current occupancy is in place at the time of sale.
For users evaluating the site, the combination of dock access, a drive-in door, and LED lighting aligns with typical industrial distribution and service requirements. Occupancy is available beginning May 1, 2027, allowing interested parties to plan for move-in timing around leasing or operational schedules.
Key Highlights
- Industrial/flex building for sale with 3 dock positions and 1 drive‑in door
- 149 clearance and LED lighting
- High‑end finishes
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
$73,751
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
6.15%
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%
$1,475,020
$1.5M
Cap Rate 7%
$1,053,586
$1.1M
Cap Rate 9%
$819,456
$819.5K
Market Conditions
NOI Build-Up for 15,065 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
$112.1K $7.44/SF
− Vacancy
−$6.7K −$0.45/SF
EGI
$105.4K $6.99/SF
− OpEx
−$31.6K −$2.10/SF
NOI
$73.8K $4.90/SF
Area
Cincinnati, OH
Vacancy
6.00%
Lease Rate
$7.44 /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%
$1,475,020
Cap Rate 7%
$1,053,586
Cap Rate 9%
$819,456
Alternative Uses
Best Use
Flex RnD
$1.87M
$1.64M – $2.19M
NOI $131,138 @ 7.0% cap · market cap 10.93%
Second Best
Industrial
$1.05M
$921.9K – $1.23M
NOI $73,751 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$2.99M
$2.62M – $3.49M
NOI $209,630 @ 7.0% cap · market cap 17.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
3
Dock-high doors
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45229, OH
12,540
Population
7,813
Households
1.6
Avg Household Size
37
Median Age
31%
College-Educated
87%
High-School Grad
2.7 sq mi
ZIP Area
4,644
Density / Sq Mi
$30,829
Median Household Income
$25,772
Median Earnings
$831
Median Rent
$316,000
Median Home Value
Market
Vacancy Rate% for Industrial in Cincinnati, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial-flex facility offers three dock positions, a drive-in door, and 14’ clearance with high-end finishes.
Where is this flex space located?
The property is located at 4676 Paddock Rd Cincinnati, OH.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Industrial/flex building for sale with 3 dock positions and 1 drive‑in door; 149 clearance and LED lighting; High‑end finishes
