Industrial Property Near Cleveland
4677 Manufacturing Rd Cleveland, OH
For Sale
Contact for pricing
NNN lease industrial property with long-term tenant near airport.
Property Size41,081 SF
Lot Size1.91 Acres
Price / SF$76.68
Days on Market1410
Property Features for 4677 Manufacturing Rd
General Information
Standard status
Active
Size
41,081 SF
Lot size
1.91 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Passov Real Estate Group
(216) 453-3082
Listed By:
Dan Lariccia
(216) 453-3082
Source:
Moodyscre
Added: Sep 20, 2022
Changed: Jul 10
Last Checked: Jul 21 at 6:41AM
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 Passov Real Estate Group
Investment Insights
Based on property information with market context.
The property is an industrial building occupied by WABTEC (NYSE: WAB), who recently exercised a 5-year lease extension. The lease is an absolute NNN lease, with no landlord obligations, and is corporately guaranteed by WABTEC, which has a credit rating of "BBB-" by Fitch and a $17B market capitalization value. The property is located less than one mile from Cleveland International Airport, NASA Glenn Research Center, and the Cleveland IX Center. Recent upgrades include a complete roof replacement in 2019 and a new HVAC system in 2018. The restrooms and common areas of the office space are scheduled for complete renovation this year. The industrial park is currently 98% occupied. The tenant has invested more than $350,000 of its own funds in capital improvements and also occupies an adjacent 90,000 square foot building. The property size is 41,081 square feet and is located on Manufacturing Road in Cleveland, OH.
Key Highlights
- Absolute NNN Lease with no Landlord obligations.
- Corporate Guarantee by WABTEC (NYSE: WAB) with a “BBB-” credit rating by Fitch and $17B market capitalization.
- WABTEC, a decades‑long occupant, recently exercised a 5‑year lease extension.
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $251.4k | $6.12 |
| − Vacancy | −$10.3k | −$0.25 |
| EGI | $241.1k | $5.87 |
| − OpEx | −$72.3k | −$1.76 |
| NOI | $168.8k | $4.11 |
41,081 SF · lease $6.12/SF/yr · vacancy 4.10% · expense 30.00%
Alternative Uses
Best Use
Industrial
$2.41M
$2.11M – $2.81M
NOI $168,775 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.03M
$8.77M – $11.70M
NOI $701,756 @ 7.0% cap · market cap 22.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Manufacturing property - NNN lease industrial property with long-term tenant near airport.
Where is this manufacturing property located?
The property is located at 4677 Manufacturing Rd Cleveland, OH.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: Absolute NNN Lease with no Landlord obligations.; Corporate Guarantee by WABTEC (NYSE: WAB) with a “BBB-” credit rating by Fitch and $17B market capitalization.; WABTEC, a decades‑long occupant, recently exercised a 5‑year lease extension.
