Industrial Property Near Cleveland
For Sale
$3,150,000
4677 Manufacturing Road, Cleveland, OH 44135
NNN lease industrial property with long-term tenant near airport.
Property Size41,081 SF
Days on Market325
Property Features for 4677 Manufacturing Road
General Information
Standard status
Active
Size
41,081 SF
Property subtype
Industrial
Building Details
Building Size
41,081 SF
Year Built
1962
Listed By:
Dan Lariccia
(440) 669-1109
Source:
Passovgroup
Added: Nov 25, 2025
Changed: Oct 10
Last Checked: Oct 14 at 9:19PM
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 Dan Lariccia
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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
Estimated NOI and Cap Rate
NOI / Yr
$168,775
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,375,500
$3.4M
Cap Rate 7%
$2,411,071
$2.4M
Cap Rate 9%
$1,875,278
$1.9M
Market Conditions
NOI Build-Up for 41,081 SF
Gross rent
$251.4K $6.12/SF
− Vacancy
−$10.3K −$0.25/SF
EGI
$241.1K $5.87/SF
− OpEx
−$72.3K −$1.76/SF
NOI
$168.8K $4.11/SF
Area
Cleveland, OH
Vacancy
4.10%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,375,500
Cap Rate 7%
$2,411,071
Cap Rate 9%
$1,875,278
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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
268
Businesses Nearby
Explore this area
Business Placement
Demographics for 44135, OH
26,684
Population
12,035
Households
2.2
Avg Household Size
39
Median Age
18%
College-Educated
84%
High-School Grad
10.2 sq mi
ZIP Area
2,616
Density / Sq Mi
$48,930
Median Household Income
$36,444
Median Earnings
$935
Median Rent
$119,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Cleveland, OH
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 Road 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.
