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 Market279
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
Listing Agency:
Passov Real Estate Group
(440) 669-1109
Listed By:
Dan Lariccia
Source:
Passovgroup
Added: Nov 25, 2025
Changed: Aug 26
Last Checked: Aug 31 at 1:57PM
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
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
$168,775
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
5.36%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Industrial in Cleveland, OH
Questions? Ask Rey
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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.
