Retail Buildings on Commerce
For Sale
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500 Commerce Park Blvd, Northwood, OH 43619
Two retail buildings with investment opportunity in Northwood, Ohio.
Property Size17,136 SF
Price / SF$72.95
Days on Market797
Property Features for 500 Commerce Park Blvd
General Information
Standard status
Active
Size
17,136 SF
Property subtype
Retail
Lease Type
NNN
Building Details
Tenancy
Multi
Listing Agency:
Reichle | Klein Group
Listed By:
Joe Belinske · License #OH 0000320016
(419) 794-6045
Source:
Crexi
Added: Jul 1, 2024
Changed: Sep 3
Last Checked: Sep 1 at 12:03AM
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 Reichle | Klein Group
Investment Insights
Based on property information with market context.
Two commercial retail buildings present an owner/user investment opportunity. Building 500 has a size of 7,136 square feet and is 100% occupied by four tenants, who reimburse all operating expenses. Building 510 has a size of 10,000 square feet and is currently occupied by the owner and available. The property is located on Commerce Park Blvd, with frontage on Woodville Rd, just east of I-280 and west of the new Enclave mixed-use development on the former 120-acre Woodville Mall. Ample parking is available with 87 parking spaces, and the parking area has been recently sealed and stripped. The total property size is 17,136 square feet.
Key Highlights
- Cash flow investment opportunity with 100% occupancy in one building
- Ample parking with 87 spaces
- Prime location on Commerce Park Blvd. with frontage on Woodville Rd.
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
$67,711
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
5.42%
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%
$1,354,220
$1.4M
Cap Rate 7%
$967,300
$967.3K
Cap Rate 9%
$752,344
$752.3K
Market Conditions
NOI Build-Up for 17,136 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
$100.8K $5.88/SF
− Vacancy
−$4.0K −$0.24/SF
EGI
$96.7K $5.64/SF
− OpEx
−$29.0K −$1.69/SF
NOI
$67.7K $3.95/SF
Area
Wood County, OH
Vacancy
4.00%
Lease Rate
$5.88 /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%
$1,354,220
Cap Rate 7%
$967,300
Cap Rate 9%
$752,344
Alternative Uses
Best Use
Retail
$967.3K
$846.4K – $1.13M
NOI $67,711 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.99M
$3.49M – $4.66M
NOI $279,396 @ 7.0% cap · market cap 22.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
28k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 85%
Shops & Services 15%
Burger King
Dining
15,201 visits/mo
0.1 miles
Bob Evans Restaurant
Dining
8,499 visits/mo
0.2 miles
Shell
Shops & Services
3,089 visits/mo
0.1 miles
Enterprise Rent-A-Car
Shops & Services
1,099 visits/mo
0.4 miles
Demographics for 43619, OH
7,454
Population
3,191
Households
2.3
Avg Household Size
42
Median Age
30%
College-Educated
90%
High-School Grad
11.6 sq mi
ZIP Area
643
Density / Sq Mi
$75,883
Median Household Income
$43,952
Median Earnings
$916
Median Rent
$171,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two retail buildings with investment opportunity in Northwood, Ohio.
Where is this retail space located?
The property is located at 500 Commerce Park Blvd Northwood, OH.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Cash flow investment opportunity with 100% occupancy in one building; Ample parking with **87 spaces**; Prime location on Commerce Park Blvd. with frontage on Woodville Rd.
