Building Details

Building Size 29,166 SF

Year Built 1971

Units 2

Listing Agency: Matthews Real Estate Investment Services | Cleveland m***@matthews.com Show Phone

Listed By: Matt Kovesdy · License #2016005440 (OH) Show Phone

Source: Matthews

Added: Aug 22 Changed: Aug 29 Last Checked: Aug 30 at 12:54PM

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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 Matthews Real Estate Investment Services | Cleveland

Investment Insights

Based on property information with market context.

Built in 1971, this flex industrial building combines office, warehouse, and light manufacturing functionality. The property is 100% occupied and includes one dock door, 18-foot clear height, and three-phase power, providing practical features for industrial users and goods movement.

Located at 5060-5068 Corbin Dr in Bedford Heights, Ohio, the property offers direct access to I-480 and I-271. Its position within the greater Cleveland area connects the asset to regional distribution networks and the Bedford Heights industrial and flex market.

Key Highlights

• 100% occupied flex industrial building
• One dock door with 18‑foot clear height
• Three‑phase power service

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

$105,341

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

4.79%

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%

$2,106,820 $2.1M

Cap Rate 7%

$1,504,871 $1.5M

Cap Rate 9%

$1,170,456 $1.2M

Market Conditions

NOI Build-Up for 29,166 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

$171.5K $5.88/SF

− Vacancy

−$9.4K −$0.32/SF

EGI

$162.1K $5.56/SF

− OpEx

−$56.7K −$1.94/SF

NOI

$105.3K $3.61/SF

Area

Cuyahoga County, OH

Vacancy

5.50%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

35.00%

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%

$2,106,820

Cap Rate 7%

$1,504,871

Cap Rate 9%

$1,170,456

Alternative Uses

Best Use

Warehouse

$23.37M

$20.45M – $27.26M (±1% cap)

NOI $1,635,835 @ 7.0% cap · market cap 74.36%

Second Best

Industrial

$19.25M

$16.84M – $22.45M (±1% cap)

NOI $1,347,158 @ 7.0% cap · market cap 61.23%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Skin Care Clinic Garden Center Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18 ft

Clear height

1

Dock-high doors

100%

Occupancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

586

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 44128, OH

28,146

Population

14,184

Households

2

Avg Household Size

41

Median Age

18%

College-Educated

90%

High-School Grad

8.8 sq mi

ZIP Area

3,198

Density / Sq Mi

$44,615

Median Household Income

$32,719

Median Earnings

$957

Median Rent

$90,200

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Caterology — 23050 Miles Rd, Bedford Heights, OH 44128

Frequently Asked Questions

What type of property is this?

Flex space - Dock access and three-phase power support warehouse and light manufacturing operations.

Where is this flex space located?

The property is located at 5060-5068 Corbin Dr Bedford Heights, OH.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: 100% occupied flex industrial building; One dock door with 18‑foot clear height; Three‑phase power service