Automotive Property with Long-Term
For Sale
$5,314,286
5316 Milan Rd, Sandusky, OH 44870
Established motorcycle dealership with a remaining lease term and multiple renewal options.
Property Size41,585 SF
Price / SF$127.79
Days on Market64
Property Features for 5316 Milan Rd
General Information
Standard status
Active
Size
41,585 SF
Property subtype
Auto Dealership
Lease Type
Absolute Net
Additional Details
Cap Rate
7%
Amenities
12+ Years Of Remaining Lease Term With (3) 5-Year Renewal Options
Absolute NNN Lease Eliminating Landlord Expense Exposure
Large Franchisee Guarantee with American Road Group who Operates 13 Harley- Davidson Dealerships Throughout Ohio, Florida, Pennsylvania, New Hampshire and Kentucky
Below Market Rent at $8.95/SF with Embedded Covered Land Play Given Exception Location on Major Retail Corridor
Located In One Of Ohio's Premier Visitor And Leisure Destinations Due to Close Proximity to Cedar Point, Castaway Bay, Great Wolf Lodge and Kalahari
Building Details
Building Size
41,585 SF
Listing Agency:
Marcus & Millichap - Cleveland
(614) 360-9035
Listed By:
Erin E. Patton · License #License(s): OH: SAL.2004010274
(614) 360-9035
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 29
Last Checked: Aug 30 at 12:59PM
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 Marcus & Millichap - Cleveland
Investment Insights
Based on property information with market context.
This 41,585-square-foot automotive property operates as a Harley-Davidson dealership in Sandusky, Ohio. The lease has more than 12 years remaining and includes three additional five-year renewal options.
The property is located near Cedar Point, Castaway Bay, Great Wolf Lodge, and Kalahari, placing the dealership within an established visitor and leisure destination. The lease also includes a franchisee guarantee from American Road Group, an operator of 13 Harley-Davidson dealerships across Ohio, Florida, Pennsylvania, New Hampshire, and Kentucky.
The property is located near Cedar Point, Castaway Bay, Great Wolf Lodge, and Kalahari, placing the dealership within an established visitor and leisure destination. The lease also includes a franchisee guarantee from American Road Group, an operator of 13 Harley-Davidson dealerships across Ohio, Florida, Pennsylvania, New Hampshire, and Kentucky.
Key Highlights
- 41,585‑square‑foot Harley‑Davidson dealership
- More than 12 years of lease term remaining
- Three 5‑year renewal options
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
$170,881
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
3.22%
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%
$3,417,620
$3.4M
Cap Rate 7%
$2,441,157
$2.4M
Cap Rate 9%
$1,898,678
$1.9M
Market Conditions
NOI Build-Up for 41,585 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
$266.6K $6.41/SF
− Vacancy
−$22.4K −$0.54/SF
EGI
$244.1K $5.87/SF
− OpEx
−$73.2K −$1.76/SF
NOI
$170.9K $4.11/SF
Area
Erie County, OH
Vacancy
8.42%
Lease Rate
$6.41 /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%
$3,417,620
Cap Rate 7%
$2,441,157
Cap Rate 9%
$1,898,678
Alternative Uses
Best Use
Retail
$10.76M
$9.41M – $12.55M
NOI $752,946 @ 7.0% cap · market cap 14.17%
Second Best
Industrial
$2.44M
$2.14M – $2.85M
NOI $170,881 @ 7.0% cap · market cap 3.22%
Theoretical Best
Multifamily LT 5
$457.64M
$400.43M – $533.91M
NOI $32,034,700 @ 7.0% cap · market cap 602.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
270k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 36%
Groceries 26%
Dining 17%
Home Improvements & Furnishings 11%
Walmart
Superstores
96,813 visits/mo
0.3 miles
Meijer
Groceries
70,190 visits/mo
0.4 miles
Raising Cane's Chicken Fingers
Dining
38,043 visits/mo
0.1 miles
Lowe's
Home Improvements & Furnishings
27,667 visits/mo
0.1 miles
Staples
Office Supplies
12,321 visits/mo
0.1 miles
Demographics for 44870, OH
40,416
Population
19,991
Households
2
Avg Household Size
43
Median Age
25%
College-Educated
90%
High-School Grad
60.7 sq mi
ZIP Area
666
Density / Sq Mi
$58,797
Median Household Income
$36,056
Median Earnings
$863
Median Rent
$148,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- U-Haul Neighborhood Dealer — 5918 Milan Rd #250, Sandusky, OH 44870
- Trailer Rental at U-Haul — 5500-5504 Milan Rd, Sandusky, OH 44870
- U-Box at U-Haul — 5500-5504 Milan Rd, Sandusky, OH 44870
- U-Haul Moving & Storage of Sandusky — 5500-5504 Milan Rd, Sandusky, OH 44870
Frequently Asked Questions
What type of property is this?
Automotive property - Established motorcycle dealership with a remaining lease term and multiple renewal options.
Where is this automotive property located?
The property is located at 5316 Milan Rd Sandusky, OH.
What is the asking price?
The asking price for this property is $5,314,286.
What are key features of this property?
This property features: 41,585‑square‑foot Harley‑Davidson dealership; More than 12 years of lease term remaining; Three 5‑year renewal options
