Climate-Controlled Flex
For Sale
$4,795,000
535 Enterprise Dr Lewis, Lewis Center, OH 43035
Office and industrial areas combine with heavy power, loading infrastructure, cranes, and Planned Industrial District zoning.
Property Size37,500 SF
Price / SF$127.87
Days on Market193
Property Features for 535 Enterprise Dr Lewis
General Information
Standard status
Active
Size
37,500 SF
Total Parking Spaces
41
Property subtype
Warehouse
Zoning
PI
Warehouse & Industrial
Warehouse Space
32,100 SF
Office Build-Out
5,400 SF
Dock-High Doors
1
Drive-In Doors
2
Column Spacing
24 x 45 ft
Power
1,600 amps
Voltage
480 V
Three-Phase Power
Yes
Heavy Power
Yes
Conditioned Warehouse
Yes
Additional Details
Highway Access
Yes
Amenities
reception
conference rooms
lunch room
kitchenette
Building Details
Building Size
37,500 SF
Year Built
1986
Buildings
1
Properties For Sale
at 535 Enterprise Dr Lewis Contact us- Size
- 37,500 SF
- Lease Type
- NNN
535 Enterpise Drive
Listing Agency:
NAI | Ohio Equities
(614) 529-5282
Listed By:
Ryan Mcgreevy · License #2007000920
(614) 529-5282
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 4:59AM
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 NAI | Ohio Equities
Investment Insights
Based on property information with market context.
This flex property contains approximately 37,500 square feet divided between about 5,400 square feet of office area and 32,100 square feet of industrial space. The office layout includes reception, two conference rooms, six private offices, a lunch room, restrooms, and a kitchenette. Industrial improvements include fully temperature-controlled warehouse areas, approximately 15,000 square feet of high-bay space with 30-foot clear height, two 15-ton cranes, and approximately 17,330 square feet with 17-foot clear height.
Loading and utility infrastructure includes one dock door with a 30,000-pound mechanical leveler, bumper, and shelter, along with two drive-in doors measuring 16 feet by 14 feet and 10 feet by 12 feet. The building also features 24-foot by 45-foot column spacing, 1,600-amp, 480V, 3-phase power, and 41 auto parking spaces. Built in 1986, the property is zoned Planned Industrial District (PI) in Orange Township and sits within Green Meadows Corporate Park, with access to US Route 23 through State Route 750 and proximity to the Polaris Commerce District and I-71.
Loading and utility infrastructure includes one dock door with a 30,000-pound mechanical leveler, bumper, and shelter, along with two drive-in doors measuring 16 feet by 14 feet and 10 feet by 12 feet. The building also features 24-foot by 45-foot column spacing, 1,600-amp, 480V, 3-phase power, and 41 auto parking spaces. Built in 1986, the property is zoned Planned Industrial District (PI) in Orange Township and sits within Green Meadows Corporate Park, with access to US Route 23 through State Route 750 and proximity to the Polaris Commerce District and I-71.
Key Highlights
- Approximately 37,500 SF with 5,400 SF office and 32,100 SF industrial space
- Approximately 15,000 SF of high‑bay area with 30' clear height and two 15‑ton cranes
- Approximately 17,330 SF of warehouse space with 17' clear height
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
$435,708
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
9.09%
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%
$8,714,160
$8.7M
Cap Rate 7%
$6,224,400
$6.2M
Cap Rate 9%
$4,841,200
$4.8M
Market Conditions
NOI Build-Up for 37,500 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
$819.0K $21.84/SF
− Vacancy
−$196.6K −$5.24/SF
EGI
$622.4K $16.60/SF
− OpEx
−$186.7K −$4.98/SF
NOI
$435.7K $11.62/SF
Area
Delaware County, OH
Vacancy
24.00%
Lease Rate
$21.84 /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%
$8,714,160
Cap Rate 7%
$6,224,400
Cap Rate 9%
$4,841,200
Alternative Uses
Best Use
Warehouse
$7.56M
$6.61M – $8.82M
NOI $529,074 @ 7.0% cap · market cap 11.03%
Second Best
Office B
$6.60M
$5.77M – $7.70M
NOI $461,700 @ 7.0% cap · market cap 9.63%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Dock-high doors
2
Drive-in doors
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
697
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43035, OH
33,032
Population
12,595
Households
2.6
Avg Household Size
35
Median Age
67%
College-Educated
97%
High-School Grad
19.6 sq mi
ZIP Area
1,685
Density / Sq Mi
$148,446
Median Household Income
$72,809
Median Earnings
$1,580
Median Rent
$423,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and industrial areas combine with heavy power, loading infrastructure, cranes, and Planned Industrial District zoning.
Where is this flex space located?
The property is located at 535 Enterprise Dr Lewis Lewis Center, OH.
What is the asking price?
The asking price for this property is $4,795,000.
What are key features of this property?
This property features: Approximately 37,500 SF with 5,400 SF office and 32,100 SF industrial space; Approximately 15,000 SF of high‑bay area with 30' clear height and two 15‑ton cranes; Approximately 17,330 SF of warehouse space with 17' clear height
