Industrial Flex
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For Sale
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5446 Dunham Road, Maple Heights, OH 44137
IND-zoned flex property combines warehouse and office areas with existing tenant occupancy and additional space for users.
Property Size57,560 SF
Price / SF$43.75
Days on Market4
Property Features for 5446 Dunham Road
General Information
Standard status
Active
Size
57,560 SF
Total Parking Spaces
30
Property subtype
Industrial
Zoning
IND
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Office Build-Out
7,290 SF
Building Details
Year Built
1912
Stories
2
Tenancy
Single
Building Size
57,560 SF
Listing Agency:
Cushman & Wakefield CRESCO Real Estate
(216) 525-1487
Listed By:
Eliot Kijewski · License #OH SAL.2003003809
Source:
Crexi
Added: Aug 10
Changed: Aug 12
Last Checked: Aug 13 at 4:24AM
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 Cushman & Wakefield CRESCO Real Estate
Investment Insights
Based on property information with market context.
Built in 1912, this 57,560-square-foot flex facility combines industrial and office components in a mixed-use configuration. The property includes 37,570 square feet available for immediate occupancy, while two existing tenants occupy approximately 12,700 square feet. An additional 7,290 square feet of second-floor office space is available for occupancy or future expansion.
The property is located at 5446 Dunham Road in Maple Heights, within Cleveland’s Industrial Corridor and near I-480. IND zoning supports its industrial positioning, while the combination of occupied and available areas provides a varied operating configuration for an owner-user or industrial occupant.
The property is located at 5446 Dunham Road in Maple Heights, within Cleveland’s Industrial Corridor and near I-480. IND zoning supports its industrial positioning, while the combination of occupied and available areas provides a varied operating configuration for an owner-user or industrial occupant.
Key Highlights
- 57,560 SF mixed‑use flex facility built in 1912
- 37,570 SF available for immediate occupancy
- Two existing tenants occupy approximately 12,700 SF
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
$72,236
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
8.26%
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%
$1,444,720
$1.4M
Cap Rate 7%
$1,031,943
$1.0M
Cap Rate 9%
$802,622
$802.6K
Market Conditions
NOI Build-Up for 20,000 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
$117.6K $5.88/SF
− Vacancy
−$6.5K −$0.32/SF
EGI
$111.1K $5.56/SF
− OpEx
−$38.9K −$1.94/SF
NOI
$72.2K $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%
$1,444,720
Cap Rate 7%
$1,031,943
Cap Rate 9%
$802,622
Alternative Uses
Best Use
Warehouse
$16.02M
$14.02M – $18.70M
NOI $1,121,741 @ 7.0% cap · market cap 128.20%
Second Best
Industrial
$13.20M
$11.55M – $15.40M
NOI $923,787 @ 7.0% cap · market cap 105.58%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
496
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44137, OH
23,759
Population
10,076
Households
2.4
Avg Household Size
39
Median Age
15%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
4,569
Density / Sq Mi
$52,990
Median Household Income
$34,690
Median Earnings
$1,322
Median Rent
$89,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Bonnies Catering — 15789 Broadway Ave, Maple Heights, OH 44137
Frequently Asked Questions
What type of property is this?
Flex space - IND-zoned flex property combines warehouse and office areas with existing tenant occupancy and additional space for users.
Where is this flex space located?
The property is located at 5446 Dunham Road Maple Heights, OH.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 57,560 SF mixed‑use flex facility built in 1912; 37,570 SF available for immediate occupancy; Two existing tenants occupy approximately 12,700 SF
