Small-Bay Flex
For Sale
Contact for pricing
5460 SCHULTZ DR, Sylvania, OH 43560
Two-suite light industrial property with one occupied suite and additional space available for lease or owner use.
Property Size7,200 SF
Lot Size0.32 Acres
Price / SF$62.50
Days on Market11
Property Features for 5460 SCHULTZ DR
General Information
Standard status
Active
Size
7,200 SF
Lot size
0.32 Acres
Property subtype
Industrial
Zoning
M-1 Light Industrial
Occupancy
50%
Net Operating Income
$13,839
Additional Details
Asking Price
$450,000
Highway Access
Yes
Building Details
Year Built
1970
Buildings
1
Units
1
Tenancy
Multi
Building Size
7,200 SF
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0288
Listed By:
Deno Bistolarides · License #6502378067
Source:
Crexi
Added: Aug 11
Changed: Aug 15
Last Checked: Aug 20 at 1:48PM
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 Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
This 7,200 SF flex property, built in 1970, is configured as two 3,600 SF suites. One suite is leased through July 2030, while the second is available for occupancy or lease-up. The building is zoned M-1 Light Industrial and sits on 0.32 acres, supporting industrial and service-oriented operations.
The property is 0.9 miles from the I-475/US-23 interchange, providing access to a roadway carrying more than 66,000 vehicles per day. Nearby retail and service destinations include Target, Dick’s Sporting Goods, Marshalls, PetSmart, Chase, and Wendy’s. Its two-suite layout combines an existing tenancy with immediately available space within a suburban Northwest Ohio setting.
The property is 0.9 miles from the I-475/US-23 interchange, providing access to a roadway carrying more than 66,000 vehicles per day. Nearby retail and service destinations include Target, Dick’s Sporting Goods, Marshalls, PetSmart, Chase, and Wendy’s. Its two-suite layout combines an existing tenancy with immediately available space within a suburban Northwest Ohio setting.
Key Highlights
- 7,200 SF flex building on 0.32 acres
- Two 3,600 SF suites with 50% current occupancy
- One suite leased through July 2030
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
$38,310
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
8.51%
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%
$766,200
$766.2K
Cap Rate 7%
$547,286
$547.3K
Cap Rate 9%
$425,667
$425.7K
Market Conditions
NOI Build-Up for 7,200 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
$56.2K $7.80/SF
− Vacancy
−$1.4K −$0.20/SF
EGI
$54.7K $7.60/SF
− OpEx
−$16.4K −$2.28/SF
NOI
$38.3K $5.32/SF
Area
Lucas County, OH
Vacancy
2.55%
Lease Rate
$7.80 /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%
$766,200
Cap Rate 7%
$547,286
Cap Rate 9%
$425,667
Alternative Uses
Best Use
Warehouse
$664.6K
$581.5K – $775.3K
NOI $46,519 @ 7.0% cap · market cap 10.34%
Second Best
Flex RnD
$648.9K
$567.8K – $757.1K
NOI $45,424 @ 7.0% cap · market cap 10.09%
Theoretical Best
Specialty Retail
$1.32M
$1.15M – $1.54M
NOI $92,243 @ 7.0% cap · market cap 20.50%
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
814
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43560, OH
34,204
Population
13,107
Households
2.6
Avg Household Size
42
Median Age
53%
College-Educated
98%
High-School Grad
21.2 sq mi
ZIP Area
1,613
Density / Sq Mi
$104,865
Median Household Income
$59,940
Median Earnings
$1,102
Median Rent
$262,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-suite light industrial property with one occupied suite and additional space available for lease or owner use.
Where is this flex space located?
The property is located at 5460 SCHULTZ DR Sylvania, OH.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 7,200 SF flex building on 0.32 acres; Two 3,600 SF suites with 50% current occupancy; One suite leased through July 2030
