Light Industrial Flex
For Sale
$235,000
5551 E Calla Road, New Middletown, OH 44442
Open work space, private offices, support areas, drive-in access, and light-industrial zoning support a range of commercial operations.
Property Size3,936 SF
Lot Size0.64 Acres
Days on Market75
Property Features for 5551 E Calla Road
General Information
Standard status
Active
Size
3,936 SF
Total Parking Spaces
10
Lot size
0.64 Acres
Property subtype
Commercial
Zoning
Industrial - Light
Warehouse & Industrial
Drive-In Doors
1
Voltage
480 V
Taxes and HOA fees
Annual Taxes
$1,508
Building Details
Building Size
3,936 SF
Year Built
1971
Buildings
1
Stories
1
Listing Agency:
Keller Williams Chervenic Rlty
(330) 559-6403
Listed By:
Melinda Holtzman · License #2025001031
(330) 559-6403
Source:
Carolgoffrealestate
Added: Jun 17
Changed: Aug 29
Last Checked: Aug 29 at 6:59PM
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 Keller Williams Chervenic Rlty
Investment Insights
Based on property information with market context.
This 1971 flex property occupies .64 acre and provides more than 3,000 square feet of open light industrial area. The front portion includes two private offices, a break room, and a bathroom, while a second bathroom serves the shop area. Drive-in access is available through a 10 x 18 overhead door.
Building systems include three furnaces, central air in the office and bathroom areas, and 480, 220, and 110 power. The property is served by a well and septic system, with a gravel parking area sized for 10 cars. The roof is approximately 8 years old. Manufacturing equipment is negotiable, and the property is zoned Industrial - Light.
Building systems include three furnaces, central air in the office and bathroom areas, and 480, 220, and 110 power. The property is served by a well and septic system, with a gravel parking area sized for 10 cars. The roof is approximately 8 years old. Manufacturing equipment is negotiable, and the property is zoned Industrial - Light.
Key Highlights
- More than 3,000 sqft of open light industrial space on .64 acre
- 10 x 18 overhead door provides drive‑in access
- Two private offices, break room, and two bathrooms
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
$16,174
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
6.88%
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%
$323,480
$323.5K
Cap Rate 7%
$231,057
$231.1K
Cap Rate 9%
$179,711
$179.7K
Market Conditions
NOI Build-Up for 3,936 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
$25.2K $6.41/SF
− Vacancy
−$2.1K −$0.54/SF
EGI
$23.1K $5.87/SF
− OpEx
−$6.9K −$1.76/SF
NOI
$16.2K $4.11/SF
Area
Mahoning 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%
$323,480
Cap Rate 7%
$231,057
Cap Rate 9%
$179,711
Alternative Uses
Best Use
Industrial
$231.1K
$202.2K – $269.6K
NOI $16,174 @ 7.0% cap · market cap 6.88%
Second Best
Flex RnD
$219.3K
$191.9K – $255.8K
NOI $15,350 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$742.8K
$649.9K – $866.6K
NOI $51,993 @ 7.0% cap · market cap 22.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44442, OH
4,095
Population
1,704
Households
2.4
Avg Household Size
49
Median Age
30%
College-Educated
95%
High-School Grad
9.0 sq mi
ZIP Area
455
Density / Sq Mi
$54,432
Median Household Income
$35,167
Median Earnings
$742
Median Rent
$172,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Open work space, private offices, support areas, drive-in access, and light-industrial zoning support a range of commercial operations.
Where is this flex space located?
The property is located at 5551 E Calla Road New Middletown, OH.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: More than 3,000 sqft of open light industrial space on .64 acre; 10 x 18 overhead door provides drive‑in access; Two private offices, break room, and two bathrooms
