Industrial Warehouse
For Sale
Contact for pricing
559 Bank St, Painesville, OH 44077
Industrial facility with warehouse space, mezzanine area, small office, and multiple loading doors and indoor docks.
Property Size43,200 SF
Lot Size4.31 Acres
Price / SF$69.44
Days on Market117
Property Features for 559 Bank St
General Information
Standard status
Active
Size
43,200 SF
Lot size
4.31 Acres
Property subtype
INDUSTRIAL
Zoning
M-2
Warehouse & Industrial
Clear Height
38.4 ft
Drive-In Doors
5
Heavy Power
Yes
Sprinkler System
Yes
Listing Agency:
Global Real Estate Advisors
(440) 255-5552
Listed By:
Timothy Sawicki
(440) 283-5143
Source:
Moodyscre
Added: May 15
Changed: Aug 27
Last Checked: Sep 7 at 4:48AM
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 Global Real Estate Advisors
Investment Insights
Based on property information with market context.
This multi-parcel industrial facility totals approximately 43,200 square feet, including a 32,200 square foot warehouse, a 10,800 square foot mezzanine, and about 200 square feet of office space. Improvements include a dry sprinkler system, radiant tube heating, and metal-halide and T8 lighting. Power service is listed as 600 amp, 480 volt, 3-phase and 200 amp, 240 volt, 3-phase. Clear ceiling heights range from 18 feet to 38.4 feet, and the facility includes multiple cranes with a 10-ton, 3-ton, and jib crane.
Loading and access are supported by two indoor docks sized 20 feet by 25 feet and five drive-in doors sized 17 feet by 15 feet.
The property is zoned M-2 (Industrial) and is described as located in Painesville, with power supplied by the City of Painesville.
Loading and access are supported by two indoor docks sized 20 feet by 25 feet and five drive-in doors sized 17 feet by 15 feet.
The property is zoned M-2 (Industrial) and is described as located in Painesville, with power supplied by the City of Painesville.
Key Highlights
- 43,200± SF total industrial facility with 32,200± SF warehouse and 10,800± SF mezzanine
- 200± SF office included
- 4.31± acres across three parcels zoned M‑2, industrial
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
$201,913
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
6.73%
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%
$4,038,260
$4.0M
Cap Rate 7%
$2,884,471
$2.9M
Cap Rate 9%
$2,243,478
$2.2M
Market Conditions
NOI Build-Up for 43,200 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
$246.7K $5.71/SF
− Vacancy
−$9.1K −$0.21/SF
EGI
$237.5K $5.50/SF
− OpEx
−$35.6K −$0.82/SF
NOI
$201.9K $4.67/SF
Area
Lake County, OH
Vacancy
3.70%
Lease Rate
$5.71 /SF/Yr
Expense Ratio
15.00%
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%
$4,038,260
Cap Rate 7%
$2,884,471
Cap Rate 9%
$2,243,478
Alternative Uses
Best Use
Warehouse
$2.88M
$2.52M – $3.37M
NOI $201,913 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.98M
$8.73M – $11.64M
NOI $698,434 @ 7.0% cap · market cap 23.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
38 ft
Clear height
5
Drive-in doors
Yes
Heavy power
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44077, OH
58,253
Population
24,928
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
91%
High-School Grad
60.5 sq mi
ZIP Area
963
Density / Sq Mi
$80,692
Median Household Income
$45,315
Median Earnings
$972
Median Rent
$217,400
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial facility with warehouse space, mezzanine area, small office, and multiple loading doors and indoor docks.
Where is this warehouse located?
The property is located at 559 Bank St Painesville, OH.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 43,200± SF total industrial facility with 32,200± SF warehouse and 10,800± SF mezzanine; 200± SF office included; 4.31± acres across three parcels zoned M‑2, industrial
