Freestanding Industrial Building For
For Sale
Contact for pricing
561 Ternes Ave, Elyria, OH 44035
Industrial building with manufacturing and assembly space, accessible location.
Property Size15,496 SF
Price / SF$65.82
Days on Market196
Property Features for 561 Ternes Ave
General Information
Standard status
Active
Size
15,496 SF
Class
C
Property subtype
Industrial
Zoning
Industrial
Building Details
Year Built
1970
Units
3
Tenancy
Multi
Listing Agency:
Cushman & Wakefield | CRESCO Real Estate
(216) 525-1487
Listed By:
Eliot Kijewski · License #OH SAL.2003003809
Source:
Crexi
Added: Feb 7
Changed: Aug 22
Last Checked: Aug 22 at 1:09PM
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.
This freestanding industrial building offers 15,496 square feet of partially climate-controlled manufacturing and assembly space. The property is located in a high-image industrial setting and provides easy access to major interstates I-90 and I-80 (Ohio Turnpike). The layout features minimal columns, allowing for maximum operational flexibility. Signage opportunities are available along Ternes Lane. The property is easily accessible from the Lorain County transit bus line. Elyria is noted as a business-friendly community with an excellent labor market.
Key Highlights
- Easy access to major interstates I‑90 & I‑80 (Ohio Turnpike).
- Partially climate controlled manufacturing and assembly space.
- Minimal columns allows for maximum flexibility with operations.
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
$58,540
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
5.74%
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%
$1,170,800
$1.2M
Cap Rate 7%
$836,286
$836.3K
Cap Rate 9%
$650,444
$650.4K
Market Conditions
NOI Build-Up for 15,496 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
$86.9K $5.61/SF
− Vacancy
−$3.3K −$0.21/SF
EGI
$83.6K $5.40/SF
− OpEx
−$25.1K −$1.62/SF
NOI
$58.5K $3.78/SF
Area
Lorain County, OH
Vacancy
3.80%
Lease Rate
$5.61 /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%
$1,170,800
Cap Rate 7%
$836,286
Cap Rate 9%
$650,444
Alternative Uses
Best Use
Industrial
$836.3K
$731.8K – $975.7K
NOI $58,540 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.90M
$3.42M – $4.56M
NOI $273,349 @ 7.0% cap · market cap 26.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
41
Businesses Nearby
Explore this area
Business Placement
Demographics for 44035, OH
61,921
Population
29,637
Households
2.1
Avg Household Size
42
Median Age
17%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
1,301
Density / Sq Mi
$54,362
Median Household Income
$38,493
Median Earnings
$871
Median Rent
$147,600
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?
Manufacturing property - Industrial building with manufacturing and assembly space, accessible location.
Where is this manufacturing property located?
The property is located at 561 Ternes Ave Elyria, OH.
What is the asking price?
The asking price for this property is $1,020,000.
What are key features of this property?
This property features: Easy access to major interstates I‑90 & I‑80 (Ohio Turnpike).; Partially climate controlled manufacturing and assembly space.; Minimal columns allows for maximum flexibility with operations.
