Listing Agency: RE/MAX Quality Realty - Sandusky k***@bex.net Show Phone

Listed By: Jim Ashton Show Phone

Source: Exprealty

Added: Jul 26 Changed: Oct 28 Last Checked: Oct 30 at 8:05PM

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Investment Insights

Based on property information with market context.

This heated self-storage condo offers approximately 1,320 square feet of versatile space with dimensions of 22 by 60 feet and a 16-foot ceiling height. The fully drywalled interior includes a breaker box with a 220 outlet, supporting storage of boats, RVs, classic cars, business equipment, and personal collections. The unit includes 24/7 access and a remote door opener.

Owners also have access to a shared restroom located behind the main office, along with a toilet, stove, refrigerator, and meeting room. The property is located on State Route 250 at 6-10006 Milan Rd in Milan, Ohio, across from Diyanni Homes and Wayne Homes. Lake Erie Arms is on the same side of State Route 250.

Key Highlights

• Approximately 1,320 square feet with 22x60 dimensions
• 16' ceiling height accommodates boats, RVs, classic cars, and other large items
• Heated, fully drywalled storage condo

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$6,586

Cap Rate

5.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$131,720 $131.7K

Cap Rate 7%

$94,086 $94.1K

Cap Rate 9%

$73,178 $73.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,320 SF

Gross rent

$8.5K $6.41/SF

− Vacancy

−$712 −$0.54/SF

EGI

$7.7K $5.87/SF

− OpEx

−$1.2K −$0.88/SF

NOI

$6.6K $4.99/SF

Area

Erie County, OH

Vacancy

8.42%

Lease Rate

$6.41 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$131,720

Cap Rate 7%

$94,086

Cap Rate 9%

$73,178

Alternative Uses

Best Use

Self Storage

$162.9K

$142.6K – $190.1K (±1% cap)

NOI $11,404 @ 7.0% cap · market cap 9.51%

Second Best

Warehouse

$94.1K

$82.3K – $109.8K (±1% cap)

NOI $6,586 @ 7.0% cap · market cap 5.49%

Theoretical Best

Multifamily LT 5

$14.53M

$12.71M – $16.95M (±1% cap)

NOI $1,016,852 @ 7.0% cap · market cap 848.08%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Self storage facilities

Suggested Use

Top Pick Real Estate Agency Big Box & Wholesale Store Storage Facility Garden Center Grocery & Convenience Store Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

16 ft

Clear height

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

134

Businesses Nearby

Explore this area Business Placement

Demographics for 44846, OH

3,322

Population

1,334

Households

2.5

Avg Household Size

44

Median Age

32%

College-Educated

96%

High-School Grad

22.3 sq mi

ZIP Area

149

Density / Sq Mi

$97,109

Median Household Income

$44,323

Median Earnings

$963

Median Rent

$235,200

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Similar For Sale Nearby

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Mixed-Use Building on Village Square

15 N Main St, Milan, OH 44846

$325,000

3,190 SF

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Six-Unit Connected Warehouse

21-26-10006 Milan Road, Milan, OH 44846

$650,000

6,570 SF

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Specialty Land Auction Parcel

9816 Us Highway 250 N, Milan, OH 44846

$500,000

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Frequently Asked Questions

What type of property is this?

Self storage facility - Versatile storage space with 24/7 access, a remote door opener, and shared owner amenities.

Where is this self storage facility located?

The property is located at 6-10006 Milan Rd Milan, OH.

What is the asking price?

The asking price for this property is $119,900.

What are key features of this property?

This property features: Approximately 1,320 square feet with 22x60 dimensions; 16' ceiling height accommodates boats, RVs, classic cars, and other large items; Heated, fully drywalled storage condo