Building Details

Year built 1971

Flooring type Concrete

Building materials Block

Roof type Membrane

Listing Agency: eXp Realty o***@exprealty.net Show Phone

Listed By: Mark Rankin Show Phone

Added: May 25 Changed: Aug 24 Last Checked: Aug 25 at 5:06AM

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MLS# 1880472

Copyright © 2026 MLS of Greater Cincinnati, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This 7,329-square-foot flex facility includes warehouse, manufacturing, and office areas within a 1971-built commercial building. The property sits on 0.717 acres and provides a truck dock, a drive-in door, and under 12 doors. Block construction, concrete flooring, a membrane roof, and forced-air, space-heater, and central heating systems complete the core improvements.

Located at 600 Northland Boulevard in Forest Park, the property offers access to I-275, I-75, and I-71, connecting with transportation routes across Greater Cincinnati, Northern Kentucky, and Southeastern Indiana. The surrounding business district includes manufacturing, warehouse, distribution, and service-oriented operations.

The configuration can accommodate distribution, logistics, contractor, light manufacturing, flex-industrial, service, or showroom operations, as well as owner-user or investment strategies explicitly identified for the property.

Key Highlights

• 7,329 SF industrial flex facility on 0.717 acres
• Truck dock and drive‑in door included
• Under 12 doors serve warehouse and operational needs

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

$38,709

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

5.16%

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%

$774,180 $774.2K

Cap Rate 7%

$552,986 $553.0K

Cap Rate 9%

$430,100 $430.1K

Market Conditions

NOI Build-Up for 7,329 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

$46.6K $6.36/SF

− Vacancy

−$1.1K −$0.15/SF

EGI

$45.5K $6.21/SF

− OpEx

−$6.8K −$0.93/SF

NOI

$38.7K $5.28/SF

Area

Hamilton County, OH

Vacancy

2.30%

Lease Rate

$6.36 /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%

$774,180

Cap Rate 7%

$552,986

Cap Rate 9%

$430,100

Alternative Uses

Best Use

Flex RnD

$1.08M

$942.5K – $1.26M (±1% cap)

NOI $75,399 @ 7.0% cap · market cap 10.05%

Second Best

Warehouse

$553.0K

$483.9K – $645.2K (±1% cap)

NOI $38,709 @ 7.0% cap · market cap 5.16%

Theoretical Best

Office A

$1.31M

$1.15M – $1.53M (±1% cap)

NOI $91,976 @ 7.0% cap · market cap 12.27%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Dental Office Restaurant

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

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

389

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 45240, OH

28,820

Population

11,485

Households

2.5

Avg Household Size

37

Median Age

32%

College-Educated

91%

High-School Grad

9.7 sq mi

ZIP Area

2,971

Density / Sq Mi

$66,918

Median Household Income

$38,593

Median Earnings

$1,187

Median Rent

$176,600

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

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Warehouse, production, and office areas support varied commercial operations.

Where is this flex space located?

The property is located at 600 Northland Boulevard Forest Park, OH.

What is the asking price?

The asking price for this property is $749,900.

What are key features of this property?

This property features: 7,329 SF industrial flex facility on 0.717 acres; Truck dock and drive‑in door included; Under 12 doors serve warehouse and operational needs