Akron Office/Lab/Warehouse Building For
62 N Summit St Akron, OH
For Sale
Contact for pricing
15,000 SF office/lab/warehouse building near Downtown Akron.
Property Size15,000 SF
Lot Size0.84 Acres
Price / SF$126.67
Days on Market1178
Property Features for 62 N Summit St
General Information
Standard status
Active
Size
15,000 SF
Lot size
0.84 Acres
Property subtype
FLEX_R_AND_D
Listing Agency:
Cresco Real Estate | Cleveland
(216) 525-1468
Listed By:
Fred W. Christie, SIOR
Source:
Moodyscre
Added: May 9, 2023
Changed: Jul 6
Last Checked: Jul 21 at 6:41AM
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 Cresco Real Estate | Cleveland
Investment Insights
Based on property information with market context.
This is a free-standing 15,000 square foot building suitable for office, lab, and warehouse use, located near Downtown Akron. The property includes six lab rooms, each equipped with 16 six-foot benchtop Kewaunee model H36 units, and six six-foot walk-in Kewaunee 3x model H32 and 3x deep/custom units. Additionally, there is 5,000 square feet of warehouse space with an 11-foot clear height and a dock. The building features newly built modern offices constructed in 2011. Situated on 0.86 acres, the property offers potential for expanding the existing paved parking lot, which currently accommodates 26 spaces, or for further building expansion.
Key Highlights
- Free‑standing 15,000 SF office/lab/warehouse building near Downtown Akron.
- Six lab rooms feature 16 6ft benchtop Kewaunee model H36 benches and six 6ft walk‑in Kewaunee 3x model H32 & 3x deep/custom units.
- Benefit from 5,000 SF of 11’ clear warehouse space with a dock.
Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $216.0k | $14.40 |
| − Vacancy | −$8.6k | −$0.58 |
| EGI | $207.4k | $13.82 |
| − OpEx | −$72.6k | −$4.84 |
| NOI | $134.8k | $8.99 |
15,000 SF · lease $14.40/SF/yr · vacancy 4.00% · expense 35.00%
Alternative Uses
Best Use
Office B
$2.53M
$2.22M – $2.96M
NOI $177,406 @ 7.0% cap · market cap 9.34%
Second Best
Flex RnD
$1.93M
$1.68M – $2.25M
NOI $134,784 @ 7.0% cap · market cap 7.09%
Theoretical Best
Office A
$3.68M
$3.22M – $4.29M
NOI $257,679 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Goode Catering Co. — 174 S Main St, Akron, OH 44308
- Quaker Station Catering — 135 S Broadway St, Akron, OH 44308
Frequently Asked Questions
What type of property is this?
Flex space - 15,000 SF office/lab/warehouse building near Downtown Akron.
Where is this flex space located?
The property is located at 62 N Summit St Akron, OH.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Free‑standing 15,000 SF office/lab/warehouse building near Downtown Akron.; Six lab rooms feature 16 6ft benchtop Kewaunee model H36 benches and six 6ft walk‑in Kewaunee 3x model H32 & 3x deep/custom units.; Benefit from 5,000 SF of 11’ clear warehouse space with a dock.
