Office Lab Warehouse
For Sale
Contact for pricing
62 N Summit Street, Akron, OH 44308
Freestanding 15,000 SF office, lab, and warehouse building with six lab rooms and 11' clear dock-high space.
Property Size15,000 SF
Price / SF$126.67
Days on Market114
Property Features for 62 N Summit Street
General Information
Standard status
Active
Size
15,000 SF
Total Parking Spaces
26
Property subtype
Office, Industrial
Building Details
Year Renovated
2011
Listing Agency:
Cushman & Wakefield CRESCO Real Estate
Listed By:
Alex Valletto · License #OH 2023000834
Source:
Crexi
Added: Apr 22
Changed: Aug 8
Last Checked: Aug 12 at 11:32AM
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 office/lab/warehouse building offers a mix of functional workspaces and warehouse space. The lab component includes six lab rooms featuring bench-top Kewaunee model H36 equipment, along with six 6-foot walk-in Kewaunee 3x model H32 units and additional custom 3x deep configurations. The warehouse portion provides approximately 5,000 SF of 11' clear height with a dock. Newly built modern offices were added in 2011.
The property sits on 0.86 acres and includes a paved parking lot with 26 spaces, with room on the site to expand parking and/or the building.
The layout supports both controlled laboratory spaces and dock-access warehouse operations in a single-use facility.
The property sits on 0.86 acres and includes a paved parking lot with 26 spaces, with room on the site to expand parking and/or the building.
The layout supports both controlled laboratory spaces and dock-access warehouse operations in a single-use facility.
Key Highlights
- Freestanding 15,000 SF office/lab/warehouse building near Downtown Akron
- Includes six (6) lab rooms with 16 6‑ft bench‑top Kewaunee H36 units and six (6) 6‑ft walk‑in Kewaunee H32 units plus 3x deep/custom
- 5,000 SF warehouse area with 11' clear height and a dock
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
$134,784
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
7.09%
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%
$2,695,680
$2.7M
Cap Rate 7%
$1,925,486
$1.9M
Cap Rate 9%
$1,497,600
$1.5M
Market Conditions
NOI Build-Up for 15,000 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
$216.0K $14.40/SF
− Vacancy
−$8.6K −$0.58/SF
EGI
$207.4K $13.82/SF
− OpEx
−$72.6K −$4.84/SF
NOI
$134.8K $8.99/SF
Area
Akron, OH
Vacancy
4.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$2,695,680
Cap Rate 7%
$1,925,486
Cap Rate 9%
$1,497,600
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
Current Use
Location Intelligence
Trade Area within ½ mile
2,456
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44308, OH
1,037
Population
478
Households
2.2
Avg Household Size
30
Median Age
40%
College-Educated
95%
High-School Grad
0.5 sq mi
ZIP Area
2,074
Density / Sq Mi
$15,473
Median Household Income
$8,924
Median Earnings
$733
Median Rent
$433,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding 15,000 SF office, lab, and warehouse building with six lab rooms and 11' clear dock-high space.
Where is this flex space located?
The property is located at 62 N Summit Street 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: Freestanding 15,000 SF office/lab/warehouse building near Downtown Akron; Includes six (6) lab rooms with 16 6‑ft bench‑top Kewaunee H36 units and six (6) 6‑ft walk‑in Kewaunee H32 units plus 3x deep/custom; 5,000 SF warehouse area with 11' clear height and a dock
