Building Details

Buildings 1

Building Size 28,700 SF

Tenancy Single

Listing Agency: Cushman & Wakefield | CRESCO Real Estate

Listed By: Nanci Ferrante · License #OH SAL.0000441327

Source: Crexi

Added: Sep 9 Changed: Sep 12 Last Checked: Sep 12 at 2:20PM

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Investment Insights

Based on property information with market context.

This 28,700 SF facility occupies 3.0 acres and supports a combination of office, research and development, and precision manufacturing functions. The building is configured for specialized optical assembly operations, with an electrical service upgrade completed in 2021. COTSWORKS, Inc. has operated from the property since 2006 and is responsible for maintaining the facility directly.

The property is 100% net leased and located just off I-271 in Highland Heights, on Cleveland’s east side. In July 2025, COTSWORKS was acquired by Moog Inc. and became part of Moog’s Space and Defense segment. The facility serves manufacturing activities involving ruggedized fiber-optic components for aerospace, military, oil and gas, and heavy industrial applications.

Key Highlights

• 28,700 SF manufacturing, office, and R&D facility
• Situated on 3.0 acres in Highland Heights, Ohio
• 100% net leased to COTSWORKS, Inc.

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

$308,126

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

7.80%

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%

$6,162,520 $6.2M

Cap Rate 7%

$4,401,800 $4.4M

Cap Rate 9%

$3,423,622 $3.4M

Market Conditions

NOI Build-Up for 28,700 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

$544.2K $18.96/SF

− Vacancy

−$133.3K −$4.65/SF

EGI

$410.8K $14.31/SF

− OpEx

−$102.7K −$3.58/SF

NOI

$308.1K $10.74/SF

Area

Cuyahoga County, OH

Vacancy

24.50%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

25.00%

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%

$6,162,520

Cap Rate 7%

$4,401,800

Cap Rate 9%

$3,423,622

Alternative Uses

Best Use

Industrial

$18.94M

$16.57M – $22.09M (±1% cap)

NOI $1,325,634 @ 7.0% cap · market cap 33.56%

Second Best

Office B

$4.40M

$3.85M – $5.14M (±1% cap)

NOI $308,126 @ 7.0% cap · market cap 7.80%

Theoretical Best

Warehouse

$23.00M

$20.12M – $26.83M (±1% cap)

NOI $1,609,698 @ 7.0% cap · market cap 40.75%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Manufacturing properties

Suggested Use

Top Pick Parking Lot & Garage Auto Repair Shop Auto Parts Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store Locksmith

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

100%

Occupancy

Single-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

506

Businesses Nearby

Explore this area Business Placement

Demographics for 44143, OH

25,339

Population

11,879

Households

2.1

Avg Household Size

50

Median Age

43%

College-Educated

94%

High-School Grad

14.1 sq mi

ZIP Area

1,797

Density / Sq Mi

$75,853

Median Household Income

$52,497

Median Earnings

$952

Median Rent

$252,200

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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

Frequently Asked Questions

What type of property is this?

Manufacturing property - Net-leased facility combining office, R&D, and precision manufacturing functions in a specialized operating environment.

Where is this manufacturing property located?

The property is located at 749 Miner Road Highland Heights, OH.

What is the asking price?

The asking price for this property is $3,950,000.

What are key features of this property?

This property features: 28,700 SF manufacturing, office, and R&D facility; Situated on 3.0 acres in Highland Heights, Ohio; 100% net leased to COTSWORKS, Inc.