Self Storage Facility with Expansion
For Sale
$3,500,000
807 Virginia Ave, Ashland, OH 44805
Storage facility with multiple unit configurations and an established operating complex.
Property Size35,000 SF
Price / SF$100
Days on Market11
Property Features for 807 Virginia Ave
General Information
Standard status
Active
Size
35,000 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Building Details
Year Built
2021
Listing Agency:
RE/MAX First Realty, LLC
(330) 204-1549
Listed By:
Julie L Wallace juliewallacerealtor@gmail.com, 330-204-1549 · License #SAL.2018002803
Source:
Northeastohiolistings
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 8:39PM
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 RE/MAX First Realty, LLC
Investment Insights
Based on property information with market context.
This self-storage property includes multiple building improvements with unit configurations ranging from compact storage spaces to larger units suitable for oversized belongings or commercial inventory. The available sizes are 5x10, 10x10, 10x15, 10x20, and 10x30, with double-door access provided at the 10x30 units. Electricity is the sole utility serving the complex.
A site plan supports future development of up to 100,000 square feet of additional storage units. The property was built in 2021 and is located at 807 Virginia Avenue in Ashland, Ohio.
A site plan supports future development of up to 100,000 square feet of additional storage units. The property was built in 2021 and is located at 807 Virginia Avenue in Ashland, Ohio.
Key Highlights
- Self‑storage facility in Ashland, OH
- Unit sizes include 5x10, 10x10, 10x15, 10x20, and 10x30
- 10x30 units feature double‑door access
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
$300,762
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
8.59%
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%
$6,015,240
$6.0M
Cap Rate 7%
$4,296,600
$4.3M
Cap Rate 9%
$3,341,800
$3.3M
Market Conditions
NOI Build-Up for 35,000 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
$462.0K $13.20/SF
− Vacancy
−$32.3K −$0.92/SF
EGI
$429.7K $12.28/SF
− OpEx
−$128.9K −$3.68/SF
NOI
$300.8K $8.59/SF
Area
Ashland County, OH
Vacancy
7.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$6,015,240
Cap Rate 7%
$4,296,600
Cap Rate 9%
$3,341,800
Alternative Uses
Best Use
Self Storage
$4.30M
$3.76M – $5.01M
NOI $300,762 @ 7.0% cap · market cap 8.59%
Second Best
Warehouse
$2.49M
$2.18M – $2.91M
NOI $174,641 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$6.60M
$5.78M – $7.71M
NOI $462,336 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
623
Businesses Nearby
Explore this area
Business Placement
Demographics for 44805, OH
31,238
Population
13,248
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
92%
High-School Grad
151.1 sq mi
ZIP Area
207
Density / Sq Mi
$62,058
Median Household Income
$35,122
Median Earnings
$835
Median Rent
$165,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Storage facility with multiple unit configurations and an established operating complex.
Where is this self storage facility located?
The property is located at 807 Virginia Ave Ashland, OH.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Self‑storage facility in Ashland, OH; Unit sizes include 5x10, 10x10, 10x15, 10x20, and 10x30; 10x30 units feature double‑door access
