Flex Space with Two
For Sale
$649,000
Pending
8187 OH 708, Russells Point, OH 43348
COMMERCIAL - Russells Point, OH
Property Size6,400 SF
Lot Size2.40 Acres
Days on Market293
Property Features for 8187 OH 708
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
Paved or Surfaced
Security features
Security
Directions
USE GPS
Standard status
Pending
APN
510320000008000, 520321333007001, 520321333007002
Size
6,400 SF
Lot size
2.40 Acres
Taxes and HOA fees
Tax Annual Amount
3896
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Oil
Cooling system
Central Air
Water source
Public
Amenities
office spaces
restroom
insulated workshop
oil burner heat
overhead doors
LED lighting
Building Details
Year built
2003
Building materials
Block, Metal Siding
Roof type
Metal
Listing Agency:
Binkley Real Estate- Wapakoneta
(419) 738-3232
Listed By:
Kurt Brandehoff
(419) 230-4988
Added: Oct 24, 2025
Changed: Aug 4
Last Checked: Aug 12 at 5:06AM
MLS# 308650
Copyright © 2026 West Central Association of Realtors. 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 flex space property in Russells Point is set up across three parcels totaling approximately 2.4 acres, with two separate buildings for a variety of retail, automotive, warehouse, light industrial, or multi-use business operations. The front building is 2,400 SF and includes two office spaces, a restroom, and a fully insulated workshop area with oil burner heat. The shop also has two service bays with available car lifts and a tire changer, supporting automotive service or customization work.
The rear building totals 6,000 SF and provides flexible space for storage, manufacturing, equipment use, fleet operations, or additional rental setups. It features four overhead doors, updated LED lighting, and abundant open space.
The property is served by public water and public sewer, has central air cooling, and was built in 2003. Construction includes block with metal siding and a metal roof, with paved/surfaced parking and commercial zoning.
The rear building totals 6,000 SF and provides flexible space for storage, manufacturing, equipment use, fleet operations, or additional rental setups. It features four overhead doors, updated LED lighting, and abundant open space.
The property is served by public water and public sewer, has central air cooling, and was built in 2003. Construction includes block with metal siding and a metal roof, with paved/surfaced parking and commercial zoning.
Key Highlights
- Two separate buildings on approximately 2.4 acres across three parcels
- Front building: 2,400 SF with two offices, restroom, and insulated workshop
- Automotive‑ready front shop with two service bays, available car lifts, and a tire changer
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
$58,393
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
9.00%
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%
$1,167,860
$1.2M
Cap Rate 7%
$834,186
$834.2K
Cap Rate 9%
$648,811
$648.8K
Market Conditions
NOI Build-Up for 6,400 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
$109.8K $17.16/SF
− Vacancy
−$20.0K −$3.12/SF
EGI
$89.8K $14.04/SF
− OpEx
−$31.4K −$4.91/SF
NOI
$58.4K $9.12/SF
Area
Montgomery County, OH
Vacancy
18.20%
Lease Rate
$17.16 /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%
$1,167,860
Cap Rate 7%
$834,186
Cap Rate 9%
$648,811
Alternative Uses
Best Use
Retail
$1.06M
$930.4K – $1.24M
NOI $74,431 @ 7.0% cap · market cap 11.47%
Second Best
Flex RnD
$834.2K
$729.9K – $973.2K
NOI $58,393 @ 7.0% cap · market cap 9.00%
Theoretical Best
Multifamily LT 5
$60.53M
$52.97M – $70.62M
NOI $4,237,229 @ 7.0% cap · market cap 652.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43348, OH
1,880
Population
1,498
Households
1.3
Avg Household Size
47
Median Age
18%
College-Educated
86%
High-School Grad
2.3 sq mi
ZIP Area
817
Density / Sq Mi
$50,658
Median Household Income
$32,132
Median Earnings
$763
Median Rent
$147,900
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?
Flex space - Flex space in Russells Point with public utilities, central air, and automotive-ready workshop features across two buildings.
Where is this flex space located?
The property is located at 8187 OH 708 Russells Point, OH.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two separate buildings on approximately 2.4 acres across three parcels; Front building: 2,400 SF with two offices, restroom, and insulated workshop; Automotive‑ready front shop with two service bays, available car lifts, and a tire changer
