Flex Space with Service
For Sale
$649,000
Pending
8187 State Route 708, Russells Point, OH 43348
Commercial Sale, Russells Point, OH
Property Size6,400 SF
Lot Size2.41 Acres
Days on Market337
Property Features for 8187 State Route 708
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Directions
USE GPS
Subdivision
902 Indian Lake
Standard status
Pending
APN
510320000008000
Size
6,400 SF
Lot size
2.41 Acres
Taxes and HOA fees
Tax Year
2024
Utilities
Sewer type
Public Sewer
Heating system
Oil, Natural Gas, Forced Air
Cooling system
Central Air
Amenities
office spaces
restroom
insulated workshop
oil burner heat
overhead doors
updated LED lighting
Building Details
Year built
2003
Flooring type
Vinyl
Building materials
Steel Siding
Listing Agency:
Binkley Real Estate, LLC
(419) 738-3232
Listed By:
Kurt Brandehoff
(419) 230-4988
Added: Oct 24, 2025
Changed: Sep 13
Last Checked: Sep 25 at 7:06AM
MLS# 1042193
Copyright © 2026 Western Regional Information System & Technology, Inc. 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 property includes two separate commercial buildings on approximately 2.41 acres. The front building combines two offices, a restroom, and an insulated workshop served by oil burner heat. Its automotive-oriented setup includes two service bays, available vehicle lifts, and a tire changer. The rear building provides open commercial space with four overhead doors and updated LED lighting, supporting storage, manufacturing, equipment, or fleet-related operations.
Located at 8187 State Route 708 in Russells Point, Ohio, the property has public sewer service and building systems that include natural gas, forced-air, oil, and central air. Steel siding and vinyl flooring are among the recorded construction and finish details. The property was built in 2003 and may also be offered as separate parcels.
Located at 8187 State Route 708 in Russells Point, Ohio, the property has public sewer service and building systems that include natural gas, forced-air, oil, and central air. Steel siding and vinyl flooring are among the recorded construction and finish details. The property was built in 2003 and may also be offered as separate parcels.
Key Highlights
- Approximately 2.41 acres across 3 parcels
- Two commercial buildings with separate functional areas
- Front building includes 2 service bays, 2 offices, a restroom, and an insulated workshop
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
$31,934
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
4.92%
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%
$638,680
$638.7K
Cap Rate 7%
$456,200
$456.2K
Cap Rate 9%
$354,822
$354.8K
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
$41.0K $6.41/SF
− Vacancy
−$3.5K −$0.54/SF
EGI
$37.6K $5.87/SF
− OpEx
−$5.6K −$0.88/SF
NOI
$31.9K $4.99/SF
Area
Logan County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
15.00%
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%
$638,680
Cap Rate 7%
$456,200
Cap Rate 9%
$354,822
Alternative Uses
Best Use
Warehouse
$456.2K
$399.2K – $532.2K
NOI $31,934 @ 7.0% cap · market cap 4.92%
Second Best
Industrial
$375.7K
$328.7K – $438.3K
NOI $26,299 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,434 @ 7.0% cap · market cap 13.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
101
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building commercial property with office areas, workshop space, and rear storage or production capacity.
Where is this flex space located?
The property is located at 8187 State Route 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: Approximately 2.41 acres across 3 parcels; Two commercial buildings with separate functional areas; Front building includes 2 service bays, 2 offices, a restroom, and an insulated workshop
