Ashland Flex Warehouse For
For Sale
Contact for pricing
2395 Rock Rd, Ashland, OH 44805
Two-building flex warehouse on 4.2 acres in Ashland, Ohio.
Property Size29,300 SF
Lot Size4.20 Acres
Price / SF$88.74
Days on Market708
Property Features for 2395 Rock Rd
General Information
Standard status
Active
Size
29,300 SF
Total Parking Spaces
46
Lot size
4.20 Acres
Property subtype
Industrial
Zoning
M-1 Light Industry
Investment Type
Owner/User
Building Details
Year Built
2007
Buildings
2
Stories
1
Listing Agency:
Donald K. Gant Realty
(330) 264-4242
Listed By:
Trevor Gant · License #2023003563
Source:
Crexi
Added: Sep 23, 2024
Changed: Aug 14
Last Checked: Aug 29 at 12:03PM
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 Donald K. Gant Realty
Investment Insights
Based on property information with market context.
This property features two buildings totaling approximately 29,300 square feet on approximately 4.20 acres. The site provides approximately 46 total parking spaces. It is zoned M-1 Light Industry within the City of Ashland limits. Building A is a flex warehouse with approximately 25,300 square feet, including approximately 6,600 square feet of office space, a break room, and approximately 17,300 square feet of warehouse space. It is equipped with two dock doors and one drive-in door. Building B offers approximately 4,000 square feet with dimensions of approximately 50 feet by 80 feet and includes two drive-in doors, each approximately 12 feet by 14 feet.
Key Highlights
- Large flex warehouse space: ± 25,300 SF in Building A, with office space, break room and warehouse area.
- Ample land: ± 4.20 acres.
- Two buildings: totaling ± 29,300 SF.
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
$174,513
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
6.71%
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%
$3,490,260
$3.5M
Cap Rate 7%
$2,493,043
$2.5M
Cap Rate 9%
$1,939,033
$1.9M
Market Conditions
NOI Build-Up for 29,300 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
$291.8K $9.96/SF
− Vacancy
−$23.3K −$0.80/SF
EGI
$268.5K $9.16/SF
− OpEx
−$94.0K −$3.21/SF
NOI
$174.5K $5.96/SF
Area
Ashland County, OH
Vacancy
8.00%
Lease Rate
$9.96 /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%
$3,490,260
Cap Rate 7%
$2,493,043
Cap Rate 9%
$1,939,033
Alternative Uses
Best Use
Flex RnD
$2.49M
$2.18M – $2.91M
NOI $174,513 @ 7.0% cap · market cap 6.71%
Second Best
Industrial
$1.72M
$1.50M – $2.01M
NOI $120,399 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$5.53M
$4.84M – $6.45M
NOI $387,041 @ 7.0% cap · market cap 14.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Well-served
Demand for This Use
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?
Flex space - Two-building flex warehouse on 4.2 acres in Ashland, Ohio.
Where is this flex space located?
The property is located at 2395 Rock Rd Ashland, OH.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Large flex warehouse space: ± 25,300 SF in Building A, with office space, break room and warehouse area.; Ample land: ± 4.20 acres.; Two buildings: totaling ± 29,300 SF.
