Industrial Flex Building with Divisible
For Sale
$495,000
905 Farnsworth Road, Waterville, OH 43566
Flex-style industrial space can be divided into three units to support a range of manufacturing and operational needs.
Property Size7,470 SF
Price / SF$66.27
Days on Market60
Property Features for 905 Farnsworth Road
General Information
Standard status
Active
Size
7,470 SF
Property subtype
Factory
Additional Details
Highway Access
Yes
Building Details
Building Size
7,470 SF
Year Built
1945
Listing Agency:
Miller Diversified Brokerage
(419) 345-8232
Listed By:
Dave Kerscher · License #0000266970
(419) 345-8232
Source:
Thebrokerlist
Added: Jun 11
Changed: Aug 8
Last Checked: Jun 26 at 8:01PM
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 Miller Diversified Brokerage
Investment Insights
Based on property information with market context.
This 7,470 SF industrial flex building is designed to serve industrial and manufacturing users, with the option to divide the space into three separate units. That configuration creates flexibility for tenants or owners seeking different operational layouts or multiple occupants under one roof.
The property is located with excellent visibility on Farnsworth Road. It also offers convenient proximity to downtown Waterville, along with ready access to Anthony Wayne Trail, US-24, and I-475.
For businesses looking for adaptable industrial space, the ability to split the building into three units can support a variety of tenant setups, from single-operator occupancy to multi-tenant use. The combination of divisibility and practical access routes makes the property worth considering for industrial and manufacturing operations evaluating a flexible facility in the Waterville area.
The property is located with excellent visibility on Farnsworth Road. It also offers convenient proximity to downtown Waterville, along with ready access to Anthony Wayne Trail, US-24, and I-475.
For businesses looking for adaptable industrial space, the ability to split the building into three units can support a variety of tenant setups, from single-operator occupancy to multi-tenant use. The combination of divisibility and practical access routes makes the property worth considering for industrial and manufacturing operations evaluating a flexible facility in the Waterville area.
Key Highlights
- 7,470 SF industrial/flex building built in 1945 with space that can be divided into 3 units
- Flexible unit layout supports a range of industrial and manufacturing operations
- Excellent visibility on Farnsworth Road
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
$39,746
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
8.03%
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%
$794,920
$794.9K
Cap Rate 7%
$567,800
$567.8K
Cap Rate 9%
$441,622
$441.6K
Market Conditions
NOI Build-Up for 7,470 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
$58.3K $7.80/SF
− Vacancy
−$1.5K −$0.20/SF
EGI
$56.8K $7.60/SF
− OpEx
−$17.0K −$2.28/SF
NOI
$39.7K $5.32/SF
Area
Lucas County, OH
Vacancy
2.55%
Lease Rate
$7.80 /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%
$794,920
Cap Rate 7%
$567,800
Cap Rate 9%
$441,622
Alternative Uses
Best Use
Flex RnD
$673.3K
$589.1K – $785.5K
NOI $47,128 @ 7.0% cap · market cap 9.52%
Second Best
Industrial
$567.8K
$496.8K – $662.4K
NOI $39,746 @ 7.0% cap · market cap 8.03%
Theoretical Best
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $95,702 @ 7.0% cap · market cap 19.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 43566, OH
8,371
Population
3,594
Households
2.3
Avg Household Size
43
Median Age
46%
College-Educated
98%
High-School Grad
18.4 sq mi
ZIP Area
455
Density / Sq Mi
$108,497
Median Household Income
$57,413
Median Earnings
$1,378
Median Rent
$283,500
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?
Manufacturing property - Flex-style industrial space can be divided into three units to support a range of manufacturing and operational needs.
Where is this manufacturing property located?
The property is located at 905 Farnsworth Road Waterville, OH.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 7,470 SF industrial/flex building built in 1945 with space that can be divided into 3 units; Flexible unit layout supports a range of industrial and manufacturing operations; Excellent visibility on Farnsworth Road
