Building Details

Year Built 1945

Year Renovated 2026

Stories 1

Listing Agency: Miller Diversified Realty, LLC Show Phone

Listed By: David M. Kerscher Show Phone

Source: Koehlerrealty

Added: Oct 21 Changed: Oct 28 Last Checked: Oct 28 at 3:57PM

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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 Realty, LLC

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 7,470 SF flex property combines renovated office space with shop space featuring drive-in doors and a floor drain. The office improvements include new drywall, carpet, windows, lighting, and HVAC. Storage is located in a rear building, and the property can be divided into 3 units.

Built in 1945 and renovated in 2026, the property is zoned M1 - Light Industrial. A short-term tenant is in place through the end of 2026.

Key Highlights

• 7,470 SF property divisible into 3 units
• Renovated office area with new drywall, carpet, windows, lighting, and HVAC
• Shop space has drive‑in doors and a floor drain

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,746

Cap Rate

8.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$794,920 $794.9K

Cap Rate 7%

$567,800 $567.8K

Cap Rate 9%

$441,622 $441.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,470 SF

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 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 (±1% cap)

NOI $47,128 @ 7.0% cap · market cap 9.52%

Second Best

Industrial

$567.8K

$496.8K – $662.4K (±1% cap)

NOI $39,746 @ 7.0% cap · market cap 8.03%

Theoretical Best

Specialty Retail

$1.37M

$1.20M – $1.60M (±1% cap)

NOI $95,702 @ 7.0% cap · market cap 19.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Impact With Hope Charitable Organization

Suggested Use

Top Pick Real Estate Agency Restaurant Dental Office Law Firm Building Supply Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

269

Businesses Nearby

Under-served

Demand for This Use

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Renovated office finishes pair with drive-in shop access, a floor drain, and storage in the rear building.

Where is this flex space 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 property divisible into 3 units; Renovated office area with new drywall, carpet, windows, lighting, and HVAC; Shop space has drive‑in doors and a floor drain