West Chester Office
For Sale
Contact for pricing
9227 Centre Pointe Dr, West Chester, OH 45069
Four-story office building 100% leased by AK Steel Corporation.
Property Size135,936 SF
Price / SF$123.22
Days on Market732
Property Features for 9227 Centre Pointe Dr
General Information
Standard status
Active
Size
135,936 SF
Class
A
Property subtype
Office
Zoning
CBD- Central Business District
Occupancy
100%
Lease Type
NNN
Investment Type
Core+
Net Operating Income
$2,152,408
Building Details
Year Built
2007
Buildings
1
Stories
4
Tenancy
Single
Listing Agency:
Marcus & Millichap - Phoenix
Listed By:
Tivon Moffitt · License #AZ BR639369000
(954) 547-7212
Source:
Crexi
Added: Sep 5, 2024
Changed: Aug 31
Last Checked: Aug 30 at 5:15PM
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 Marcus & Millichap - Phoenix
Investment Insights
Based on property information with market context.
This four-story office building offers 135,936 square feet and is fully leased by AK Steel Corporation. Constructed in 2007 as a build-to-suit property, it has served as AK Steel’s headquarters since its completion. AK Steel is a producer of flat-rolled carbon, stainless and electrical steel products, primarily serving the automotive, infrastructure, manufacturing, and distribution markets. The company also provides customer solutions with carbon and stainless-steel tubing products, hot- and cold-stamped components, and die design and tooling. Headquartered in West Chester, Ohio, the company has approximately 9,300 employees at manufacturing operations in the United States, Canada and Mexico, and facilities in Western Europe. In March 2020, Cleveland-Cliffs acquired AK Steel, integrating its iron ore business with steel production. AK Steel became a wholly owned subsidiary, retaining its branding and corporate identity. Cleveland-Cliffs is the largest flat-rolled steel producer and largest supplier of steel to the automotive industry in North America. Cleveland-Cliffs employs more than 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada.
Key Highlights
- 100% leased to AK Steel Corporation, a subsidiary of Cleveland‑Cliffs.
- Property has served as AK Steel's headquarters since 2007.
- AK Steel is a leading producer of flat‑rolled steel products.
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
$1,279,457
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
7.64%
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%
$25,589,140
$25.6M
Cap Rate 7%
$18,277,957
$18.3M
Cap Rate 9%
$14,216,189
$14.2M
Market Conditions
NOI Build-Up for 135,936 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
$2.28M $16.80/SF
− Vacancy
−$577.8K −$4.25/SF
EGI
$1.71M $12.55/SF
− OpEx
−$426.5K −$3.14/SF
NOI
$1.28M $9.41/SF
Area
Hamilton County, OH
Vacancy
25.30%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$25,589,140
Cap Rate 7%
$18,277,957
Cap Rate 9%
$14,216,189
Alternative Uses
Best Use
Office B
$18.28M
$15.99M – $21.32M
NOI $1,279,457 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$24.37M
$21.32M – $28.43M
NOI $1,705,942 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
897
Businesses Nearby
Explore this area
Business Placement
Demographics for 45069, OH
53,694
Population
21,727
Households
2.5
Avg Household Size
40
Median Age
53%
College-Educated
95%
High-School Grad
29.0 sq mi
ZIP Area
1,852
Density / Sq Mi
$115,539
Median Household Income
$61,747
Median Earnings
$1,585
Median Rent
$314,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Four-story office building 100% leased by AK Steel Corporation.
Where is this office building located?
The property is located at 9227 Centre Pointe Dr West Chester, OH.
What is the asking price?
The asking price for this property is $16,750,000.
What are key features of this property?
This property features: 100% leased to AK Steel Corporation, a subsidiary of Cleveland‑Cliffs.; Property has served as AK Steel's headquarters since 2007.; AK Steel is a leading producer of flat‑rolled steel products.
