Industrial Warehouse Facility Near
For Sale
Contact for pricing
Pending
1400 Worden Rd, Wickliffe, OH 44092
210,000 SF industrial warehouse on 16.9 acres near I-90.
Property Size210,000 SF
Lot Size16.90 Acres
Days on Market681
Property Features for 1400 Worden Rd
General Information
Standard status
Pending
Size
210,000 SF
Lot size
16.90 Acres
Property subtype
Industrial
Listing Agency:
Hanna Commercial Real Estate Cleveland
(216) 861-7200
Listed By:
Gregory B. West · License #OH SAL.2001014166
Source:
Crexi
Added: Oct 21, 2024
Changed: Aug 8
Last Checked: Jul 24 at 5:46PM
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 Hanna Commercial Real Estate Cleveland
Investment Insights
Based on property information with market context.
This industrial warehouse facility offers spaces ranging from 50,000 to 210,000 square feet and is divisible. The heavy industrial facility encompasses 210,000 square feet and is situated on 16.9 acres. It is located minutes from I-90 and I-271. The property features clear heights ranging from 14 to 18 feet. It is equipped with 3-phase power at 4200 amps. The facility includes 10 cranes ranging from 3 to 5 tons, 5 docks, and 1 drive-in door.
Key Highlights
- Located minutes from I‑90 and I‑271
- Available spaces ranging from 50,000 SF - 210,000 SF (divisible)
- Heavy industrial facility on 16.9 acres
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
$808,313
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
8.19%
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%
$16,166,260
$16.2M
Cap Rate 7%
$11,547,329
$11.5M
Cap Rate 9%
$8,981,256
$9.0M
Market Conditions
NOI Build-Up for 210,000 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
$1.20M $5.71/SF
− Vacancy
−$44.4K −$0.21/SF
EGI
$1.15M $5.50/SF
− OpEx
−$346.4K −$1.65/SF
NOI
$808.3K $3.85/SF
Area
Lake County, OH
Vacancy
3.70%
Lease Rate
$5.71 /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%
$16,166,260
Cap Rate 7%
$11,547,329
Cap Rate 9%
$8,981,256
Alternative Uses
Best Use
Warehouse
$14.02M
$12.27M – $16.36M
NOI $981,523 @ 7.0% cap · market cap 9.94%
Second Best
Industrial
$11.55M
$10.10M – $13.47M
NOI $808,313 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$48.50M
$42.44M – $56.59M
NOI $3,395,166 @ 7.0% cap · market cap 34.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44092, OH
16,786
Population
8,258
Households
2
Avg Household Size
43
Median Age
28%
College-Educated
95%
High-School Grad
7.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$67,907
Median Household Income
$41,236
Median Earnings
$1,059
Median Rent
$167,100
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?
Warehouse - 210,000 SF industrial warehouse on 16.9 acres near I-90.
Where is this warehouse located?
The property is located at 1400 Worden Rd Wickliffe, OH.
What is the asking price?
The asking price for this property is $9,870,000.
What are key features of this property?
This property features: Located minutes from I‑90 and I‑271; Available spaces ranging from **50,000 SF - 210,000 SF (divisible)**; Heavy industrial facility on 16.9 acres
