Fully Occupied Flex
For Sale
Contact for pricing
9360-9378 Hamilton Dr, Mentor, OH 44060
Flex property with all space occupied and established tenant operations.
Property Size15,540 SF
Price / SF$59.85
Days on Market8
Property Features for 9360-9378 Hamilton Dr
General Information
Standard status
Active
Size
15,540 SF
Property subtype
Industrial
Occupancy
100%
Lease Type
Gross
Building Details
Year Built
1992
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Caleb Ogan · License #OH 2022005346
Source:
Crexi
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 9:29AM
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 Matthews
Investment Insights
Based on property information with market context.
This flex property contains 15,540 square feet and was constructed in 1992. The building is fully occupied, providing an established operating profile for an owner evaluating the asset.
Located at 9360-9378 Hamilton Dr in Mentor, Ohio, the property is identified as flex space and is offered for sale.
Located at 9360-9378 Hamilton Dr in Mentor, Ohio, the property is identified as flex space and is offered for sale.
Key Highlights
- 15,540 square feet of flex space
- 100% occupied
- Built in 1992
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
$72,633
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
7.81%
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%
$1,452,660
$1.5M
Cap Rate 7%
$1,037,614
$1.0M
Cap Rate 9%
$807,033
$807.0K
Market Conditions
NOI Build-Up for 15,540 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
$88.7K $5.71/SF
− Vacancy
−$3.3K −$0.21/SF
EGI
$85.5K $5.50/SF
− OpEx
−$12.8K −$0.82/SF
NOI
$72.6K $4.67/SF
Area
Lake County, OH
Vacancy
3.70%
Lease Rate
$5.71 /SF/Yr
Expense Ratio
15.00%
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%
$1,452,660
Cap Rate 7%
$1,037,614
Cap Rate 9%
$807,033
Alternative Uses
Best Use
Warehouse
$1.04M
$907.9K – $1.21M
NOI $72,633 @ 7.0% cap · market cap 7.81%
Second Best
Industrial
$854.5K
$747.7K – $996.9K
NOI $59,815 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$3.59M
$3.14M – $4.19M
NOI $251,242 @ 7.0% cap · market cap 27.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44060, OH
60,360
Population
27,276
Households
2.2
Avg Household Size
47
Median Age
35%
College-Educated
96%
High-School Grad
39.9 sq mi
ZIP Area
1,513
Density / Sq Mi
$85,881
Median Household Income
$51,736
Median Earnings
$1,156
Median Rent
$227,200
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 - Flex property with all space occupied and established tenant operations.
Where is this flex space located?
The property is located at 9360-9378 Hamilton Dr Mentor, OH.
What is the asking price?
The asking price for this property is $930,000.
What are key features of this property?
This property features: 15,540 square feet of flex space; 100% occupied; Built in 1992
