Flex Building with Rental
For Sale
Contact for pricing
9436 Hamilton Drive, Mentor, OH 44060
Light-industrial flex property combining finished office space with separately metered warehouse suites and month-to-month occupancy.
Property Size10,200 SF
Price / SF$83.24
Days on Market150
Property Features for 9436 Hamilton Drive
General Information
Standard status
Active
Size
10,200 SF
Property subtype
Industrial
Zoning
Industrial - Light
Warehouse & Industrial
Warehouse Space
4,920 SF
Office Build-Out
5,100 SF
Additional Details
Utilities to Site
Yes
Office Units
1
Building Details
Year Built
2006
Buildings
1
Building Size
10,200 SF
Construction
masonry
Tenancy
Multi
Owner Occupied
No
Listing Agency:
KW Commercial Keller Williams Greater Cleveland NE
(440) 299-5190
Listed By:
Rick Osborne Jr. · License #OH 2010001710
Source:
Crexi
Added: Apr 3
Changed: Aug 30
Last Checked: May 8 at 7:41AM
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 KW Commercial Keller Williams Greater Cleveland NE
Investment Insights
Based on property information with market context.
This flex property combines a fully built-out office component with warehouse space configured for multiple rentals. The offices include an open call center with 12 cubicles, 11 private offices, private restrooms, and a conference and kitchen area. Phone, computer, and data systems are in place. The warehouse portion is arranged as three 1,640 SF units, each served by a 12' x 12' overhead door.
Tenants occupy the warehouse units on a month-to-month basis and pay base rent plus separately metered electric and gas. The building was constructed in 2006 and features a gabled roof, masonry exterior, and aluminum-framed windows. It is zoned Industrial - Light and sits east of Heisley Road within the Hamilton/Mercantile Industrial subdivision in East Mentor.
Tenants occupy the warehouse units on a month-to-month basis and pay base rent plus separately metered electric and gas. The building was constructed in 2006 and features a gabled roof, masonry exterior, and aluminum-framed windows. It is zoned Industrial - Light and sits east of Heisley Road within the Hamilton/Mercantile Industrial subdivision in East Mentor.
Key Highlights
- 5,100 SF of finished office space with 12 cubicles and 11 private offices
- 4,920 SF warehouse area divided into three 1,640 SF rental units
- Each warehouse unit includes a 12' x 12' OH door
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
$47,674
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
5.62%
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%
$953,480
$953.5K
Cap Rate 7%
$681,057
$681.1K
Cap Rate 9%
$529,711
$529.7K
Market Conditions
NOI Build-Up for 10,200 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
$58.2K $5.71/SF
− Vacancy
−$2.2K −$0.21/SF
EGI
$56.1K $5.50/SF
− OpEx
−$8.4K −$0.82/SF
NOI
$47.7K $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%
$953,480
Cap Rate 7%
$681,057
Cap Rate 9%
$529,711
Alternative Uses
Best Use
Office B
$1.85M
$1.61M – $2.15M
NOI $129,187 @ 7.0% cap · market cap 15.22%
Second Best
Warehouse
$681.1K
$595.9K – $794.6K
NOI $47,674 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $164,908 @ 7.0% cap · market cap 19.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Under-served
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Light-industrial flex property combining finished office space with separately metered warehouse suites and month-to-month occupancy.
Where is this flex space located?
The property is located at 9436 Hamilton Drive Mentor, OH.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 5,100 SF of finished office space with 12 cubicles and 11 private offices; 4,920 SF warehouse area divided into three 1,640 SF rental units; Each warehouse unit includes a 12' x 12' OH door
