Warehouse with Adjacent
For Sale
$1,425,000
9452 Cincinnati Columbus Rd, West Chester, OH 45069
Class A warehouse with two drive-in doors plus office space and ample parking.
Property Size11,976 SF
Price / SF$118.99
Days on Market85
Property Features for 9452 Cincinnati Columbus Rd
General Information
Standard status
Active
Size
11,976 SF
Class
Class A
Total Parking Spaces
31
Additional Details
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$14,720
Listing Agency:
Sibcy Cline, Inc.
(513) 378-5801
Listed By:
Nat Comisar · License #2006000748
(513) 378-5801
Source:
Exprealty
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 21 at 4:43PM
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 Sibcy Cline, Inc.
Investment Insights
Based on property information with market context.
The property offers a Class A warehouse setup with an adjacent office. The 8,400 square foot warehouse features metal construction and a membrane roof, along with two drive-in doors and bathrooms. The office component totals 2,150 square feet and includes two bathrooms, a kitchenette, private offices, conference rooms, a bullpen area, and basement storage, with brick construction and a shingle roof.
Parking is available for 31 vehicles. The layout combines loading and warehouse utility with dedicated office and support spaces, which can help streamline on-site operations and administrative functions.
This configuration can fit buyers looking for a single-site logistics and workplace environment. The presence of drive-in access, on-site restrooms, and functional office rooms supports businesses that need both distribution/warehouse capabilities and regular office activity in the same facility.
Parking is available for 31 vehicles. The layout combines loading and warehouse utility with dedicated office and support spaces, which can help streamline on-site operations and administrative functions.
This configuration can fit buyers looking for a single-site logistics and workplace environment. The presence of drive-in access, on-site restrooms, and functional office rooms supports businesses that need both distribution/warehouse capabilities and regular office activity in the same facility.
Key Highlights
- Class A warehouse built in 1984 with 8,400 SF warehouse space and 2 drive‑in doors
- 8,400 SF warehouse includes bathrooms and metal construction with membrane roof
- Adjacent 2,150 SF office with 2 bathrooms, kitchenette, multiple offices, conference rooms, and bullpen area
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
$123,207
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
8.65%
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%
$2,464,140
$2.5M
Cap Rate 7%
$1,760,100
$1.8M
Cap Rate 9%
$1,368,967
$1.4M
Market Conditions
NOI Build-Up for 11,976 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
$194.0K $16.20/SF
− Vacancy
−$4.5K −$0.37/SF
EGI
$189.5K $15.83/SF
− OpEx
−$66.3K −$5.54/SF
NOI
$123.2K $10.29/SF
Area
Hamilton County, OH
Vacancy
2.30%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
35.00%
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%
$2,464,140
Cap Rate 7%
$1,760,100
Cap Rate 9%
$1,368,967
Alternative Uses
Best Use
Flex RnD
$1.76M
$1.54M – $2.05M
NOI $123,207 @ 7.0% cap · market cap 8.65%
Second Best
Office B
$1.61M
$1.41M – $1.88M
NOI $112,721 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$2.15M
$1.88M – $2.50M
NOI $150,294 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
427
Businesses Nearby
Under-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Flex space - Class A warehouse with two drive-in doors plus office space and ample parking.
Where is this flex space located?
The property is located at 9452 Cincinnati Columbus Rd West Chester, OH.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Class A warehouse built in 1984 with 8,400 SF warehouse space and 2 drive‑in doors; 8,400 SF warehouse includes bathrooms and metal construction with membrane roof; Adjacent 2,150 SF office with 2 bathrooms, kitchenette, multiple offices, conference rooms, and bullpen area
