Painesville Warehouse For
For Sale
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444 Newell Street, Painesville, OH 44077
8,199 sqft warehouse available for purchase in Painesville, OH.
Property Size8,199 SF
Price / SF$85.38
Days on Market1177
Property Features for 444 Newell Street
General Information
Standard status
Active
Size
8,199 SF
Property subtype
Industrial
Zoning
M-2 Industrial
Building Details
Year Built
1980
Listing Agency:
Hanna Commercial Real Estate Cleveland
Listed By:
Gregory B. West · License #OH SAL.2001014166
(216) 861-5379
Source:
Crexi
Added: Aug 4, 2023
Changed: Oct 16
Last Checked: Oct 20 at 6:24PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
An 8,199 square foot warehouse property is available for sale. The property is located on Newell Street in Painesville, Ohio.
Key Highlights
- YearBuilt: 1980
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,321
Cap Rate
5.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$766,420
$766.4K
Cap Rate 7%
$547,443
$547.4K
Cap Rate 9%
$425,789
$425.8K
Market Conditions
NOI Build-Up for 8,199 SF
Gross rent
$46.8K $5.71/SF
− Vacancy
−$1.7K −$0.21/SF
EGI
$45.1K $5.50/SF
− OpEx
−$6.8K −$0.82/SF
NOI
$38.3K $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 Rate 5%
$766,420
Cap Rate 7%
$547,443
Cap Rate 9%
$425,789
Alternative Uses
Best Use
Warehouse
$547.4K
$479.0K – $638.7K
NOI $38,321 @ 7.0% cap · market cap 5.47%
Second Best
Industrial
$450.8K
$394.5K – $526.0K
NOI $31,559 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$1.89M
$1.66M – $2.21M
NOI $132,557 @ 7.0% cap · market cap 18.94%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44077, OH
58,253
Population
24,928
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
91%
High-School Grad
60.5 sq mi
ZIP Area
963
Density / Sq Mi
$80,692
Median Household Income
$45,315
Median Earnings
$972
Median Rent
$217,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Similar Off Market Nearby
- Blackbrook Self Storage — 352 Blackbrook Rd, Painesville, OH 44077
- Welcome to Lake County Mini Storage — 44 Stage Ave, Painesville, OH 44077
Frequently Asked Questions
What type of property is this?
Warehouse - 8,199 sqft warehouse available for purchase in Painesville, OH.
Where is this warehouse located?
The property is located at 444 Newell Street Painesville, OH.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: YearBuilt: 1980
