Drawbridge Marina and Storage
For Sale
Contact for pricing
Pending
247 W Lakeshore Road, Port Clinton, OH 43452
Commercial property featuring marina, storage, and retail opportunities.
Property Size23,000 SF
Lot Size5.48 Acres
Days on Market720
Property Features for 247 W Lakeshore Road
General Information
Standard status
Pending
Size
23,000 SF
Lot size
5.48 Acres
Property subtype
Special Purpose
Listing Agency:
Century 21 Bolte Real Estate Port Clinton
Listed By:
Len Partin · License #OH
Source:
Crexi
Added: Sep 18, 2024
Changed: Aug 8
Last Checked: Jul 24 at 4:02PM
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 Century 21 Bolte Real Estate Port Clinton
Investment Insights
Based on property information with market context.
This commercial property includes multiple sites. Site #1, Drawbridge Marina, features a main building over 23,000 square feet with 140 inside rack storage units, a retail area, offices, and a shop area. A second steel-sided, two-story building (36'x68') serves as a canvas shop. The site spans 5.46 paved and stoned acres with over 400 feet of river frontage, two boat lift wells, one hoist well, and six fuel service pumps with 15,000 gallons of storage. It also includes a beer and wine carry-out State Liquor License C-2 & C-2x transfer. There are 20 exterior boat racks and 10 in-water slips, along with approximately 140 feet of boat staging sea wall. Site #2, Lakeshore Mini Storage, provides easy access to two buildings. One building contains 15 individual rental storage units plus a 60' x 64' x 22' area, while the second building offers 28 individual rental units. This site covers 0.78 acres and has public water and sewer service available. Site #3, Three Mile Crossing, consists of two tax parcels with 3.61 acres and six buildings in a secure setting.
Key Highlights
- Main building with over 23,000 sq ft including 140 inside rack storage, retail, offices, and shop area.
- Over 400 feet of river frontage on 5.46 paved and stoned acres.
- Includes a beer and wine carry out State Liquor License C‑2 & C‑2x transfer.
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
$196,581
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
6.72%
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%
$3,931,620
$3.9M
Cap Rate 7%
$2,808,300
$2.8M
Cap Rate 9%
$2,184,233
$2.2M
Market Conditions
NOI Build-Up for 23,000 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
$303.6K $13.20/SF
− Vacancy
−$22.8K −$0.99/SF
EGI
$280.8K $12.21/SF
− OpEx
−$84.2K −$3.66/SF
NOI
$196.6K $8.55/SF
Area
Ottawa County, OH
Vacancy
7.50%
Lease Rate
$13.20 /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%
$3,931,620
Cap Rate 7%
$2,808,300
Cap Rate 9%
$2,184,233
Alternative Uses
Best Use
Retail
$8.20M
$7.17M – $9.56M
NOI $573,765 @ 7.0% cap · market cap 19.62%
Second Best
Self Storage
$2.81M
$2.46M – $3.28M
NOI $196,581 @ 7.0% cap · market cap 6.72%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
425
Businesses Nearby
Explore this area
Business Placement
Demographics for 43452, OH
13,443
Population
10,859
Households
1.2
Avg Household Size
52
Median Age
28%
College-Educated
93%
High-School Grad
46.2 sq mi
ZIP Area
291
Density / Sq Mi
$63,815
Median Household Income
$43,782
Median Earnings
$937
Median Rent
$206,800
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?
Marina - Commercial property featuring marina, storage, and retail opportunities.
Where is this marina located?
The property is located at 247 W Lakeshore Road Port Clinton, OH.
What is the asking price?
The asking price for this property is $2,925,000.
What are key features of this property?
This property features: Main building with over 23,000 sq ft including 140 inside rack storage, retail, offices, and shop area.; Over 400 feet of river frontage on 5.46 paved and stoned acres.; Includes a beer and wine carry out State Liquor License C‑2 & C‑2x transfer.
