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    1836 Likens Rd Marion, OH 43302

    Sponsored
    For Lease
    $2.00 SF/Yr

    140,000 SF Industrial Space, Flexible Layouts

    Lot size:
    140,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 140,000-square-foot industrial complex, situated on 10.4 acres in Marion's North Central Ohio submarket, offers unparalleled flexibility. Eight buildings, six interconnected by wide corridors, provide space ranging from 2,000 to 36,000 contiguous square feet, with a maximum of 134,000 square feet available. The property boasts a Class A rating, 30-foot ceilings, 14 loading docks (10 dock-high doors), 13 drive-ins, and 100 parking spaces. Built in 1942 and extensively renovated in 2002, the complex features heavy power (3500 amps, 3-phase, 480v), high-pressure natural gas, and ample water supply (well & municipal). Recent improvements include fiber-optic internet, roof repairs, truck dock upgrades, stormwater drainage improvements, expanded parking, LED lighting upgrades, natural gas line expansion, radiant heat additions, and landscaping enhancements. The property's strategic location provides easy access to major transportation routes and key markets, including Columbus, Detroit, and Chicago. Zoned industrial, this versatile space is ideal for a wide range of uses, including agricultural, contracting, distribution, fulfillment, inventory management, logistics, manufacturing, R&D, storage, and warehousing. Lease rates include property expenses and common area maintenance (CAM); utilities are separately metered. The on-site CAM is managed by a tenant. 900 feet of frontage on Likens Road, with cross access on Pole Lane Road.

    Property Features for 1836 Likens Rd

    General Information

    Property type
    Refrigerated & Cold Storages
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    140,000 SF
    Class
    A
    Total Rate
    23333.33

    Building Details

    Year Built/Renovated
    1942/2002
    Buildings
    8
    Stories
    1

    Unit(s) available at that property

    Space
    Bldg 2 (Class A)
    Size
    134,000 SF
    Rate per SF
    $4
    Space
    Bldg 3 (Class A/B)
    Size
    17,000 SF
    Rate per SF
    $5
    Space
    Bldg 4 (Class B)
    Size
    134,000 SF
    Rate per SF
    $4
    Space
    Bldg 5 (Class A)
    Size
    134,000 SF
    Rate per SF
    $6
    Space
    Bldg 6 (Class B)
    Size
    134,000 SF
    Rate per SF
    $4
    Space
    Bldg 7 (Class C)
    Size
    4,000 SF
    Rate per SF
    $3
    Space
    Bldg 8 (Class A)
    Size
    2,000 SF
    Rate per SF
    $6
    Space
    Bldg 1 - Sec E & Sec F (Class B)
    Size
    8,000 SF
    Rate per SF
    $5

    HighLights

    • 140,000 square feet of Class A industrial space in eight buildings, with six interconnected by corridors, offering flexible configurations from 2,000 to 134,000 contiguous square feet.
    • The 10.4‑acre site boasts 3500 amps, 3‑phase, 480v power; high‑pressure natural gas; and ample water supply (well and municipal).
    • Ideally situated in Marion, North Central Ohio, offering easy access to major markets like Columbus, Detroit, and Chicago, suitable for various industrial uses including manufacturing, distribution, and warehousing.
    • Lease rates include property expenses and CAM; utilities are separately metered. On‑site CAM management by a tenant.
    • Recent improvements include fiber optics, roof repairs, dock upgrades, stormwater improvements, expanded parking, LED lighting, natural gas line expansion, radiant heat, and landscaping enhancements.
    Property Profile Location Intelligence

    Current Use by Public Records

    Marcy Industries Company, ... Manufacturer Marion Goodwill Industries ... Warehouse EE Johnson Garden Center Johnson Property Services Landscaper

    Suggested Use

    Building Supply Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon Gym & Fitness Department Store Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Marion
    State
    Ohio
    Longitude
    -83.081574743321
    Latitude
    40.630039367049

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    FAQs

    What type of property is this?
    Refrigerated / Cold Storage - 140,000 SF Industrial Space, Flexible Layouts
    Where is this refrigerated / cold storage located?
    The property is located at 1836 Likens Rd Marion, OH.
    What is the lease rate?
    The lease rate is $3-$6 SF/Yr.
    What are key features of this property?
    This property features: 140,000 square feet of Class A industrial space in eight buildings, with six interconnected by corridors, offering flexible configurations from 2,000 to 134,000 contiguous square feet.; The 10.4-acre site boasts 3500 amps, 3-phase, 480v power; high-pressure natural gas; and ample water supply (well and municipal).; Ideally situated in Marion, North Central Ohio, offering easy access to major markets like Columbus, Detroit, and Chicago, suitable for various industrial uses including manufacturing, distribution, and warehousing.
    Request Owner's contact information
    1836 Likens Rd Marion, OH 43302
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    Marion, OH 43302
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1836 Likens Rd Marion, OH 43302
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