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    New Class A Industrial Facility Title is generated by Realmo AI

    283 Cardinal Dr, Marengo, OH 43334

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    707,940 SF expandable industrial space near major transportation routes.

    Type:Industrial
    Property size:
    707,940 SF
    Added:
    May 4, 2023
    Days on Market:
    1112
    Last Refresh:
    Mar 17 at 1:15 pm

    Property Features for 283 Cardinal Dr

    General Information

    Standard status
    Active
    Size
    707,940 SF
    Property subtype
    Industrial

    Spaces For Lease

    at 283 Cardinal Dr Contact us

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    Listing Contact
    Dan Wendorf
    Dan Wendorf

    Listing agent Dan Wendorf License #OH SAL.2006006884

    Listing office JLL - Columbus | Front Street, Ohio

    Listing date May 4, 2023

    Source Crexi

    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 JLL - Columbus | Front Street, Ohio

    HighLights

    • Newly constructed, Class A industrial facility with 707,940 sq ft, expandable to 1,196,541 sq ft
    • Excellent transportation access with a 2‑minute drive to I‑71, proximity to I‑270 and Downtown Columbus
    • Cross‑dock capable warehouse with 36‑foot clear heights and 100 dock doors with view lights
    • Ample parking with 302 car spaces and 103 trailer spaces
    • Includes 2,500 sq ft of spec office space
    • Equipped with ESFR sprinkler system and expandable 400‑amp, 277/480‑volt, three‑phase power

    Overview

    The property at 71 North Commerce Center offers 707,940 square feet of newly constructed, Class A industrial space, expandable to 1,196,541 square feet. It includes 2,500 square feet of spec office space. The cross-dock capable warehouse features 36-foot clear heights, 100 dock doors with view lights, and two drive-in doors with lights and a concrete ramp. The roofing is 45 mil TPO. There are 302 car parking spaces and 103 trailer spaces. The building is equipped with an ESFR sprinkler system and 400-amp, 277/480-volt, three-phase power that is expandable to 6,000 amps. The location provides convenient commutes, with a two-minute drive to I-71, a 19-minute drive to I-270, and a 30-minute drive to Downtown Columbus. The proximity to these transportation routes allows drivers to reach half of the US population in less than a day's drive, and metros like Chicago, New York, Philadelphia, Charlotte, and Indianapolis are within a 10-hour drive. The property is located a short distance from Columbus.
    Location Intelligence

    Current Use by Public Records

    Warehouses

    Similar Places Nearby

    • Marengo Storage — 1095 Co Rd 26, Marengo, OH 43334

    Map

    City
    Marengo
    County
    Morrow
    State
    Ohio
    Longitude
    -82.8004
    Latitude
    40.3959

    FAQs

    What type of property is this?
    Warehouse - 707,940 SF expandable industrial space near major transportation routes.
    Where is this warehouse located?
    The property is located at 283 Cardinal Dr Marengo, OH.
    What are key features of this property?
    This property features: Newly constructed, Class A industrial facility with 707,940 sq ft, expandable to 1,196,541 sq ft; Excellent transportation access with a 2‑minute drive to I‑71, proximity to I‑270 and Downtown Columbus; Cross‑dock capable warehouse with 36‑foot clear heights and 100 dock doors with view lights
    (614) 460-4407 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Dan Wendorf
    Dan Wendorf
    Real Estate License ID: OH SAL.2006006884
    Learn More
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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.

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