Warehouse with Drive-In and
For Sale
$2,790,000
996 Thornwood Drive Southwest, Heath, OH 43056
2017-built warehouse with three 14x14 drive-in doors, drive-thru bay, and permitted exterior storage.
Property Size5,935 SF
Price / SF$470.09
Days on Market51
Property Features for 996 Thornwood Drive Southwest
General Information
Standard status
Active
Size
5,935 SF
Class
C
Property subtype
Commercial/Industrial
Zoning
Commercial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
3
Building Details
Building Size
5,935 SF
Year Built
2017
Listing Agency:
(614) 499-7066
Listed By:
Jamie Gentry · License #OH #2021005707
Source:
Sperrycga
Added: Jul 3
Changed: Aug 14
Last Checked: Aug 22 at 3:46AM
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 Jamie Gentry
Investment Insights
Based on property information with market context.
A 2017-constructed commercial building totaling 5,935 SF offering warehouse height of approximately 16 ft clear. The space is served by three 14 x 14 ft drive-in doors, along with one drive-thru bay. Zoning permits exterior storage, and the site includes a laydown yard for appropriate uses.
The property is zoned Commercial by the City of Heath and benefits from site abatement through 2032, with building property tax abatement noted. Public utilities are accessible on site, and the site offers ample parking and visibility. Quick access to Interstate 70 is described as approximately 6 miles.
This configuration supports tenants and operators needing flexible commercial or light industrial space with functional loading and room for exterior storage. The drive-in and drive-thru layout can accommodate a range of distribution, contractor services, or other commercial activities aligned with the Commercial zoning and exterior storage allowance. It also presents a straightforward option for an owner considering redevelopment or multi-use planning consistent with the property’s zoning and site features.
The property is zoned Commercial by the City of Heath and benefits from site abatement through 2032, with building property tax abatement noted. Public utilities are accessible on site, and the site offers ample parking and visibility. Quick access to Interstate 70 is described as approximately 6 miles.
This configuration supports tenants and operators needing flexible commercial or light industrial space with functional loading and room for exterior storage. The drive-in and drive-thru layout can accommodate a range of distribution, contractor services, or other commercial activities aligned with the Commercial zoning and exterior storage allowance. It also presents a straightforward option for an owner considering redevelopment or multi-use planning consistent with the property’s zoning and site features.
Key Highlights
- 5,935 SF warehouse built in 2017 in the Heath area
- Commercial zoning by the City of Heath, OH, with 100% building tax abatement through 2032
- Warehouse includes 3 x 14' x 14' drive‑in doors plus a drive‑thru bay
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
$83,735
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
3.00%
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%
$1,674,700
$1.7M
Cap Rate 7%
$1,196,214
$1.2M
Cap Rate 9%
$930,389
$930.4K
Market Conditions
NOI Build-Up for 5,935 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
$129.6K $21.84/SF
− Vacancy
−$31.1K −$5.24/SF
EGI
$98.5K $16.60/SF
− OpEx
−$14.8K −$2.49/SF
NOI
$83.7K $14.11/SF
Area
Licking County, OH
Vacancy
24.00%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
15.00%
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%
$1,674,700
Cap Rate 7%
$1,196,214
Cap Rate 9%
$930,389
Alternative Uses
Best Use
Flex RnD
$4.77M
$4.17M – $5.56M
NOI $333,657 @ 7.0% cap · market cap 11.96%
Second Best
Warehouse
$1.20M
$1.05M – $1.40M
NOI $83,735 @ 7.0% cap · market cap 3.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
3
Drive-in doors
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43056, OH
17,479
Population
7,154
Households
2.4
Avg Household Size
44
Median Age
26%
College-Educated
93%
High-School Grad
87.0 sq mi
ZIP Area
201
Density / Sq Mi
$76,833
Median Household Income
$50,737
Median Earnings
$1,109
Median Rent
$229,900
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?
Flex space - 2017-built warehouse with three 14x14 drive-in doors, drive-thru bay, and permitted exterior storage.
Where is this flex space located?
The property is located at 996 Thornwood Drive Southwest Heath, OH.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: 5,935 SF warehouse built in 2017 in the Heath area; Commercial zoning by the City of Heath, OH, with 100% building tax abatement through 2032; Warehouse includes 3 x 14' x 14' drive‑in doors plus a drive‑thru bay
