Versatile Industrial Warehouse and
For Sale
Contact for pricing
Northland Boulevard, Forest Park, OH 45240
9,329 SF commercial building ideal for various business operations.
Property Size7,329 SF
Price / SF$102.32
Days on Market95
Property Features for Northland Boulevard
General Information
Standard status
Active
Size
7,329 SF
Property subtype
Industrial
Zoning
Industrial Warehouse
Investment Type
Owner/User
Building Details
Year Built
1971
Buildings
1
Stories
1
Listing Agency:
Keller Williams Seven Hills
(513) 371-5070
Listed By:
Mark Rankin · License #OH2006002409
Source:
Crexi
Added: May 26
Changed: Aug 28
Last Checked: Aug 26 at 4:14PM
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 Keller Williams Seven Hills
Investment Insights
Based on property information with market context.
Located in Forest Park, Ohio, the property at 600 Northland Blvd presents an opportunity to acquire a 9,329 SF freestanding commercial building suitable for warehouse, manufacturing, distribution, contractor operations, showroom, flex-industrial, or service-based businesses. The property features warehouse and manufacturing space, an office area, and a flexible operational layout. It offers convenient loading and distribution access. The location provides accessibility to I-275, I-75, I-71, and major regional transportation routes, facilitating access throughout Greater Cincinnati, Northern Kentucky, and Southeastern Indiana. The property is situated within a commercial and industrial business corridor, surrounded by manufacturing, logistics, contractor, distribution, and service-oriented businesses. The Forest Park industrial market has high occupancy rates. The location, infrastructure investment, and access to regional labor markets attract industrial and logistics users. The property is positioned amidst commercial redevelopment and industrial investment throughout the Forest Park/Tri-County submarket, offering potential for owner-occupants, investors, manufacturers, e-commerce operations, contractors, light assembly users, and distribution businesses seeking a central Cincinnati location. The property delivers visibility, accessibility, and functionality in an established industrial corridor.
Key Highlights
- Excellent accessibility to I‑275, I‑75, and I‑71 for convenient regional transportation.
- Located in Forest Park's thriving industrial corridor with a 98% occupancy rate.
- Versatile 9,329 SF freestanding building suitable for warehouse, manufacturing, distribution, or showroom.
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
$31,878
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
4.25%
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%
$637,560
$637.6K
Cap Rate 7%
$455,400
$455.4K
Cap Rate 9%
$354,200
$354.2K
Market Conditions
NOI Build-Up for 7,329 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
$46.6K $6.36/SF
− Vacancy
−$1.1K −$0.15/SF
EGI
$45.5K $6.21/SF
− OpEx
−$13.7K −$1.86/SF
NOI
$31.9K $4.35/SF
Area
Hamilton County, OH
Vacancy
2.30%
Lease Rate
$6.36 /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%
$637,560
Cap Rate 7%
$455,400
Cap Rate 9%
$354,200
Alternative Uses
Best Use
Flex RnD
$1.08M
$942.5K – $1.26M
NOI $75,399 @ 7.0% cap · market cap 10.05%
Second Best
Industrial
$455.4K
$398.5K – $531.3K
NOI $31,878 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,976 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45240, OH
28,820
Population
11,485
Households
2.5
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
9.7 sq mi
ZIP Area
2,971
Density / Sq Mi
$66,918
Median Household Income
$38,593
Median Earnings
$1,187
Median Rent
$176,600
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 - 9,329 SF commercial building ideal for various business operations.
Where is this flex space located?
The property is located at Northland Boulevard Forest Park, OH.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Excellent accessibility to I‑275, I‑75, and I‑71 for convenient regional transportation.; Located in Forest Park's thriving industrial corridor with a 98% occupancy rate.; Versatile 9,329 SF freestanding building suitable for warehouse, manufacturing, distribution, or showroom.
