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Warehouse

Multi-Tenant Industrial Warren OH

621 Dana St NE, Warren, OH 44483

Listing Price: $4,800,000

Cap Rate
12.20%
Gross SF
259,000
Price/Gross SF
$18.53
Lot Size
12.00 acres
Year Built
1941
Rentable SF
259,000

Investment Overview

Marcus & Millichap is pleased to present for sale the fee-simple interest of a 259,000 square foot multi-tenant industrial building, located at 621 Dana Street NE, Warren, Ohio 44483. The class C, one-story building with a partial mezzanine, was built in 1940 and renovated in 1970 and 2019, is 94.4% occupied by 7-tenants with modified gross leases. The building is situated in a Qualified Opportunity Zone on approximately 12 acres zoned manufacturing and is accessible by an inside rail spot, once reactivated. Tenants are billed for utilities by landlord through sub-meters. The building features approximately 16,000 square feet of offices on the mezzanine level, bridge cranes, external docks, dry sprinkler system, and drive-in doors. The roof was replaced in 2019 with an 18-year warranty. Additionally, there is a 40’ high-bay section which adds to the building’s high functionality for warehousing and manufacturing. The short-term leases are typical of the high demand for on-demand industrial and warehousing space and allow ownership the opportunity to maintain market rents. This is an ideal opportunity for an experienced value-add operator to acquire a high yield income producing asset below per square foot market rates.

RETURNS: Cap rate: 12.2%; Seller financing is available.

Warren is a submarket in Youngstown, OH, which saw industrial rent increase 5.4% on average over the past 5 years to around $5.00/SF. Vacancy in the Warren industrial submarket is 7.7%.

Investment Highlights

  • Excellent Returns
  • 94.4% occupied
  • Below market rents
  • Bridge Cranes
  • Inside rail spot (inactive)

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (614) 360-9800

    License(s) OH: BRK.2007005898

    Ohio

Financing By

Warehouse

Multi-Tenant Industrial Warren OH

Listing Price: $4,800,000

Cap Rate
12.20%
Gross SF
259,000
Price/Gross SF
$18.53
Lot Size
12.00 acres
Year Built
1941
Rentable SF
259,000

Investment Highlights

  • Excellent Returns
  • 94.4% occupied
  • Below market rents
  • Bridge Cranes
  • Inside rail spot (inactive)

Investment Overview

Marcus & Millichap is pleased to present for sale the fee-simple interest of a 259,000 square foot multi-tenant industrial building, located at 621 Dana Street NE, Warren, Ohio 44483. The class C, one-story building with a partial mezzanine, was built in 1940 and renovated in 1970 and 2019, is 94.4% occupied by 7-tenants with modified gross leases. The building is situated in a Qualified Opportunity Zone on approximately 12 acres zoned manufacturing and is accessible by an inside rail spot, once reactivated. Tenants are billed for utilities by landlord through sub-meters. The building features approximately 16,000 square feet of offices on the mezzanine level, bridge cranes, external docks, dry sprinkler system, and drive-in doors. The roof was replaced in 2019 with an 18-year warranty. Additionally, there is a 40’ high-bay section which adds to the building’s high functionality for warehousing and manufacturing. The short-term leases are typical of the high demand for on-demand industrial and warehousing space and allow ownership the opportunity to maintain market rents. This is an ideal opportunity for an experienced value-add operator to acquire a high yield income producing asset below per square foot market rates. RETURNS: Cap rate: 12.2%; Seller financing is available. Warren is a submarket in Youngstown, OH, which saw industrial rent increase 5.4% on average over the past 5 years to around $5.00/SF. Vacancy in the Warren industrial submarket is 7.7%.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (614) 360-9800

    License(s): OH: BRK.2007005898

    Ohio

Financing By

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