Research and Development

Multi-Tenant Industrial Flex-Tech

785 N Freedom St, Ravenna, OH 44266

Listing Price: $2,589,000

Cap Rate
12.90%
Gross SF
80,348
Price/Gross SF
$32.22
Lot Size
6.20 acres
Year Built
1952
Rentable SF
80,348

Investment Overview

Marcus & Millichap is pleased to present for sale the fee-simple interest of an 80,000 square foot multi-tenant tech-flex industrial building, located at 785 N. Freedom Street, Ravenna, Ohio 44266. The class B building was built in 1952 and renovated in 1962. Recent improvements include a new 18,500 square foot section of roof installed in 2014 with a 15-year warranty. An additional 1,365 square foot section of roof received a spray-on EDPM in the same year. The front parking lot was resurfaced in 2017. Other recent improvements include new HVAC, electrics, lighting, and siding. The property is situated on approximately 6 acres zoned Industrial and is accessible by the ABC railway. The building and grounds are maintained in a pristine condition and is priced well below replacement cost and at a cap rate of 12.9%. Johnson Matthey (JM), the major tenant which occupies 55% of the building, will not be renewing their lease, which expires in three years, however, they will continue to pay rent for the balance of their term until October 31, 2023. The JM lease alone can carry the expenses of the entire building producing a modest residual cash flow. This provides a savvy investor a value-add opportunity to re tenant at higher market rents with no carrying costs during stabilization. The owner’s motivation to sell is retirement. Ravenna is in the Portage County submarket which has a declining vacancy rate of 2% and a net absorption of 295,000 square feet over the last 12-months. This combined with low construction, has contributed to the high demand for long-term and short-term on-demand industrial and tech-flex space.

Investment Highlights

  • • 80,000 SF well maintained building
  • • Low vacancy rate - Low construction – high industrial demand
  • • Rail spur next to site (previously on-site)
  • • Wet sprinkler system through-out

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

Research and Development

Multi-Tenant Industrial Flex-Tech

Listing Price: $2,589,000

Cap Rate
12.90%
Gross SF
80,348
Price/Gross SF
$32.22
Lot Size
6.20 acres
Year Built
1952
Rentable SF
80,348

Investment Highlights

  • • 80,000 SF well maintained building
  • • Low vacancy rate - Low construction – high industrial demand
  • • Rail spur next to site (previously on-site)
  • • Wet sprinkler system through-out

Investment Overview

Marcus & Millichap is pleased to present for sale the fee-simple interest of an 80,000 square foot multi-tenant tech-flex industrial building, located at 785 N. Freedom Street, Ravenna, Ohio 44266. The class B building was built in 1952 and renovated in 1962. Recent improvements include a new 18,500 square foot section of roof installed in 2014 with a 15-year warranty. An additional 1,365 square foot section of roof received a spray-on EDPM in the same year. The front parking lot was resurfaced in 2017. Other recent improvements include new HVAC, electrics, lighting, and siding. The property is situated on approximately 6 acres zoned Industrial and is accessible by the ABC railway. The building and grounds are maintained in a pristine condition and is priced well below replacement cost and at a cap rate of 12.9%. Johnson Matthey (JM), the major tenant which occupies 55% of the building, will not be renewing their lease, which expires in three years, however, they will continue to pay rent for the balance of their term until October 31, 2023. The JM lease alone can carry the expenses of the entire building producing a modest residual cash flow. This provides a savvy investor a value-add opportunity to re tenant at higher market rents with no carrying costs during stabilization. The owner’s motivation to sell is retirement. Ravenna is in the Portage County submarket which has a declining vacancy rate of 2% and a net absorption of 295,000 square feet over the last 12-months. This combined with low construction, has contributed to the high demand for long-term and short-term on-demand industrial and tech-flex space.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

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