Office Warehouse

Multi-Tenant Industrial Warren OH

621 Dana St NE, Warren, OH 44483

Listing Price: $3,550,000

Cap Rate
10.80%
Gross SF
254,000
Price/Gross SF
$13.98
Lot Size
12.00 acres
Year Built
1940
Rentable SF
237,200

Investment Overview

Marcus & Millichap is pleased to present for sale the fee-simple interest of a 258,500 square foot multi-tenant industrial building, located at 621 Dana Street NE, Warren, Ohio 44483. The class C, partial two-story building, built in 1940 and renovated in 1970, is 82% occupied by 9-tenants with modified gross leases. The tenants reimburse landlord for electric. The building is situated in a Qualified Opportunity Zone on approximately 12 acres zoned Manufacturing and is accessible by an inside rail spot, once re activated. The building features 11,000 square feet of offices on the second floor and mezzanine level, cranes, external docks, dry sprinkler system, and drive-in doors. 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 allows 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. Warren is a submarket of Youngstown, which saw industrial rents rising at a 0.6% annual rate during the fourth quarter of 2020 and have posted an average annual gain of 2.6% over the past three years. In addition to 250,000 SF that has delivered over the past three years (a cumulative inventory expansion of 0.4%), there is 350,000 SF currently underway. Vacancies were essentially in line with the ten- year average as of 2020 Q4, but trended slightly upwards over the past four quarters to 6.7%. There is a net absorption of (147,000) square feet over the last 12-months.

Investment Highlights

  • • 11,000 SF of offices
  • • Low vacancy rate - Low construction – high industrial demand
  • • Qualified Opportunity Zone
  • • 82% occupied
  • • 258,500 sf building
  • 40' high-bay section
  • • Inside rail spur (inactive)

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

Office Warehouse

Multi-Tenant Industrial Warren OH

Listing Price: $3,550,000

Cap Rate
10.80%
Gross SF
254,000
Price/Gross SF
$13.98
Lot Size
12.00 acres
Year Built
1940
Rentable SF
237,200

Investment Highlights

  • • 11,000 SF of offices
  • • Low vacancy rate - Low construction – high industrial demand
  • • Qualified Opportunity Zone
  • • 82% occupied
  • • 258,500 sf building
  • 40' high-bay section
  • • Inside rail spur (inactive)

Investment Overview

Marcus & Millichap is pleased to present for sale the fee-simple interest of a 258,500 square foot multi-tenant industrial building, located at 621 Dana Street NE, Warren, Ohio 44483. The class C, partial two-story building, built in 1940 and renovated in 1970, is 82% occupied by 9-tenants with modified gross leases. The tenants reimburse landlord for electric. The building is situated in a Qualified Opportunity Zone on approximately 12 acres zoned Manufacturing and is accessible by an inside rail spot, once re activated. The building features 11,000 square feet of offices on the second floor and mezzanine level, cranes, external docks, dry sprinkler system, and drive-in doors. 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 allows 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. Warren is a submarket of Youngstown, which saw industrial rents rising at a 0.6% annual rate during the fourth quarter of 2020 and have posted an average annual gain of 2.6% over the past three years. In addition to 250,000 SF that has delivered over the past three years (a cumulative inventory expansion of 0.4%), there is 350,000 SF currently underway. Vacancies were essentially in line with the ten- year average as of 2020 Q4, but trended slightly upwards over the past four quarters to 6.7%. There is a net absorption of (147,000) square feet over the last 12-months.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

MM Texture Background
MM Textured Background Lower