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6.59 AC with Industrial Building

7660 Race Road : North Ridgeville, OH 44039

Lorain County, Ohio

6.59 Acres
Land Auction
July 20, 2021 12:00 PM
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Land Description

Double Digit Cap Rate Industrial - $120,000 Noi

Investment Highlights

Fully Occupied Industrial Opportunity With Long-Term Tenant: Leased to US Refractory who has been in the space since 2009. Current lease runs through February 2023.

In-Place NOI of $120,000: Single tenant multi building complex offers stable monthly income.

Excellent Location: Nearby access to Interstate Highway 80 (Ohio Turnpike), Cleveland Hopkins International Airport, Jonick and Company.

Bridge Cranes & Drive-In Doors: The offering is inclusive of 2 bridge cranes (1-10 ton & 1-20 ton) and 8 drive-in doors.

Favorable Economic Conditions: North Ridgeville has strong local economics with a median household income of $74,309 (8.16% higher than the US median household income).

Offering Details

RI Marketplace is pleased to present the Industrial Opportunity (the "Property") located at 7660 Race Road, North Ridgeville, OH 44039. The Property is a 27,892 SF three-building distribution facility occupied by US Refractory since 2009, generating approximately $120,000 NOI annually. The offering is inclusive of 2 bridge canes (1-10 ton & 1-20 ton) and 8 drive-in doors. The property is located in close proximity to Interstate Highway 80 (Ohio Turnpike), Cleveland Hopkins International Airport, and Jonick and Company. North Ridgeville offers a favorable economic environment with a median household income of $74,309, which is 8.16% higher compared to the US median household income, while maintaining a marginal poverty rate of 5.59% based on the American Community Survey (Acs) in 2018.

The economy of North Ridgeville, OH employs 16.5K people. The largest industries in North Ridgeville, OH are Health Care & Social Assistance (2,652 people), Manufacturing (2,221 people), and Retail Trade (1,823 people), and the highest paying industries are Utilities ($70,909), Management of Companies & Enterprises ($67,614), and Finance & Insurance ($62,938). Median household income in North Ridgeville, OH is $74,309. In 2018, the place with the highest Median Household Income in North Ridgeville, OH was Census Tract 805 with a value of $87,596, followed by Census Tract 807 and Census Tract 801.04, with respective values of $80,668 and $69,471.

Auctioneer:

Thomas Seaman

Keller Williams Greater Cleveland

License: Broker :

Land Maps & Attachments

Commercial Details

Type : Industrial
100% Occupancy
3 Buildings
1953 Built
27,892 Sq Ft

More Land Details

Has Commercial Building
Commercial Zoning
AUCTIONFLIP ID
282983
Posted on AUCTIONFLIP
38 Days Ago
Last Updated
36 Days Ago
Views
34
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