Zep Manufacturing | 15708 Industrial Pky
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
Zep Manufacturing 15708 Industrial Pky
30,055 SF Industrial Building Cleveland, OH 44135 $1,725,000 ($57/SF) 9.57% Cap Rate
Investment Highlights
- 10-Year single-tenant sale-leaseback investment opportunity
- Extremely tight industrial submarket | Minimal vacancy in immediate industrial park
- Minimal office build-out | 86% Warehouse/manufacturing space
- Absolute Net Lease structure | Zero landlord responsibilities
- 0.50% Vacancy rate of Class B & C industrial pr oduct within a three-mile radius
- Less than two miles from access to Interstate 71 and Interstate 480 | Less than three miles from Cleveland Hopkins International Airport
Executive Summary
The Doughty Industrial Group of Marcus & Millichap is pleased to present the sale offering of 15708 Industrial Parkway, a 10-year sale-leaseback industrial investment opportunity in Cleveland, Ohio. The property is located in an industrial park in southwest Cleveland which boasts minimal vacancy and is less than two miles from Interstate 71 and Interstate 480 access and less than three miles from Cleveland Hopkins International Airport.
The subject property consists of ±30,055 square feet of industrial space situated on ±1.17 acres of land complete with 4 external docks and a clear height of 14’.
The tenant, Modular Systems Technicians (MST), is a full-service commercial furniture installation company. MST has operated out of the subject property for 10+ years. At close of escrow, MST is offering to sign a 10-year absolute net lease, with 3% annual rental increases and two, five-year options.
The purchase of this offering presents an investor with the opportunity to own an industrial asset in a robust pocket of the Cleveland industrial market. At the current list price of $1,725,000 the investment offering will generate an in-place net operating income of $165,028 which equates to a capitalization rate of 9.57%.
The subject property consists of ±30,055 square feet of industrial space situated on ±1.17 acres of land complete with 4 external docks and a clear height of 14’.
The tenant, Modular Systems Technicians (MST), is a full-service commercial furniture installation company. MST has operated out of the subject property for 10+ years. At close of escrow, MST is offering to sign a 10-year absolute net lease, with 3% annual rental increases and two, five-year options.
The purchase of this offering presents an investor with the opportunity to own an industrial asset in a robust pocket of the Cleveland industrial market. At the current list price of $1,725,000 the investment offering will generate an in-place net operating income of $165,028 which equates to a capitalization rate of 9.57%.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$165,028
|
$5.49
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$165,028
|
$5.49
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $165,028 |
| Annual Per SF | $5.49 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $165,028 |
| Annual Per SF | $5.49 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $1,725,000 | Rentable Building Area | 30,055 SF |
| Price Per SF | $57 | No. Stories | 1 |
| Sale Type | Investment | Year Built | 1974 |
| Cap Rate | 9.57% | Tenancy | Single |
| Property Type | Industrial | Parking Ratio | 0.83/1,000 SF |
| Property Subtype | Warehouse | Clear Ceiling Height | 14 FT |
| Building Class | B | No. Dock-High Doors/Loading | 4 |
| Lot Size | 1.17 AC |
| Price | $1,725,000 |
| Price Per SF | $57 |
| Sale Type | Investment |
| Cap Rate | 9.57% |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | B |
| Lot Size | 1.17 AC |
| Rentable Building Area | 30,055 SF |
| No. Stories | 1 |
| Year Built | 1974 |
| Tenancy | Single |
| Parking Ratio | 0.83/1,000 SF |
| Clear Ceiling Height | 14 FT |
| No. Dock-High Doors/Loading | 4 |
1 of 1
PROPERTY TAXES
| Parcel Number | 028-21-002 | Improvements Assessment | $305,270 |
| Land Assessment | $27,060 | Total Assessment | $332,330 |
PROPERTY TAXES
Parcel Number
028-21-002
Land Assessment
$27,060
Improvements Assessment
$305,270
Total Assessment
$332,330
zoning
| Zoning Code | N/Av, Cleveland |
| N/Av, Cleveland |
Learn More About Investing in Industrial Properties
1 of 13
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
Zep Manufacturing | 15708 Industrial Pky
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.