621 Dana StWarren, OH 44483

Property Details for 621 Dana St

Lot size

12.00 AC

Property type

Warehouses

APN

38-832700

APU

38832700

Description

This fee-simple, multi-tenant industrial property in Warren, Ohio offers a compelling value-add opportunity. The 254,000-square-foot building, situated on 12 acres of land zoned for manufacturing, boasts a 10% cap rate and a pro-forma cap rate of 11.9%. Currently 81% occupied by six tenants under modified gross leases, the property presents significant upside potential. Built in 1940 and renovated in 2019, the two-story Class C building features 243,000 square feet of net rentable space, 150 parking spaces, six loading docks, and two dock-high doors. Ceiling heights range from 25 to 40 feet, accommodating diverse warehousing and manufacturing needs. The property includes 11,000 square feet of office space on a mezzanine level, bridge cranes, a dry sprinkler system, and an inactive inside rail spot. The roof was replaced in 2019 with an 18-year warranty. The asking price is $5,250,000, translating to $20.67 per square foot. The current NOI is $525,748, with a pro-forma NOI of $622,198. Utilities are sub-metered and billed to tenants. This property is an ideal investment for an experienced operator seeking to capitalize on below-market rents and strong market demand in the Warren industrial submarket. The APN is 38-832700.

• CAP approach

  CAP return

  Valuation

  6%

  $231,433,000

  6.5%

  $213,631,000

  7%

  $198,371,000

• Comparable approach

  Method

  Valuation

  Relative Method

  $78,232,400

  Geo Method

  $78,232,400

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $107,810,000

  Mixed-Use / Specialty

  $106,055,000

  Hospitality / Lodging

  $76,024,900

  Office

  $103,998,000

  Institutional / Educational

  $109,765,000

  Residential Income

  $128,425,000

  Multifamily

  $161,623,000

  Automotive / Energy

  $94,084,000

  Parking / Income-Based Land

  $33,821,200

  Restaurant / Food Service

  $52,235,300

  Healthcare / Senior Housing

  $110,163,000

Location Insight

City

Warren

County

Trumbull

State

Ohio

Latitude

41.2495

Longitude

-80.8096

CBSA code

49660

CBSA name

YOUNGSTOWN-WARREN-BOARDMAN, OH-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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