This study proposes a new grading model for distribution center(DC)s. For a particular DC, the proposed model considers input variables such as (1) three key factors including site, building, and facility; (2) individual declared land value; and (3) demand-supply balance of the region. Unlike most existing models, we do not consider the rental fee of DC because it is usually accompanied by extra benefits that are hardly open to the public. Since grading of a DC using single value is difficult due to the diverse nature of these variables. we propose a dual index model. The first index represents the relative quality grade (A, B, or C) of a DC. It is quantitatively determined by the values of the ten key variables that affect the value of a DC, multiplied by the weight factors obtained using AHP method, divided by the individual declared land value of the DC. The second index indicates the relative level of the floor area ratio of the region. For the investors, sites with higher floor area ratio are typically regarded as more attractive ones. This dual index model will help both lessors and lessees assess the real estate value of a DC intuitively. It can also be used as a tool for investors to determine the location and other characteristics of the DC to build. This model aims to contribute to the long term demand-supply balance of DCs in Seoul capital area, fostering stable growth of the logistics industry.