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    10120 Music Street Novelty, OH 44072

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    Claim this Listing
    Pending
    $3,792,740

    LAND - Novelty, OH

    Lot size:
    197.80 Acres
    Added:
    Jul 29, 2025
    Days on Market:
    275
    Last Refresh:
    Apr 29 at 10:06 pm

    Property Features for 10120 Music Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    23-385624
    Lot size
    197.80 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Taxes reflect 2024 totals for all 12 parcels.
    Tax Annual Amount
    26131

    Utilities

    Sewer type
    Septic Tank
    Water source
    Spring, Well

    We can help!

    Listing Contact
    Karen A Eagle
    Karen A Eagle

    Listing agent Karen A Eagle License #2011002668

    Listing office Elite Sotheby's International Realty 89 N Main Street, FL 2, Pepper Pike, OH

    Listing date Jul 29, 2025

    MLS# 5144503 Listing URL

    Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Geauga County Multi-Parcel Estate

    This offering includes 12 parcels totaling over 175 acres of vacant land and six income-producing homes. Located near the Geauga Park District's West Woods Nature Center, the property is accessible from both Music Street and Sperry Road. The property offers possibilities for private estate living, development, or investment. One of the residences is a converted barn with over 3,600 square feet of updated living space combined with a working barn area. This three-bedroom residence features views of the land. Another residence, built in 1831, is a Victorian-style home featuring five bedrooms and two and a half baths, updated for modern living while retaining its original character. The remaining homes are currently leased to tenants. Leases can be assumed for immediate rental income, or tenants can vacate with 60 days notice. The location provides proximity to protected parkland, equestrian facilities, and trails. Some parcels are zoned for mixed-use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Pharmacy Accounting Firm Cafe & Coffee Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Novelty
    County
    Geauga
    State
    Ohio
    Longitude
    -81.3252
    Latitude
    41.4688

    Nearby Similar for Sale

    • $450,000

      Residential Land in Novelty, OH

      8.8 acres of prime residential real estate for building.
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    • $4,556,800
      113,920 SF

      Multi-Tenant Industrial Center on 19+ Acres

      113,920 SF multi-tenant industrial center with 12 tenants.
      9988 Kinsman Rd, Novelty, OH
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    • Contact for pricing

      Commercial Land on Chillicothe Road

      0.99 acre commercial land with high traffic and visibility.
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    • $3,792,740

      Vacant Land on Music Street

      Vacant land bordered by Music St., Kinsman, and Sperry Rd.
      10120 Music Street, Novelty, OH 44072
      View Details

    FAQs

    What type of property is this?
    Land - 175+ acres featuring vacant land and income-producing homes.
    Where is this land located?
    The property is located at 10120 Music Street Novelty, OH.
    What is the asking price?
    The asking price for this property is $3,792,740.
    What are key features of this property?
    This property features: 175+ acre estate comprised of 12 parcels in Geauga County.; Six income‑producing homes provide immediate rental income potential.; Mixed‑use zoning on some parcels allows for development opportunities.
    (216) 352-4700
    We can help!
    Listing Contact
    Karen A Eagle
    Karen A Eagle
    Real Estate License ID: 2011002668
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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