Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    242 W Highland Ave Ravenna, OH 44266

    Sponsored
    For Sale
    Pending
    $250,000

    MULTI_FAMILY - Ravenna, OH

    Property size:
    2,571 SF
    Lot size:
    0.28 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 2 at 5:06 pm

    Property Features for 242 W Highland Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Rooms
    Basement, Bedroom 2, Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 2
    Bedrooms
    5
    Bathrooms
    3
    APN
    31-360-03-00-092-000
    Parking features
    Off Street, Garage, Parking Lot
    Size
    2,571 SF
    Lot size
    0.28 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Water source
    Public

    Building Details

    Year built
    1890
    Floors in Building
    2
    Building materials
    WoodSiding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Jennifer M Filipczak-Turner

    Stouffer Realty Inc (330) 835-4900

    Listing agent Jennifer M Filipczak-Turner (330) 554-6507 License #2008002967

    Listing date Feb 2, 2026

    MLS# 5163600 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.

    Learn more

    Property Insight Report

    Overview

    Ravenna Triplex: Investment Opportunity

    This fully occupied triplex in Ravenna, Ohio, presents an investment opportunity. The property features three units: one 3-bedroom apartment and two 1-bedroom apartments. Each unit includes spacious rooms and storage. The property has a large off-street parking lot accessed from Springfield Avenue. Public utilities are in place. The owner is responsible for water, sewer, and trash, while tenants cover gas and electric. The triplex generates $2,400 per month in gross income. It is located near downtown amenities, shopping, and major routes. The property size is 2,571 square feet, situated on a 0.2849-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Ravenna
    County
    Portage
    State
    Ohio
    Longitude
    -81.244868
    Latitude
    41.160583

    Nearby Similar for Sale

    • New
      $212,900
      Pending

      Two-Unit Multifamily Home on Acreage

      Two-unit multifamily property with spacious units and wooded backyard.
      5601 Newton Falls Rd, Ravenna, OH 44266
      View Details
    • $269,900
      Pending

      Shalersville Duplex on Large Lot

      Well-maintained duplex on 1.51 acres, ideal for investors/owner-occupants.
      3562 Webb Rd, Ravenna, OH 44266
      View Details
    • Contact for pricing
      185,000 SF

      Ravenna Industrial Facility with Power

      185,000 SF industrial facility with significant power capacity.
      6800 N Chestnut St, Ravenna, OH 44266
      View Details
    • $424,900
      4,152 SF

      Rootstown Auto Service Garage

      Turn-key auto service operation with additional land site.
      4824 S Prospect St, Ravenna, OH 44266
      View Details
    • $349,900
      4,316 SF

      Renovated Office Building For Sale

      Completely renovated office building in Ravenna, Ohio.
      817 W Main St, Ravenna, OH 44266
      View Details
    • $250,000
      3,300 SF

      Ravenna Retail/Office Trio

      Downtown Ravenna Investment Opportunity
      136 Main St, Ravenna, OH 44266
      View Details
    • $225,000
      0.21 Acres

      Ravenna Industrial Lot - Great Potential

      0.21-acre lot, $225,000 - ideal for development.
      6220 Wall St, Ravenna, OH 44266
      View Details
    • $250,000
      0.12 Acres

      Downtown Ravenna Office Building

      Prime location, three units, ample parking.
      240 Chestnut St, Ravenna, OH 44266
      View Details
    • $295,000
      2,132 SF

      Ravenna Mixed-Use Investment

      10-Acre Commercial Property, High Traffic
      6942 Oh-44, Ravenna, OH 44266
      View Details
    • $250,000
      2,700 SF

      Ravenna Executive Office Building

      Prime Ravenna location, 2700 sq ft, 10 parking spaces.
      240 Chestnut St, Ravenna, OH 44266
      View Details
    • $409,900
      784,081 SF

      Ravenna Commercial Building For Sale

      Completely renovated, multi-use commercial space.
      817 W Main Street , Ravenna, OH 44266, Ravenna, OH 44266
      View Details
    • $250,000
      2,700 SF

      Downtown Ravenna Office Building

      Prime Ravenna location, 2700 sq ft, three units.
      240 S Chestnut Street , Ravenna, OH 44266, Ravenna, OH 44266
      View Details

    FAQs

    What type of property is this?
    Triplex - Fully occupied Ravenna triplex generating $2,400 monthly gross income.
    Where is this triplex located?
    The property is located at 242 W Highland Ave Ravenna, OH.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: - Fully occupied triplex generating $2,400/month gross income.; - Three well-maintained units: **one 3-bedroom and two 1-bedroom apartments.**; - **Large off-street parking lot.**
    (330) 554-6507
    Request Owner's contact information
    242 W Highland Ave Ravenna, OH 44266
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    242 W Highland Ave
    Ravenna, OH 44266
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    242 W Highland Ave Ravenna, OH 44266
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jennifer M Filipczak-Turner
    Real Estate License ID: 2008002967
    (330) 554-6507
    Learn more
    Google sign-in failed. Please try again or use another login method.