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    3265 State Route 39, Shelby, OH 44875

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    For Sale
    $285,900

    Commercial - Shelby, OH

    Property size:
    5,268 SF
    Price / SF:
    $54/SF
    Added:
    May 12, 2026
    Days on Market:
    11
    Last Refresh:
    May 22 at 8:06 pm

    Property Features for 3265 State Route 39

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0163226812000
    Size
    5,268 SF

    Utilities

    Heating system
    See Remarks (Heating)

    Building Details

    Year built
    1942
    Flooring type
    Concrete, Wood
    Architectural style
    Other

    We can help!

    Listing Contact
    Matthew J. Walker

    Listing agent Matthew J. Walker

    Listing office Haring Realty, Inc. 1180 Lexington Ave, Mansfield, OH

    Listing date May 12, 2026

    MLS# 9072817 Listing URL

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

    HighLights

    • High income potential: $27,000 projected rental income for 2025.
    • Three currently rented 2 bed/1 bath units provide immediate income.
    • Potential for a 4th unit to live in or rent out.
    • Suitable for various business ventures in addition to rental income.
    • High traffic count (over 5000 cars daily) ideal for business exposure.
    • Low property taxes.

    Overview

    This commercial property in Shelby, Ohio, offers great income potential, with $27,000.00 in rental income projected for 2025. The property includes three 2-bed, 1-bath units, all of which are currently rented, plus a possible fourth unit that could be used as a residence or additional rental. Located in the Shelby City School district, this property is suitable for an owner-occupant looking to generate income. The property has a great traffic count, with over 5000 cars passing by daily. Family-owned for over 50 years, it is currently a custom car shop and could be adapted for various business uses in addition to rental income. The building size is 5268 square feet, situated on a 0 acre lot. The property benefits from very low taxes. The property is located on State Route 39.
    Property Profile Location Intelligence

    Current Use by Public Records

    Auto shops

    Map

    City
    Shelby
    County
    Richland
    State
    Ohio
    Longitude
    -82.6515
    Latitude
    40.8848

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    FAQs

    What type of property is this?
    Multifamily property - Commercial property with income potential in Shelby, Ohio.
    Where is this multifamily property located?
    The property is located at 3265 State Route 39 Shelby, OH.
    What is the asking price?
    The asking price for this property is $285,900.
    What are key features of this property?
    This property features: High income potential: $27,000 projected rental income for 2025.; Three currently rented 2 bed/1 bath units provide immediate income.; Potential for a 4th unit to live in or rent out.
    (419) 756-8383
    We can help!
    Listing Contact
    Matthew J. Walker
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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.

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