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    Free-Standing One-Story Office Building Title is generated by Realmo AI

    3312 Lake Avenue, Ashtabula, OH 44004

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    Claim this Listing
    For Sale
    Under Contract
    $148,000

    SINGLE_FAMILY - Ashtabula, OH

    Type:Office
    Property size:
    2,262 SF
    Lot size:
    0.41 Acres
    Price / SF:
    $65/SF
    Added:
    Jun 19, 2025
    Days on Market:
    352
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for 3312 Lake Avenue

    General Information

    Property type
    Residential
    Property subtype
    Office
    Parking
    21
    Parking features
    Parking Lot, Driveway
    Standard status
    Active Under Contract
    APN
    05-219-00-014-00 (TBD)
    Lot size
    0.41 Acres

    Taxes and HOA fees

    Tax Year
    2024

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Baseboard, Space Heater, Natural Gas
    Cooling system
    Gas (Cooling), Ceiling Fan(s), Central Air
    Water source
    Public

    Building Details

    Year built
    1905
    Floors in Building
    1
    Roof type
    Shingle, Asphalt

    We can help!

    Listing Contact
    Rick L Furmage
    Rick L Furmage

    Listing agent Rick L Furmage License #408337

    Listing office Berkshire Hathaway HomeServices Professional Realty 3120 Market Place Dr, Suite C, Mentor, OH

    Listing date Jun 19, 2025

    MLS# 5132893

    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.

    HighLights

    • Updated 2,262 SF free‑standing one‑story office building built in 1905
    • Set on under a half‑acre lot with a dedicated asphalt parking lot in the back and two one‑way shared drives
    • Flexible interior layout with generously sized offices, conference space, back entrance, and lobby with reception window
    • Includes kitchen/break room, bathroom, server room, utility rooms, and generous storage throughout
    • Utilities: public water and public sewer
    • Heating and cooling include natural gas and electric options, plus central air and ceiling fans

    Overview

    Updated free-standing, one-story office building offering approximately 2,262 square feet of flexible space for professional use. The interior includes generously sized offices and conference spaces, a back entrance, and a lobby with a reception window. Practical support areas are in place with a kitchen and break room, bathroom, server room, utility rooms, and generous storage throughout. Office finishes include beveled glass office doors, solid wood closet doors, and lots of natural light, creating a functional, welcoming environment. While the property is described as updated, the listing also notes that buyers can bring finishing touches to tailor the space to their business.

    Set on an under-half-acre lot, the property includes a dedicated asphalt parking lot to the rear. Access is provided via two one-way shared drives on either side of the building, supporting convenient circulation for tenants and visitors. The building is positioned in central Ashtabula, with proximity to Ashtabula Regional Medical Center, downtown Ashtabula, and the Historic Ashtabula Harbor.

    This configuration can suit a range of office users that value private rooms, meeting space, and on-site back-of-house functionality. With the reception and lobby entry, plus a layout that can support multiple teams or departments, the building presents a solid option for organizations looking to establish a visible, accessible headquarters with room to customize interiors.
    Property Profile Location Intelligence

    Current Use by Public Records

    Our Lady of Peace Church St Joseph Church Church

    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
    Ashtabula
    County
    Ashtabula
    State
    Ohio
    Longitude
    -80.789281
    Latitude
    41.8755254

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    FAQs

    What type of property is this?
    Office building - Updated office building with flexible layout, ample parking, and strong access near key local destinations.
    Where is this office building located?
    The property is located at 3312 Lake Avenue Ashtabula, OH.
    What is the asking price?
    The asking price for this property is $148,000.
    What are key features of this property?
    This property features: Updated 2,262 SF free‑standing one‑story office building built in 1905; Set on under a half‑acre lot with a dedicated asphalt parking lot in the back and two one‑way shared drives; Flexible interior layout with generously sized offices, conference space, back entrance, and lobby with reception window
    (440) 862-0906
    We can help!
    Listing Contact
    Rick L Furmage
    Rick L Furmage
    Real Estate License ID: 408337
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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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