Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Prime Commercial Development Land Title is generated by Realmo AI

    408 Milan Ave, Norwalk, OH 44090

    View on Map
    Claim this Listing
    For Sale
    $475,000

    Land - Norwalk, OH

    Lot size:
    2.95 Acres
    Added:
    Mar 30, 2026
    Days on Market:
    53
    Last Refresh:
    May 21 at 8:06 am

    Property Features for 408 Milan Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    52160D020110000
    Lot size
    2.95 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Frank Van Dresser
    Frank Van Dresser

    Listing agent Frank Van Dresser

    Listing office RE/MAX Quality Realty 1919 Sandusky Mall Blvd., Sandusky, OH

    Listing date Mar 30, 2026

    MLS# 9072825 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

    • Prime 2.95‑acre commercial development site.
    • Located on highly traveled US‑250 / Milan Avenue corridor with 14,143 vehicles per day.
    • Zoned B‑4 General Commercial allowing for a wide variety of uses.
    • Excellent visibility and accessibility.
    • Approximately 200 feet of road frontage and over 870 feet of depth.
    • Conveniently positioned near established businesses and major local amenities.

    Overview

    This prime 2.95-acre commercial development site is located along the highly traveled US-250/Milan Avenue corridor in Norwalk. A 2025 traffic study indicates 14,143 vehicles per day. The property offers excellent visibility and accessibility in one of the city's busiest commercial areas. The site features approximately 200 feet of road frontage and over 870 feet of depth, providing ample space for development, parking, and expansion. Zoned B-4 General Commercial, the property allows for a wide variety of potential uses including retail, restaurant, service businesses, or other commercial ventures. Conveniently positioned near established businesses and major local amenities, this is a strong opportunity for investors or developers seeking a high-exposure location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    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
    Norwalk
    County
    Huron
    State
    Ohio
    Longitude
    -82.611731
    Latitude
    41.249849

    Nearby Similar for Sale

    • $565,000
      6,107 SF

      Leased Medical/Office Building Investment

      Fully leased medical/office building with long-term tenant and strong CAP.
      34 Executive Drive, Norwalk, OH 44857
      View Details
    • $329,900
      448 SF

      Turnkey Coffee and Ice Cream Shop

      Established drive-thru business in Norwalk, OH with high visibility.
      78 Benedict Ave, Norwalk, OH 44857
      View Details
    • $299,000
      5,292 SF

      Norwalk Commercial Building with Apartment

      Commercial building with established school and apartment in Norwalk, OH.
      175 Benedict Avenue, Norwalk, OH 44857
      View Details
    • $725,000

      29 Acre Development Opportunity

      29 acres near Norwalk with development/investment potential.
      431 Old State Rd, Norwalk, OH 44857
      View Details
    • $2,375,000
      45 SF

      44.22 Acres of Land For Sale

      44.22 acres of commercial land for sale in Norwalk, Ohio.
      285 Benedict Avenue, Norwalk, OH, 44857
      View Details
    • $599,900

      Horse Property with Multiple Arenas

      Horse property featuring multiple outbuildings, stalls, and arenas.
      2298 Ridge Road, Norwalk, OH 44857-9155
      View Details
    • $599,900

      Horse Property with Arenas, Stalls

      Horse property featuring arenas, stalls, and multiple outbuildings.
      2298 Ridge Road N, Norwalk, OH 44857
      View Details
    • $599,900

      Horse Property with Multiple Arenas

      Horse property featuring outbuildings, stalls, and arenas.
      2298 Ridge N Road, Norwalk, OH 44857
      View Details
    • $130,000
      1,443 SF

      Retail Building on 0.85 Acres

      Retail property featuring 1,443 SF building and ample parking.
      153 Benedict Ave, Norwalk, OH
      View Details
    • Contact for pricing
      94,800 SF

      Norwalk Industrial Facility For Sale

      94,800 SF industrial facility with heavy manufacturing zoning.
      205 Republic St, Norwalk, OH
      View Details
    • $115,000

      Commercial Lot Near Norwalk Commons

      Commercial vacant land near shopping and medical facilities.
      32 Stower Ln, Norwalk, OH 44857
      View Details
    • $725,000

      29 Acres Development Opportunity

      29 acre development/investment opportunity in Norwalk, Ohio.
      431 Old State Rd S, Norwalk, OH 44857
      View Details

    FAQs

    What type of property is this?
    Commercial land - 2.95-acre commercial site on US-250 in Norwalk, Ohio.
    Where is this commercial land located?
    The property is located at 408 Milan Ave Norwalk, OH.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: Prime 2.95‑acre commercial development site.; Located on highly traveled US‑250 / Milan Avenue corridor with 14,143 vehicles per day.; Zoned B‑4 General Commercial allowing for a wide variety of uses.
    (419) 660-1907
    We can help!
    Listing Contact
    Frank Van Dresser
    Frank Van Dresser
    Real Estate License ID: 2001016429
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    408 Milan Ave, Norwalk, OH 44090
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!