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    Equestrian Retreat with Indoor Arena Title is generated by Realmo AI

    45620 Stewart Rd, Sullivan, OH 44880

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    Claim this Listing
    Pending
    $429,000

    Ranch, Farm - Sullivan, OH

    Type:Farm
    Property size:
    864 SF
    Lot size:
    217,800.00 Acres
    Added:
    May 4, 2026
    Days on Market:
    20
    Last Refresh:
    May 23 at 3:06 pm

    Property Features for 45620 Stewart Rd

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Bedrooms
    2
    Bathrooms
    2
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Dining Room, Family Room, Great Room, Kitchen, Living Room
    Parking
    2
    Parking features
    Garage, Garage - Attached
    Exterior features
    Barn, Shed(s), Barn(s), Machine Shed, Other-see Remarks
    Fireplace
    1
    Basement Y/N
    1
    Appliances
    Dryer, Range, Refrigerator
    Standard status
    Pending
    APN
    21-10-000-000-006 / 21-10-000-000-008
    Size
    864 SF
    Lot size
    217,800.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3138

    Utilities

    Heating system
    Fireplace(s), Forced Air, Propane (Heating)
    Cooling system
    None (Cooling)

    Building Details

    Year built
    1969
    Building materials
    Vinyl Siding
    Roof type
    Metal
    Architectural style
    Ranch
    Additional Structures
    Barn(s), Packing Shed, See Remarks, Shed(s)

    We can help!

    Listing Contact
    Lorell Kline

    Listing agent Lorell Kline

    Listing office Keller Williams Elevate 18318 Pearl Rd., Strongsville, OH

    Listing date May 4, 2026

    MLS# 9072808 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

    • 5‑acre equestrian property with extensive horse facilities
    • 30x78 barn with 10 stalls, cement aisle, water, electric, tack room, hay storage, and tool space
    • 64x144 indoor riding arena with electric for year‑round use
    • Home features rustic charm with half‑log walls and tongue‑and‑groove wood ceiling
    • Kitchen with granite countertops and living room with wood‑burning fireplace insert
    • Includes a 14x40 outbuilding for equipment storage and city water service

    Overview

    This 5-acre equestrian property is designed for horse enthusiasts, featuring a 30x78 barn equipped with 10 stalls, a central cement aisle, water and electric connections, a tack room, hay storage, and tool space. A 64x144 indoor arena with electric provides a year-round riding space, complemented by a 14x40 outbuilding for equipment storage. The 864-square-foot home includes 2 bedrooms and a living area characterized by half-log walls and a tongue-and-groove wood ceiling, creating a rustic atmosphere. The kitchen is fitted with granite countertops, and the living room features a wood-burning fireplace insert with a raised hearth and mantle. Additional spaces include a laundry room with a utility toilet, a mudroom, and a dedicated wood room. The property is serviced by city water. This functional horse property is located in Sullivan, Ohio, and is ready for immediate use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Map

    City
    Sullivan
    County
    Ashland
    State
    Ohio
    Longitude
    -82.2135519
    Latitude
    41.0849397

    FAQs

    What type of property is this?
    Horse & equestrian property - 5-acre equestrian property featuring barn, indoor arena, and charming home.
    Where is this horse & equestrian property located?
    The property is located at 45620 Stewart Rd Sullivan, OH.
    What is the asking price?
    The asking price for this property is $429,000.
    What are key features of this property?
    This property features: 5‑acre equestrian property with extensive horse facilities; 30x78 barn with 10 stalls, cement aisle, water, electric, tack room, hay storage, and tool space; **64x144 indoor riding arena with electric for year‑round use**
    (419) 651-1623
    We can help!
    Listing Contact
    Lorell Kline
    Request Owner's contact information
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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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