Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Ravenna Office Building with Three Units Title is generated by Realmo AI

    240 S Chestnut Street Ravenna OH 44266, Ravenna, OH 44266

    View on Map
    For Sale
    $250,000

    Office | 2700 sq ft | Ravenna, OH

    Property size:
    2,700 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $92/SF
    Added:
    Jan 9, 2025
    Days on Market:
    503
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 240 S Chestnut Street Ravenna OH 44266

    General Information

    Standard status
    Active
    Property type
    Residential offices, Office buildings, Medical Office Space, Mixed-use properties, Office Spaces
    Size
    2,700 SF
    Elevators
    N/A
    Lot size
    0.12 Acres

    Building Details

    Year Built
    1940
    Year Renovated
    1994

    We can help!

    Listing Contact
    Dan Alvarez

    Listing agent Dan

    Listing office

    Listing date Jan 9, 2025

    Overview

    Located in downtown Ravenna, Ohio, this 2700-square-foot commercial building is situated directly behind the Portage County Courthouse. Constructed in 1940 and remodeled in 1994, the property features three distinct office units, each containing 2-3 individual office rooms. On-site parking is available in the front lot. The property is situated on a 0.12-acre lot and is zoned for commercial use within the Ravenna City school district. This mixed-use building is suitable for a variety of office-based businesses, including medical practices, professional services, or general office space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Richard C Lombardi Law Firm Ohio Title Agency ... Title Company Erb Legal LLC Law Firm

    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
    -81.243527
    Latitude
    41.156228

    Nearby Similar for Sale

    • $175,000
      1,657 SF

      Well-Maintained Duplex Investment Opportunity

      Updated duplex in Ravenna, OH with tenant-paid utilities.
      246 Grant Street, Ravenna, OH 44266
      View Details
    • $215,000
      1,854 SF

      Charming Ravenna Home with Apartment

      Charming home with separate apartment, ideal for rental income.
      241 S Freedom Street, 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
      View Details
    • $3,406,000
      14,820 SF

      Retail Space in Ravenna, Ohio

      Retail space available for sale in Ravenna, Ohio.
      144 E Main St, Ravenna, OH 44266
      View Details
    • $3,406,000
      14,820 SF

      Walgreens Ravenna Net-Leased Asset

      Net-leased Walgreens in Ravenna, Ohio, with strong fundamentals.
      144 E Main 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
      View Details
    • $250,000
      2,700 SF

      Downtown Ravenna Office Building

      Office building near Portage County Courthouse with on-site parking.
      240 S Chestnut Street, Ravenna, OH 44266
      View Details
    • Contact for pricing
      3,016 SF

      Spacious Condo Suite Near Hospitals

      3,016 SF condo suite near University Hospitals Portage Medical Center.
      6693 N Chestnut St, Ravenna, OH
      View Details
    • $409,900
      784,081 SF

      817 W Main Street

      Extensively renovated 784,081 square foot commercial building in Ravenna, Ohio.
      817 W Main Street , Ravenna, OH 44266, Ravenna, OH 44266
      View Details
    • $250,000
      2,700 SF

      Ravenna Freestanding Office Building For Sale

      2700 SF office building in Ravenna's Central Business District.
      240 S Chestnut St, Ravenna, OH 44266
      View Details
    • $175,000
      3,016 SF

      Medical Office Condo For Sale

      3,016 SF condo suite near University Hospitals Portage Medical Center.
      6693 N Chestnut St, Ravenna, OH 44266
      View Details

    FAQs

    What type of property is this?
    Residential office - Office | 2700 sq ft | Ravenna, OH
    Where is this residential office located?
    The property is located at 240 S Chestnut Street Ravenna OH 44266 Ravenna, OH.
    What is the asking price?
    The asking price for this property is $250,000.
    (330) 856-7777
    We can help!
    Listing Contact
    Dan Alvarez
    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
    240 S Chestnut Street , Ravenna, OH 44266, Ravenna, OH 44266
    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!