Remodeled Office Unit
For Sale
$379,900
953 Niles Cortland Road SE, Warren, OH 44484
CommercialSale, Warren, OH
Property Size1,500 SF
Lot Size1.75 Acres
Price / SF$253.27
Days on Market237
Property Features for 953 Niles Cortland Road SE
General Information
Property type
Commercial Sale
Property subtype
Office
Security features
Security
Subdivision
Township/Howland Sec 34
Elementary school district
Howland LSD - 7808
Middle school district
Howland LSD - 7808
High school district
Howland LSD - 7808
Directions
Niles Cortland Road (SR46) across from Lowe's Home Improvement and just before the SR82 on-ramp
Standard status
Active
APN
28-432760
Lot size
1.75 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
34 125.11F 1.731ANILES CORTLAND RDHOWLAND TWP
Tax Annual Amount
5202
Legal Description
34 125.11F 1.731ANILES CORTLAND RDHOWLAND TWP
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
private offices
conference room
full kitchen
copier room
restrooms
Building Details
Year built
1987
Listing Agency:
EXP Realty, LLC.
(866) 212-4991
Listed By:
Melanie Bradford · License #2025007182
(330) 272-3700
Added: Jan 18
Changed: Sep 4
Last Checked: Sep 12 at 10:06AM
MLS# 5182233
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.
Investment Insights
Based on property information with market context.
This remodeled all-brick office property provides nearly 1,500 square feet of workspace within a commercial building constructed in 1987. The layout includes five private offices, a conference room configured with three workstations, a full kitchen, copier room, and two restrooms. Gas-fired forced-air heat and central air conditioning serve the building, while a newer roof, updated mechanical systems, and refreshed interior and exterior finishes support current use.
The property is positioned along SR46 at 953 Niles Cortland Road SE in Warren, Ohio, within Howland Township and near Eastwood Mall and major retailers. The site includes 16+ dedicated parking spaces. Furnishings and equipment are negotiable.
The property is positioned along SR46 at 953 Niles Cortland Road SE in Warren, Ohio, within Howland Township and near Eastwood Mall and major retailers. The site includes 16+ dedicated parking spaces. Furnishings and equipment are negotiable.
Key Highlights
- Nearly 1,500 square feet of office workspace
- Five private offices and a conference room with 3 workstations
- Full kitchen, copier room, and 2 restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,454
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$289,080
$289.1K
Cap Rate 7%
$206,486
$206.5K
Cap Rate 9%
$160,600
$160.6K
Market Conditions
NOI Build-Up for 1,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$23.9K $15.96/SF
− Vacancy
−$4.7K −$3.11/SF
EGI
$19.3K $12.85/SF
− OpEx
−$4.8K −$3.21/SF
NOI
$14.5K $9.64/SF
Area
Trumbull County, OH
Vacancy
19.50%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$289,080
Cap Rate 7%
$206,486
Cap Rate 9%
$160,600
Alternative Uses
Best Use
Office B
$206.5K
$180.7K – $240.9K
NOI $14,454 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$284.7K
$249.1K – $332.2K
NOI $19,930 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
173
Businesses Nearby
Explore this area
Business Placement
Demographics for 44484, OH
22,290
Population
9,929
Households
2.2
Avg Household Size
46
Median Age
26%
College-Educated
93%
High-School Grad
17.9 sq mi
ZIP Area
1,245
Density / Sq Mi
$65,435
Median Household Income
$42,490
Median Earnings
$840
Median Rent
$166,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - All-brick commercial office property with private work areas, meeting space, kitchen, and dedicated parking.
Where is this office units located?
The property is located at 953 Niles Cortland Road SE Warren, OH.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Nearly 1,500 square feet of office workspace; Five private offices and a conference room with 3 workstations; Full kitchen, copier room, and 2 restrooms
