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    8 N Main St Rittman, OH

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    Multi-tenant retail plaza with suites available for various uses.

    Type:RETAIL
    Property size:
    144 SF
    Lot size:
    0.15 Acres
    Added:
    Feb 25, 2025
    Days on Market:
    428
    Last Refresh:
    Apr 5 at 8:41 pm

    Property Features for 8 N Main St

    General Information

    Standard status
    Active
    Size
    144 SF
    Lot size
    0.15 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 8 N Main St Contact us

    We can help!

    Listing Contact
    Emily Faust
    Emily Faust

    Listing agent Emily Faust License #SAL.2021003573

    Listing office Gerspacher Real Estate Group

    Listing date Feb 25, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Gerspacher Real Estate Group

    Overview

    Retail Suites on Main Street

    This multi-tenant retail plaza offers six suites, ranging in size from a 144-square-foot single office to 1,500-square-foot suites, suitable for a variety of uses. Suite 1 previously housed "Pop's Ice Cream Shop," and the shop owner is offering the turnkey ice cream equipment for sale. The suites benefit from direct parking in front, making them suitable for salon, office, or other retail uses. The leases are gross or full service, simplifying budgeting and business operations. The property is located on Main Street, offering good visibility. A garage space is available at the rear of the building, suitable for an auto user or for storage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rittman
    County
    Wayne
    State
    Ohio
    Longitude
    -81.7813
    Latitude
    40.973

    Nearby Similar for Lease

    • $12 SF/Yr

      Freestanding Office Building For Lease

      Freestanding office building with ample parking and flexible zoning.
      223 N Main St, Rittman, OH
      View Details
    • $5 SF/Yr

      Industrial Building Near I-76

      Stand-alone industrial building with quick access to I-76.
      70 Industrial St, Rittman, OH
      View Details
    • Contact for pricing

      Retail Space in Rittman, Ohio

      Retail space available for lease in Rittman, Ohio.
      155 North Main Street, Rittman, OH, 44270
      View Details
    • $5 SF/Yr

      Rittman Warehouse/Manufacturing Space For Lease

      Well-maintained warehouse/factory space with quick highway access.
      40 Industrial St, Rittman, OH
      View Details
    • Contact for pricing

      Retail Space in Grocery-Anchored Center

      Retail space with excellent visibility, accessibility, and ample parking.
      200-260 N Main St, Rittman, OH
      View Details

    FAQs

    What type of property is this?
    Strip mall - Multi-tenant retail plaza with suites available for various uses.
    Where is this strip mall located?
    The property is located at 8 N Main St Rittman, OH.
    What is the lease rate?
    The lease rate is $500 /Mo.
    What are key features of this property?
    This property features: Suites available in a variety of sizes (144 sf to 1500 sf) to accommodate different business needs.; Gross/full‑service leases simplify budgeting and business operations.; Good visibility along Main Street.
    (412) 956-0066 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Emily Faust
    Emily Faust
    Real Estate License ID: SAL.2021003573
    Learn More
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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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