Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    240 Highland Rd E Macedonia, OH

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    0.90-acre site near I-271 and SR-8 with high visibility.

    Type:LAND
    Lot size:
    0.90 Acres
    Added:
    Aug 5, 2024
    Days on Market:
    628
    Last Refresh:
    Apr 5 at 8:42 pm

    Property Features for 240 Highland Rd E

    General Information

    Standard status
    Active
    Lot size
    0.90 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Sam Tecca
    Sam Tecca

    Listing agent Sam Tecca

    Listing office Gerspacher Real Estate Group

    Listing date Aug 5, 2024

    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

    Macedonia Land Ready to Build

    The property at 240 E Highland Rd is a 0.90-acre site situated between I-271 and SR-8. This location benefits from high visibility, with over 35,000 vehicles passing daily on SR-8. The site, previously occupied by a motel, has been cleared and is now ready for construction. It is located within Macedonia's B-4 Highway Business District, which permits a range of uses including public garages, auto repair facilities, gas stations, car washes, motels/hotels, and restaurants. Its position on the southwest side of SR-8, before the I-271 on-ramp, makes it suitable for a quick-service restaurant.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Knights Inn Macedonia Hotel & Motel

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Macedonia
    County
    Summit
    State
    Ohio
    Longitude
    -81.5154
    Latitude
    41.2983

    Nearby Similar for Sale

    • $125,000

      Cleared Land in Macedonia, OH

      1.21 acres of cleared land in Twinsburg School District.
      VL Shepard Road, Macedonia, OH 44056
      View Details
    • Contact for pricing

      5.37 Acres For Sale

      5.37 acres suitable for truck parking, storage, or warehouse.
      Roll and Hold Parkway, Macedonia, OH 44056
      View Details
    • Contact for pricing

      Vacant Land in Macedonia/Twinsburg

      47.79 acres of vacant land with potential rail access.
      1438 Highland Rd E, Macedonia, OH 44056
      View Details
    • Contact for pricing
      54 SF

      Land Available in Macedonia, Ohio

      Land for sale in Macedonia, Ohio, totaling 54 acres.
      8854 Valley View Rd, Macedonia, OH 44056
      View Details
    • $838,500

      Land with Highway Visibility

      Land with visibility on Rt. 8 and I-271.
      8058 County Rte 16, Macedonia, OH
      View Details
    • Contact for pricing

      Macedonia Industrial Land Opportunity

      54 acres of industrial land near major highways.
      8854 Valley View Rd, Macedonia, OH
      View Details
    • Contact for pricing

      Contiguous Land Parcels For Sale

      Two contiguous land parcels with potential rail access and expressway access.
      1438 Highland Rd E, Macedonia, OH
      View Details
    • $499,000

      Macedonia Land Ready to Build

      0.90-acre site with high visibility and traffic counts.
      240 Highland Rd, Macedonia, OH 44056
      View Details
    • $750,000

      Macedonia Development Opportunity

      Land ready for professional services or retail development.
      Valley View Road & Park Avenue, Macedonia, OH 44056
      View Details

    FAQs

    What type of property is this?
    Commercial land - 0.90-acre site near I-271 and SR-8 with high visibility.
    Where is this commercial land located?
    The property is located at 240 Highland Rd E Macedonia, OH.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: Highly visible location on SR‑8 with over 35,000 daily traffic counts.; Zoned B‑4 Highway Business District, permitting various businesses including gas stations, restaurants, and hotels.; Ready to build: Former motel site has been cleared.
    (330) 634-5289 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Sam Tecca
    Sam Tecca
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!