Turn-Key Auto Service
For Sale
$424,900
4824 South Prospect Street, Ravenna, OH 44266
Well-maintained service garage with multiple bays, office space, and included shop equipment for immediate operation.
Property Size4,152 SF
Price / SF$102.34
Days on Market1363
Property Features for 4824 South Prospect Street
General Information
Standard status
Active
Size
4,152 SF
Property subtype
Auto Repair
Zoning
C-2 General Commercial
Building Details
Building Size
4,152 SF
Listing Agency:
Hoff & Leigh Fairlawn
(330) 940-9360
Listed By:
TJ Hollin · License #SAL.2014000295
(330) 618-8045
Source:
Hoffleigh
Added: Feb 6, 2023
Changed: Oct 25
Last Checked: Oct 30 at 10:28AM
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 Hoff & Leigh Fairlawn
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Investment Insights
Based on property information with market context.
This turn-key auto service garage was built in 2002 and is set up for a complete on-site operation. The building includes five service bays plus office space, a kitchenette, a reception area, and an office loft above. Three lifts, oil vats, an air compressor, and existing furniture are included. The facility also has oil lines in the high bay and air lines throughout, along with floor drains. Utilities and mechanical systems include three-phase power (208V), waste-oil heat for the garage bays, and forced-air for the office area.
The property is located on a corner lot with frontage on S. Prospect (S.R. 44), providing visibility and convenient access for customers and deliveries. Public utilities are available, with gas available at the street. The site is positioned for potential expansion, and a variance has been granted per township and transfers with the property.
For buyers seeking an automotive-focused facility, the configuration supports uses such as oil changing, tire service, detailing, and retail showroom operations. The included lifts and in-bay equipment reduce setup time, while the combination of reception and office space provides a practical flow for daily customer traffic and service management.
The property is located on a corner lot with frontage on S. Prospect (S.R. 44), providing visibility and convenient access for customers and deliveries. Public utilities are available, with gas available at the street. The site is positioned for potential expansion, and a variance has been granted per township and transfers with the property.
For buyers seeking an automotive-focused facility, the configuration supports uses such as oil changing, tire service, detailing, and retail showroom operations. The included lifts and in-bay equipment reduce setup time, while the combination of reception and office space provides a practical flow for daily customer traffic and service management.
Key Highlights
- Auto service garage built in 2002 with 5 bays plus office, kitchenette, reception area, and loft above
- Includes 3 lifts, oil vats, air compressor, and furniture for shop operation
- Corner lot with frontage on S. Prospect (S.R. 44) and township‑approved variance that transfers with the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,372
Cap Rate
3.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$327,440
$327.4K
Cap Rate 7%
$233,886
$233.9K
Cap Rate 9%
$181,911
$181.9K
Market Conditions
NOI Build-Up for 4,152 SF
Gross rent
$24.4K $5.88/SF
− Vacancy
−$1.0K −$0.25/SF
EGI
$23.4K $5.63/SF
− OpEx
−$7.0K −$1.69/SF
NOI
$16.4K $3.94/SF
Area
Portage County, OH
Vacancy
4.20%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$327,440
Cap Rate 7%
$233,886
Cap Rate 9%
$181,911
Alternative Uses
Best Use
Retail
$233.9K
$204.7K – $272.9K
NOI $16,372 @ 7.0% cap · market cap 3.85%
Second Best
Industrial
$233.1K
$204.0K – $272.0K
NOI $16,320 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$836.3K
$731.8K – $975.7K
NOI $58,542 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 96%
Dining 4%
Dollar General
Shops & Services
5,260 visits/mo
0.3 miles
Mi Rancho
Dining
196 visits/mo
0.1 miles
Demographics for 44266, OH
32,606
Population
15,036
Households
2.2
Avg Household Size
43
Median Age
21%
College-Educated
92%
High-School Grad
91.9 sq mi
ZIP Area
355
Density / Sq Mi
$61,211
Median Household Income
$40,068
Median Earnings
$904
Median Rent
$159,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- Coia Sales — 4393 Lynn Rd, Ravenna, OH 44266
- Darrah's Car Care Center — 4824 S Prospect St, Ravenna, OH 44266
- Darrah's Care Care — 4824 s prospect st, ravenna, oh 44266
- Mod Customs — 4838 S Prospect St, Ravenna, OH 44266
- BMB Auto and Truck Repair LLC. — 4824 S Prospect St, Ravenna, OH 44266
Frequently Asked Questions
What type of property is this?
Auto shop - Well-maintained service garage with multiple bays, office space, and included shop equipment for immediate operation.
Where is this auto shop located?
The property is located at 4824 South Prospect Street Ravenna, OH.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: Auto service garage built in 2002 with 5 bays plus office, kitchenette, reception area, and loft above; Includes 3 lifts, oil vats, air compressor, and furniture for shop operation; Corner lot with frontage on S. Prospect (S.R. 44) and township‑approved variance that transfers with the property
