Hospitality Property with Outdoor
For Sale
$1,199,000
2329 North Ridge Road East, Ashtabula, OH 44004
For-sale hospitality asset with a well-appointed lobby, multiple room types, dedicated service corridors, and outdoor amenity space.
Property Size8,801 SF
Days on Market42
Property Features for 2329 North Ridge Road East
General Information
Standard status
Active
Size
8,801 SF
Property subtype
Hotel
Building Details
Building Size
8,801 SF
Year Built
1960
Listing Agency:
e-Merge Real Estate
(740) 480-3918
Listed By:
Anish Shah
(740) 480-3918
Source:
Thebrokerlist
Added: Jul 11
Changed: Aug 13
Last Checked: Aug 21 at 3:58AM
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 e-Merge Real Estate
Investment Insights
Based on property information with market context.
This hospitality property offers a guest-focused layout designed around efficient arrivals and on-site operations. It features a welcoming lobby area, multiple guest room types, and dedicated service corridors to support smooth day-to-day functionality. The property also includes outdoor amenity spaces for guest relaxation and events, along with existing infrastructure and utility systems configured for hotel operations. Additional areas appear adaptable for enhanced dining or amenity experiences.
Located in Ashtabula with prominent visibility and accessible frontage along North Ridge Road East, the property is positioned for easy market awareness in the area’s commercial corridor.
The overall configuration emphasizes usable guest and service space and includes flexible areas that may support a variety of hospitality programming approaches. Potential seller financing is available.
Located in Ashtabula with prominent visibility and accessible frontage along North Ridge Road East, the property is positioned for easy market awareness in the area’s commercial corridor.
The overall configuration emphasizes usable guest and service space and includes flexible areas that may support a variety of hospitality programming approaches. Potential seller financing is available.
Key Highlights
- Hospitality asset built in 1960 at 2329 North Ridge Road East in Ashtabula
- Prominent visibility and accessible frontage along North Ridge Road East
- Well‑appointed lobby area designed for efficient guest arrivals
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
$53,301
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
4.45%
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%
$1,066,020
$1.1M
Cap Rate 7%
$761,443
$761.4K
Cap Rate 9%
$592,233
$592.2K
Market Conditions
NOI Build-Up for 8,801 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
$132.0K $15.00/SF
− Vacancy
−$19.8K −$2.25/SF
EGI
$112.2K $12.75/SF
− OpEx
−$58.9K −$6.69/SF
NOI
$53.3K $6.06/SF
Area
Ashtabula County, OH
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,066,020
Cap Rate 7%
$761,443
Cap Rate 9%
$592,233
Alternative Uses
Best Use
Hotel Hospitality
$761.4K
$666.3K – $888.4K
NOI $53,301 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.44M – $1.91M
NOI $114,804 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 44004, OH
31,661
Population
15,262
Households
2.1
Avg Household Size
44
Median Age
15%
College-Educated
87%
High-School Grad
74.1 sq mi
ZIP Area
427
Density / Sq Mi
$49,507
Median Household Income
$31,471
Median Earnings
$813
Median Rent
$120,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - For-sale hospitality asset with a well-appointed lobby, multiple room types, dedicated service corridors, and outdoor amenity space.
Where is this hotel located?
The property is located at 2329 North Ridge Road East Ashtabula, OH.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Hospitality asset built in 1960 at 2329 North Ridge Road East in Ashtabula; Prominent visibility and accessible frontage along North Ridge Road East; Well‑appointed lobby area designed for efficient guest arrivals
