Historic Mixed-Use Theater
For Sale
$2,550,000
127 E Main Street, Ravenna, OH 44266
Historic mixed-use property combining retail storefronts, apartments, and a substantial auditorium within a flexible redevelopment configuration.
Property Size33,323 SF
Price / SF$76.52
Days on Market131
Property Features for 127 E Main Street
General Information
Standard status
Active
Size
33,323 SF
Property subtype
Commercial
Site & Location
Traffic Count
30,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
17
Taxes and HOA fees
Annual Taxes
$20,255
Building Details
Year Built
1870
Tenancy
Multi
Listing Agency:
Keller Williams Chervenic Rlty
(216) 316-7703
Listed By:
Nicholas R Papas · License #2019004219
(216) 316-7703
Source:
Carolgoffrealestate
Added: Apr 22
Changed: Aug 29
Last Checked: Aug 29 at 7:27PM
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 Keller Williams Chervenic Rlty
Investment Insights
Based on property information with market context.
This mixed-use property incorporates a 20,675-square-foot auditorium, five retail storefronts, and second-floor apartments within approximately 33,323 square feet of improvements. The retail component provides approximately 6,455 square feet, with layouts that can be connected into larger contiguous spaces. The building dates to 1870 and is listed on the National Register of Historic Places.
The property presents a combination of commercial and residential components within a historic theater building. Existing features include storefront space, apartment areas, and an auditorium, creating a varied configuration for continued operation, repositioning, or redevelopment as supported by applicable approvals.
The property presents a combination of commercial and residential components within a historic theater building. Existing features include storefront space, apartment areas, and an auditorium, creating a varied configuration for continued operation, repositioning, or redevelopment as supported by applicable approvals.
Key Highlights
- Approximately 33,323 SF of total improvements
- 20,675‑square‑foot auditorium within the building
- Five retail storefronts totaling +/- 6,455 SF
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
$131,397
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
5.15%
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%
$2,627,940
$2.6M
Cap Rate 7%
$1,877,100
$1.9M
Cap Rate 9%
$1,459,967
$1.5M
Market Conditions
NOI Build-Up for 33,323 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
$195.9K $5.88/SF
− Vacancy
−$8.2K −$0.25/SF
EGI
$187.7K $5.63/SF
− OpEx
−$56.3K −$1.69/SF
NOI
$131.4K $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 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%
$2,627,940
Cap Rate 7%
$1,877,100
Cap Rate 9%
$1,459,967
Alternative Uses
Best Use
Mixed Use
$4.82M
$4.22M – $5.62M
NOI $337,395 @ 7.0% cap · market cap 13.23%
Second Best
Apartment 5plus
$3.84M
$3.36M – $4.47M
NOI $268,471 @ 7.0% cap · market cap 10.53%
Theoretical Best
Office A
$6.71M
$5.87M – $7.83M
NOI $469,848 @ 7.0% cap · market cap 18.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
30,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
767
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic mixed-use property combining retail storefronts, apartments, and a substantial auditorium within a flexible redevelopment configuration.
Where is this mixed-use property located?
The property is located at 127 E Main Street Ravenna, OH.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Approximately 33,323 SF of total improvements; 20,675‑square‑foot auditorium within the building; Five retail storefronts totaling +/- 6,455 SF
