Renovated Retail Building with
For Sale
Contact for pricing
2108 sr 59, Kent, OH 44240
Renovated retail building on 5.08 acres with 7,765 SF and 90 paved parking spaces.
Property Size7,765 SF
Lot Size5.08 Acres
Price / SF$122.34
Days on Market705
Property Features for 2108 sr 59
General Information
Standard status
Active
Size
7,765 SF
Total Parking Spaces
90
Lot size
5.08 Acres
Property subtype
RETAIL
Zoning
C-1 & I-1
Additional Details
Business Included
No
Amenities
large pole signage
Building Details
Year Built
1975
Year Renovated
2011
Listing Agency:
CBRE | Akron
(330) 670-4444
Listed By:
David Comernisky
(330) 472-8970
Source:
Moodyscre
Added: Oct 8, 2024
Changed: Sep 5
Last Checked: Sep 11 at 9:29AM
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 CBRE | Akron
Investment Insights
Based on property information with market context.
A renovated retail building totaling 7,765 SF on 5.08 acres, built in 1975 and updated in 2011. The property includes large pole signage and is laid out to support straightforward retail operations.
Located at 2108 SR 59 in Kent, OH 44240, the site is positioned for strong visibility and convenient access. Parking includes 90 paved spaces, supporting both customer and employee use.
Zoned for commercial C-1 and I-1, the property’s configuration and land area may accommodate a range of retail-oriented uses consistent with the provided zoning.
Located at 2108 SR 59 in Kent, OH 44240, the site is positioned for strong visibility and convenient access. Parking includes 90 paved spaces, supporting both customer and employee use.
Zoned for commercial C-1 and I-1, the property’s configuration and land area may accommodate a range of retail-oriented uses consistent with the provided zoning.
Key Highlights
- 5.08‑acre site with a renovated retail building totaling 7,765 SF
- Built in 1975 and renovated in 2011
- Zoned commercial C‑1 & I‑1
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
$30,618
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
3.22%
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%
$612,360
$612.4K
Cap Rate 7%
$437,400
$437.4K
Cap Rate 9%
$340,200
$340.2K
Market Conditions
NOI Build-Up for 7,765 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
$45.7K $5.88/SF
− Vacancy
−$1.9K −$0.25/SF
EGI
$43.7K $5.63/SF
− OpEx
−$13.1K −$1.69/SF
NOI
$30.6K $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%
$612,360
Cap Rate 7%
$437,400
Cap Rate 9%
$340,200
Alternative Uses
Best Use
Retail
$437.4K
$382.7K – $510.3K
NOI $30,618 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,485 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 44240, OH
38,354
Population
20,228
Households
1.9
Avg Household Size
32
Median Age
44%
College-Educated
96%
High-School Grad
39.7 sq mi
ZIP Area
966
Density / Sq Mi
$57,415
Median Household Income
$31,613
Median Earnings
$989
Median Rent
$216,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Renovated retail building on 5.08 acres with 7,765 SF and 90 paved parking spaces.
Where is this retail space located?
The property is located at 2108 sr 59 Kent, OH.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 5.08‑acre site with a renovated retail building totaling 7,765 SF; Built in 1975 and renovated in 2011; Zoned commercial C‑1 & I‑1
