Two-Bay Auto
For Sale
$185,000
178 N Ellsworth Avenue, Salem, OH 44460
Includes an office, bathroom, vehicle lift, and an open wash bay within the commercial building.
Property Size1,344 SF
Days on Market959
Property Features for 178 N Ellsworth Avenue
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Service Bays
2
Taxes and HOA fees
Annual Taxes
$1,551
Building Details
Building Size
1,344 SF
Year Built
1960
Buildings
1
Stories
1
Listing Agency:
RAL Realty & Management LLC
(330) 398-1459
Listed By:
Richard A Lippiatt · License #232350
(330) 398-1459
Source:
Carolgoffrealestate
Added: Jan 15, 2024
Changed: Aug 29
Last Checked: Aug 30 at 5:30PM
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 RAL Realty & Management LLC
Investment Insights
Based on property information with market context.
The offering comprises a 1960 commercial building configured for automotive use, with an office, bathroom, and two work bays. One bay contains a ground lift car hoist, while the second is arranged as an open wash bay. The roof was replaced approximately 2 years ago, and the furnace and hot water tank were also updated about 2 years ago. The compressor has received updated parts.
Positioned on a corner in the downtown area of Salem, Ohio, the property carries Commercial zoning and is located at 178 N Ellsworth Avenue. The building is being offered separately; the used car dealership business, tools, and other chattel items are not included in the sale.
Positioned on a corner in the downtown area of Salem, Ohio, the property carries Commercial zoning and is located at 178 N Ellsworth Avenue. The building is being offered separately; the used car dealership business, tools, and other chattel items are not included in the sale.
Key Highlights
- Two work bays, including a bay with a ground lift car hoist
- Open wash bay provides a second automotive work area
- Office and bathroom included in the building
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
$10,928
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
5.91%
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%
$218,560
$218.6K
Cap Rate 7%
$156,114
$156.1K
Cap Rate 9%
$121,422
$121.4K
Market Conditions
NOI Build-Up for 1,344 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
$17.7K $13.20/SF
− Vacancy
−$2.1K −$1.58/SF
EGI
$15.6K $11.62/SF
− OpEx
−$4.7K −$3.48/SF
NOI
$10.9K $8.13/SF
Area
Columbiana County, OH
Vacancy
12.00%
Lease Rate
$13.20 /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%
$218,560
Cap Rate 7%
$156,114
Cap Rate 9%
$121,422
Alternative Uses
Best Use
Industrial
$899.9K
$787.5K – $1.05M
NOI $62,996 @ 7.0% cap · market cap 34.05%
Second Best
Retail
$156.1K
$136.6K – $182.1K
NOI $10,928 @ 7.0% cap · market cap 5.91%
Theoretical Best
Warehouse
$1.14M
$993.4K – $1.32M
NOI $79,470 @ 7.0% cap · market cap 42.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
648
Businesses Nearby
58k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 72%
Dining 27%
Beauty & Spa 1%
Speedway
Shops & Services
14,042 visits/mo
0.1 miles
Huntington Bank
Shops & Services
10,325 visits/mo
0.3 miles
KFC
Dining
7,515 visits/mo
0.3 miles
Chase Bank
Shops & Services
5,804 visits/mo
0.1 miles
Pizza Hut
Dining
4,330 visits/mo
0.2 miles
Demographics for 44460, OH
25,393
Population
11,595
Households
2.2
Avg Household Size
46
Median Age
20%
College-Educated
90%
High-School Grad
107.4 sq mi
ZIP Area
236
Density / Sq Mi
$59,882
Median Household Income
$35,912
Median Earnings
$770
Median Rent
$153,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Davidson Sales & Services — 515 Prospect St, Salem, OH 44460
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- Dad's Auto Repair — Salem, OH 44460
- Kaiser Towing — 412 W Wilson St, Salem, OH 44460
- Mark's Auto Body — 406 W State St, Salem, OH 44460
Frequently Asked Questions
What type of property is this?
Auto shop - Includes an office, bathroom, vehicle lift, and an open wash bay within the commercial building.
Where is this auto shop located?
The property is located at 178 N Ellsworth Avenue Salem, OH.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two work bays, including a bay with a ground lift car hoist; Open wash bay provides a second automotive work area; Office and bathroom included in the building
