Medical Center with Separate
For Sale
$279,000
6942 State Route 44, Ravenna, OH 44266
One-level property with two ADA-accessible sections and separate heating systems.
Property Size2,132 SF
Lot Size1.00 Acre
Days on Market702
Property Features for 6942 State Route 44
General Information
Standard status
Active
Size
2,132 SF
Total Parking Spaces
24
Lot size
1.00 Acre
Property subtype
Commercial
Site & Location
Traffic Count
18,372 vehicles/day
Road Access
Yes
Additional Details
Land Use
mixed-use, commercial
Taxes and HOA fees
Annual Taxes
$2,570
Building Details
Building Size
2,132 SF
Year Built
1949
Buildings
1
Stories
1
Units
2
Listing Agency:
RE/MAX Trends Realty
(330) 603-9008
Listed By:
Lisa Hughes · License #2016001415
(330) 603-9008
Source:
Carolgoffrealestate
Added: Sep 28, 2024
Changed: Aug 29
Last Checked: Aug 29 at 10:07PM
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 RE/MAX Trends Realty
Investment Insights
Based on property information with market context.
This 1-acre medical center includes two connected but distinct sections within a single-level layout. The front portion originated as a three-bedroom, one-bath residence and currently includes a sitting area, kitchenette, full bathroom, half bathroom, three exam rooms with sinks, and a full basement. The rear section was converted from the garage and contains an entry, waiting room, reception area, large office, half bathroom, lab, and three additional exam rooms with sinks. Both areas are ADA accessible and served by separate furnaces.
The property occupies the corner of State Route 44 and Route 14, across from Sheetz, with reported traffic of 18,372 vehicles per day. University Hospital, NEO MED, and Kent State are nearby. Parking includes a few spaces at the front and a 20+ spot lot behind the building. Built in 1949, the property also has additional surrounding acreage available for purchase.
The property occupies the corner of State Route 44 and Route 14, across from Sheetz, with reported traffic of 18,372 vehicles per day. University Hospital, NEO MED, and Kent State are nearby. Parking includes a few spaces at the front and a 20+ spot lot behind the building. Built in 1949, the property also has additional surrounding acreage available for purchase.
Key Highlights
- 1‑acre corner property at State Route 44 and Route 14
- Reported traffic count of 18,372 per day
- Across the street from Sheetz and near University Hospital, NEO MED, and Kent State
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
$22,266
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
7.98%
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%
$445,320
$445.3K
Cap Rate 7%
$318,086
$318.1K
Cap Rate 9%
$247,400
$247.4K
Market Conditions
NOI Build-Up for 2,132 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
$38.4K $18.00/SF
− Vacancy
−$1.3K −$0.59/SF
EGI
$37.1K $17.41/SF
− OpEx
−$14.8K −$6.96/SF
NOI
$22.3K $10.44/SF
Area
Portage County, OH
Vacancy
3.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
40.00%
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%
$445,320
Cap Rate 7%
$318,086
Cap Rate 9%
$247,400
Alternative Uses
Best Use
Office B
$373.4K
$326.7K – $435.6K
NOI $26,138 @ 7.0% cap · market cap 9.37%
Second Best
Healthcare Medical
$318.1K
$278.3K – $371.1K
NOI $22,266 @ 7.0% cap · market cap 7.98%
Theoretical Best
Office A
$429.4K
$375.8K – $501.0K
NOI $30,061 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18,372 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
367
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical center - One-level property with two ADA-accessible sections and separate heating systems.
Where is this medical center located?
The property is located at 6942 State Route 44 Ravenna, OH.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: 1‑acre corner property at State Route 44 and Route 14; Reported traffic count of 18,372 per day; Across the street from Sheetz and near University Hospital, NEO MED, and Kent State
