Building Details

Building Size 4,940 SF

Year Built 1984

Buildings 3

Listing Agency: Tanner Real Estate l***@gmail.com Show Phone

Listed By: Lisa M Trummer · License #2006001890 Show Phone

Source: Evrealestate

Added: Jun 11 Changed: Aug 9 Last Checked: Aug 9 at 7:34AM

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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 Tanner Real Estate

Investment Insights

Based on property information with market context.

This flex space was built in 1984 and includes wall-unit heating, electric baseboard heat, and a full finished interior area. Exterior surfaces include asphalt and concrete, supporting a practical commercial setting.

The property is located at 13390 Ravenna Avenue NE in Hartville, Ohio, within Stark County. From Route 44, travel north from Route 619; the property is positioned on the right.

Key Highlights

• Flex space constructed in 1984
• Wall‑unit and electric baseboard heating
• Full finished interior area

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

$20,267

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

5.41%

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%

$405,340 $405.3K

Cap Rate 7%

$289,529 $289.5K

Cap Rate 9%

$225,189 $225.2K

Market Conditions

NOI Build-Up for 4,940 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

$24.3K $4.91/SF

− Vacancy

−$412 −$0.08/SF

EGI

$23.8K $4.83/SF

− OpEx

−$3.6K −$0.72/SF

NOI

$20.3K $4.10/SF

Area

Stark County, OH

Vacancy

1.70%

Lease Rate

$4.91 /SF/Yr

Expense Ratio

15.00%

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%

$405,340

Cap Rate 7%

$289,529

Cap Rate 9%

$225,189

Alternative Uses

Best Use

Warehouse

$289.5K

$253.3K – $337.8K (±1% cap)

NOI $20,267 @ 7.0% cap · market cap 5.41%

Second Best

Industrial

$238.4K

$208.6K – $278.2K (±1% cap)

NOI $16,690 @ 7.0% cap · market cap 4.45%

Theoretical Best

Retail

$1.29M

$1.13M – $1.50M (±1% cap)

NOI $90,285 @ 7.0% cap · market cap 24.08%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Rankin Lawn Care Landscaping

Suggested Use

Top Pick Auto Repair Shop Big Box & Wholesale Store Garden Center Kitchen & Bath Showroom Grocery & Convenience Store Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 44632, OH

10,047

Population

4,066

Households

2.5

Avg Household Size

43

Median Age

32%

College-Educated

93%

High-School Grad

27.8 sq mi

ZIP Area

361

Density / Sq Mi

$88,448

Median Household Income

$48,777

Median Earnings

$999

Median Rent

$259,200

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - The property features wall-unit and electric baseboard heating with a finished interior area.

Where is this flex space located?

The property is located at 13390 Ravenna Avenue NE Hartville, OH.

What is the asking price?

The asking price for this property is $374,900.

What are key features of this property?

This property features: Flex space constructed in 1984; Wall‑unit and electric baseboard heating; Full finished interior area