Building Details

Year Built 1830

Buildings 1

Stories 2

Listing Agency: Keller Williams Living

Listed By: Mary Jo Kormushoff · License #2010000747 Show Phone

Source: Theacclaimedrealty

Added: Sep 12 Changed: Sep 13 Last Checked: Sep 15 at 11:00PM

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Investment Insights

Based on property information with market context.

This mixed-use building combines a commercial main level with a one-bedroom apartment upstairs. The first floor previously served a local business and offers potential for office, retail, or shop use. The apartment has its own entrance and a private deck facing the backyard, creating a clear separation between the two components.

Recent property improvements include HVAC and furnace work in 2021, electrical updates in 2021, basement plumbing pipes and water lines in 2022, a water softener and reverse osmosis system in 2024, air conditioning in 2025, and parking lot sealing in 2025. Several upstairs plumbing fixtures, including faucets and a toilet, were replaced in 2025 and 2026. The property is located at 1501 S Cleveland Massillon Rd in Copley, Ohio.

Key Highlights

• Main level previously used for a local business and supports office, retail, or shop use
• One‑bedroom upstairs apartment with separate access and a private backyard‑facing deck
• HVAC and furnace updated in 2021; electrical system updated in 2021

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

$14,192

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

6.04%

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%

$283,840 $283.8K

Cap Rate 7%

$202,743 $202.7K

Cap Rate 9%

$157,689 $157.7K

Market Conditions

NOI Build-Up for 1,200 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

$20.3K $16.92/SF

− Vacancy

−$1.4K −$1.15/SF

EGI

$18.9K $15.77/SF

− OpEx

−$4.7K −$3.94/SF

NOI

$14.2K $11.83/SF

Area

Akron, OH

Vacancy

6.80%

Lease Rate

$16.92 /SF/Yr

Expense Ratio

25.00%

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%

$283,840

Cap Rate 7%

$202,743

Cap Rate 9%

$157,689

Alternative Uses

Best Use

Office B

$202.7K

$177.4K – $236.5K (±1% cap)

NOI $14,192 @ 7.0% cap · market cap 6.04%

Second Best

Retail

$193.6K

$169.4K – $225.8K (±1% cap)

NOI $13,549 @ 7.0% cap · market cap 5.77%

Theoretical Best

Office A

$294.5K

$257.7K – $343.6K (±1% cap)

NOI $20,614 @ 7.0% cap · market cap 8.77%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Plumbing Excellence Plumbing Service

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Big Box & Wholesale Store Restaurant Garden Center

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

Lease Details

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

197

Businesses Nearby

Explore this area Business Placement

Demographics for 44321, OH

15,993

Population

6,597

Households

2.4

Avg Household Size

40

Median Age

60%

College-Educated

98%

High-School Grad

14.6 sq mi

ZIP Area

1,095

Density / Sq Mi

$119,282

Median Household Income

$66,933

Median Earnings

$1,423

Median Rent

$320,400

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties 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?

Mixed-use property - Commercial space pairs with a separate one-bedroom residential unit and private deck.

Where is this mixed-use property located?

The property is located at 1501 S Cleveland Massillon Rd Copley, OH.

What is the asking price?

The asking price for this property is $235,000.

What are key features of this property?

This property features: Main level previously used for a local business and supports office, retail, or shop use; One‑bedroom upstairs apartment with separate access and a private backyard‑facing deck; HVAC and furnace updated in 2021; electrical system updated in 2021