Commercial Building with Adjacent
For Sale
Contact for pricing
1838 E State St, Salem, OH 44460
Building and adjacent vacant lot provide flexibility for a range of commercial uses.
Property Size4,861 SF
Lot Size1.00 Acre
Price / SF$149.15
Days on Market196
Property Features for 1838 E State St
General Information
Standard status
Active
Size
4,861 SF
Lot size
1.00 Acre
Property subtype
OFFICE
Listing Agency:
Platz Realty Group
(330) 757-4889
Listed By:
Bill Kutlick
(330) 565-5701
Source:
Moodyscre
Added: Feb 20
Changed: Aug 24
Last Checked: Sep 4 at 8:47AM
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 Platz Realty Group
Investment Insights
Based on property information with market context.
This property consists of a building and an adjacent vacant lot, offering a straightforward setup for a variety of commercial concepts. Public remarks indicate suitability for fast food, car wash, retail, medical, and office uses.
The site is approximately one acre and features approximately 201 feet of frontage. The building totals 4,861 square feet.
For buyers and tenants evaluating the parcel, the combination of an existing building plus an adjacent vacant area can support flexible occupancy and site planning based on the intended business model.
The site is approximately one acre and features approximately 201 feet of frontage. The building totals 4,861 square feet.
For buyers and tenants evaluating the parcel, the combination of an existing building plus an adjacent vacant area can support flexible occupancy and site planning based on the intended business model.
Key Highlights
- Approximately 1‑acre commercial site with 201 ft frontage
- 4,861 SF building plus an adjacent vacant lot
- Flexible property setup for a range of commercial uses such as fast food, car wash, retail, medical, or office
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
$32,812
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
4.53%
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%
$656,240
$656.2K
Cap Rate 7%
$468,743
$468.7K
Cap Rate 9%
$364,578
$364.6K
Market Conditions
NOI Build-Up for 4,861 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
$58.3K $12.00/SF
− Vacancy
−$14.6K −$3.00/SF
EGI
$43.7K $9.00/SF
− OpEx
−$10.9K −$2.25/SF
NOI
$32.8K $6.75/SF
Area
Columbiana County, OH
Vacancy
25.00%
Lease Rate
$12.00 /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%
$656,240
Cap Rate 7%
$468,743
Cap Rate 9%
$364,578
Alternative Uses
Best Use
Office B
$468.7K
$410.2K – $546.9K
NOI $32,812 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.11M
$3.59M – $4.79M
NOI $287,428 @ 7.0% cap · market cap 39.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Building and adjacent vacant lot provide flexibility for a range of commercial uses.
Where is this office building located?
The property is located at 1838 E State St Salem, OH.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Approximately 1‑acre commercial site with 201 ft frontage; 4,861 SF building plus an adjacent vacant lot; Flexible property setup for a range of commercial uses such as fast food, car wash, retail, medical, or office
