For Sale
$657,777
1873 US Highway 6, Roaming Shores, OH 44085
CommercialSale, Roaming Shores, OH
Property Size5,311 SF
Lot Size5.93 Acres
Price / SF$123.85
Days on Market1199
Property Features for 1873 US Highway 6
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Garage
Subdivision
Roaming Shores
Elementary school district
Grand Valley LSD - 405
Middle school district
Grand Valley LSD - 405
High school district
Grand Valley LSD - 405
Directions
Route 6 east of Route 45 at the intersection of Rt. 6 and Lake Vue.
Standard status
Active
APN
670230000500
Size
5,311 SF
Lot size
5.93 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
PART OF ORIG LOT 45
Tax Annual Amount
3158
Legal Description
PART OF ORIG LOT 45
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas
Water source
Public
Water front
1
Building Details
Number of units
3
Listing Agency:
HomeSmart Real Estate Momentum LLC · HomeSmart International
(440) 578-8058
Listed By:
Shelly Chavez · License #2016002421
(440) 429-5350
Added: May 12, 2023
Changed: Aug 20
Last Checked: Aug 22 at 5:06PM
MLS# 4458296
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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
$45,519
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
6.92%
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%
$910,380
$910.4K
Cap Rate 7%
$650,271
$650.3K
Cap Rate 9%
$505,767
$505.8K
Market Conditions
NOI Build-Up for 5,311 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
$88.0K $16.56/SF
− Vacancy
−$5.2K −$0.98/SF
EGI
$82.8K $15.58/SF
− OpEx
−$37.2K −$7.01/SF
NOI
$45.5K $8.57/SF
Area
Ashtabula County, OH
Vacancy
5.90%
Lease Rate
$16.56 /SF/Yr
Expense Ratio
45.00%
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%
$910,380
Cap Rate 7%
$650,271
Cap Rate 9%
$505,767
Alternative Uses
Best Use
Apartment 5plus
$650.3K
$569.0K – $758.7K
NOI $45,519 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$989.7K
$866.0K – $1.15M
NOI $69,279 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Explore this area
Business Placement
Demographics for 44085, OH
3,232
Population
1,422
Households
2.3
Avg Household Size
41
Median Age
17%
College-Educated
87%
High-School Grad
50.0 sq mi
ZIP Area
65
Density / Sq Mi
$65,750
Median Household Income
$49,461
Median Earnings
$797
Median Rent
$161,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this multifamily property located?
The property is located at 1873 US Highway 6 Roaming Shores, OH.
What is the asking price?
The asking price for this property is $657,777.
