Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Multi-Family Redevelopment Opportunity in Wooster Title is generated by Realmo AI

    2137 Lincoln Way E, Wooster, OH 44691

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    40-unit redevelopment opportunity with amenities in Wooster, Ohio.

    Type:Multifamily
    Property size:
    275 SF
    Price / SF:
    $3,981/SF
    Added:
    Feb 23, 2026
    Days on Market:
    82
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 2137 Lincoln Way E

    General Information

    Standard status
    Active
    Size
    275 SF
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Tim Shalala

    Listing agent Tim Shalala License #OH1384

    Listing office Gerspacher Real Estate Group

    Listing date Feb 23, 2026

    Source Crexi

    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 Gerspacher Real Estate Group

    HighLights

    • Multi‑Family Redevelopment Opportunity with 40 existing 1‑bedroom, 1‑bathroom units.
    • Potential to redevelop units into efficiency apartments by adding kitchenettes.
    • Each unit equipped with regularly serviced and maintained mini‑split systems.
    • Enjoy on‑site amenities including laundry facilities, a fitness center, and a heated indoor pool.
    • Parking capacity of approximately 70 vehicles.
    • Located along East Lincoln Way in Wooster, Ohio.

    Overview

    This multi-family redevelopment opportunity is located along East Lincoln Way in Wooster, Ohio. Formerly an expansion of Econo Lodge Wooster, the property includes 40 units, each containing 1 bedroom and 1 bathroom. The units are approximately 275 square feet and could be redeveloped into efficiency apartments by adding a small kitchenette within each unit. All 40 units contain their own mini-split systems which have been regularly serviced and maintained. On-site laundry facilities are available along with a fitness center and a heated indoor pool. The property has a parking capacity of approximately 70 vehicles.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Econo Lodge Hotel & Motel

    Suggested Use

    Restaurant Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center Hotel & Motel Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wooster
    County
    Wayne
    State
    Ohio
    Longitude
    -81.90645
    Latitude
    40.794957

    Nearby Similar for Sale

    • $2,000,000

      Wooster Multi-Use Commercial Property

      Premier investment opportunity in historic downtown Wooster with multiple revenue streams.
      144 W Liberty Street, Wooster, OH 44691
      View Details
    • $1,134,595
      9,026 SF

      Dollar General NNN Lease Property

      NNN leased Dollar General with zero landlord responsibilities.
      5310 Cleveland Rd, Wooster, OH
      View Details
    • $179,000

      Wooster Triplex Investment Opportunity

      Triplex near downtown Wooster with occupied units for sale.
      323 N Grant Street, Wooster, OH 44691
      View Details
    • $2,495,000

      Renovated Industrial Building with Rail

      46,890 SF industrial building ideal for distribution, warehousing, or manufacturing.
      1550 Spruce St, Wooster, OH
      View Details
    • $180,000
      1,136 SF

      Office Space For Sale

      Office space available for sale, approximately 1,136 square feet.
      3880 Cleveland Rd, Wooster, OH
      View Details
    • $325,000
      2,834 SF

      Downtown Wooster Car Wash

      Five-bay car wash on a corner lot in downtown Wooster.
      611 W Liberty St, Wooster, OH 44691
      View Details
    • $225,000
      1,252 SF

      Downtown Wooster Corner Lot Retail

      Former Bellstores retail property on corner lot in downtown Wooster.
      516 W Liberty St, Wooster, OH
      View Details
    • $225,000
      1,252 SF

      Downtown Corner Lot Opportunity

      Former Bellstores property in downtown Wooster, zoned C-2 Commercial.
      516 W Liberty St, Wooster, OH 44691
      View Details

    FAQs

    What type of property is this?
    Apartment building - 40-unit redevelopment opportunity with amenities in Wooster, Ohio.
    Where is this apartment building located?
    The property is located at 2137 Lincoln Way E Wooster, OH.
    What is the asking price?
    The asking price for this property is $1,095,000.
    What are key features of this property?
    This property features: Multi‑Family Redevelopment Opportunity with 40 existing 1‑bedroom, 1‑bathroom units.; Potential to redevelop units into efficiency apartments by adding kitchenettes.; Each unit equipped with regularly serviced and maintained mini‑split systems.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Tim Shalala
    Real Estate License ID: OH1384
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2137 Lincoln Way E, Wooster, OH 44691
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!