Commercial Land with Approved
For Sale
$624,900
Pending
221 E Garfield Road, Aurora, OH 44202
C-1 zoning and an occupied office conversion accompany plans for a multi-building commercial project.
Property Size3,158 SF
Days on Market163
Property Features for 221 E Garfield Road
General Information
Standard status
Pending
Size
3,158 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$5,987
Building Details
Building Size
3,158 SF
Year Built
1901
Listing Agency:
Keller Williams Greater Metropolitan
Listed By:
Colleen Miklus · License #2004017346
(440) 479-8766
Source:
Lifestagesrealty
Added: May 20
Changed: Oct 26
Last Checked: Oct 26 at 2:40PM
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 Keller Williams Greater Metropolitan
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Investment Insights
Based on property information with market context.
This 2.68-acre commercial site in Aurora includes a 3-bedroom, 1.5-bath structure adapted for office use. The existing space is tenant occupied on a month-to-month basis. Plans have been approved for four additional buildings, providing a defined development concept alongside the current use.
The property is zoned C-1 Shopping District. Its location is 221 E Garfield Road in Aurora, Ohio.
The property is zoned C-1 Shopping District. Its location is 221 E Garfield Road in Aurora, Ohio.
Key Highlights
- 2.68‑acre commercial land parcel
- C‑1 Shopping District zoning
- Approved plans cover four additional buildings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,716
Cap Rate
6.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$774,320
$774.3K
Cap Rate 7%
$553,086
$553.1K
Cap Rate 9%
$430,178
$430.2K
Market Conditions
NOI Build-Up for 3,158 SF
Gross rent
$67.8K $21.48/SF
− Vacancy
−$16.2K −$5.13/SF
EGI
$51.6K $16.35/SF
− OpEx
−$12.9K −$4.09/SF
NOI
$38.7K $12.26/SF
Area
Portage County, OH
Vacancy
23.90%
Lease Rate
$21.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$774,320
Cap Rate 7%
$553,086
Cap Rate 9%
$430,178
Alternative Uses
Best Use
Office B
$553.1K
$484.0K – $645.3K
NOI $38,716 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$636.1K
$556.6K – $742.1K
NOI $44,527 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 44202, OH
22,167
Population
9,612
Households
2.3
Avg Household Size
46
Median Age
56%
College-Educated
97%
High-School Grad
30.3 sq mi
ZIP Area
732
Density / Sq Mi
$116,556
Median Household Income
$67,796
Median Earnings
$1,701
Median Rent
$356,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Commercial land - C-1 zoning and an occupied office conversion accompany plans for a multi-building commercial project.
Where is this commercial land located?
The property is located at 221 E Garfield Road Aurora, OH.
What is the asking price?
The asking price for this property is $624,900.
What are key features of this property?
This property features: 2.68‑acre commercial land parcel; C‑1 Shopping District zoning; Approved plans cover four additional buildings
