Former Rite Aid For
For Sale
Contact for pricing
2229 E State, Salem, OH 44460
Former Rite Aid property in a vibrant healthcare corridor.
Property Size14,737 SF
Price / SF$142.50
Days on Market175
Property Features for 2229 E State
General Information
Standard status
Active
Size
14,737 SF
Total Parking Spaces
91
Property subtype
Retail
Lease Type
Net
Investment Type
Net Lease
Building Details
Year Built
2007
Buildings
1
Tenancy
Single
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0288
Listed By:
Deno Bistolarides · License #BRKP.2020008390
Source:
Crexi
Added: Feb 18
Changed: Aug 9
Last Checked: Aug 11 at 6:32PM
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 Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
Located at 2229 E State St, Salem, OH 44460, the former Rite Aid property is available for sale. Situated in a vibrant healthcare corridor and shadow-anchored by a hospital, the site benefits from a high daytime population. The property offers potential for investors and entrepreneurs, and its layout and design are suitable for a range of uses, from retail to healthcare services. This property presents an opportunity to establish a business in a coveted area with visibility and accessibility. The building has a size of 14737 square feet.
Key Highlights
- Prime location in a vibrant healthcare corridor.
- Shadow‑anchored by a hospital, ensuring consistent traffic.
- High daytime population, ideal for various businesses.
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
$191,986
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
9.14%
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%
$3,839,720
$3.8M
Cap Rate 7%
$2,742,657
$2.7M
Cap Rate 9%
$2,133,178
$2.1M
Market Conditions
NOI Build-Up for 14,737 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
$265.3K $18.00/SF
− Vacancy
−$9.3K −$0.63/SF
EGI
$256.0K $17.37/SF
− OpEx
−$64.0K −$4.34/SF
NOI
$192.0K $13.03/SF
Area
Columbiana County, OH
Vacancy
3.50%
Lease Rate
$18.00 /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%
$3,839,720
Cap Rate 7%
$2,742,657
Cap Rate 9%
$2,133,178
Alternative Uses
Best Use
Specialty Retail
$2.74M
$2.40M – $3.20M
NOI $191,986 @ 7.0% cap · market cap 9.14%
Second Best
Retail
$1.71M
$1.50M – $2.00M
NOI $119,829 @ 7.0% cap · market cap 5.71%
Theoretical Best
Warehouse
$12.45M
$10.89M – $14.52M
NOI $871,390 @ 7.0% cap · market cap 41.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
482
Businesses Nearby
231k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Groceries 26%
Shops & Services 16%
Home Improvements & Furnishings 6%
Giant Eagle Supermarket
Groceries
33,968 visits/mo
0.2 miles
McDonald's
Dining
22,463 visits/mo
0.2 miles
Dollar Tree
Shops & Services
15,288 visits/mo
0.5 miles
Aldi
Groceries
14,772 visits/mo
0.3 miles
GetGo Gas Station
Shops & Services
14,209 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Rite Aid Pharmacy — 2229 E State St, Salem, OH 44460
- Walgreens Pharmacy — 2124 E State St, Salem, OH 44460
- Fred's Family Pharmacy — 1136 E State St, Salem, OH 44460
- Joseph Salmen — 2229 E State St, Salem, OH 44460
- Corey Less — 2124 E State St, Salem, OH 444602455
Frequently Asked Questions
What type of property is this?
Drug store - Former Rite Aid property in a vibrant healthcare corridor.
Where is this drug store located?
The property is located at 2229 E State Salem, OH.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Prime location in a vibrant healthcare corridor.; Shadow‑anchored by a hospital, ensuring consistent traffic.; High daytime population, ideal for various businesses.
