Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Downtown Salem Mixed-Use Investment Property Title is generated by Realmo AI

    241 E State St, Salem, OH 44460

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

    Mixed-use property with retail and apartment units in Salem.

    Type:Mixed Use, Multifamily, Retail
    Property size:
    7,347 SF
    Price / SF:
    $32/SF
    Added:
    Jul 5, 2024
    Days on Market:
    681
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 241 E State St

    General Information

    Standard status
    Active
    Size
    7,347 SF
    Property subtype
    Mixed Use, Multifamily, Retail

    Building Details

    Year Built
    1930

    We can help!

    Listing Contact
    Theresa Morse

    Listing agent Theresa Morse License #SAL.2022004714

    Listing office Platz Realty Group

    Listing date Jul 5, 2024

    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 Platz Realty Group

    HighLights

    • Prime downtown Salem location
    • Income‑generating investment property with multiple rental units (retail and apartments)
    • Four stories including a full basement
    • Leased retail space on the first floor
    • Three rented apartment units on upper floors
    • Front parking plus public parking across the street

    Overview

    The former Salem Trading Post is a mixed-use investment property located in downtown Salem. The building includes a full basement and three stories above ground. Front parking is available, with public parking located across the street. The first floor is currently leased as retail space. The second floor contains two rented apartment units. The third floor features a rented studio apartment. The property offers many possibilities for potential investors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Columbiana
    State
    Ohio
    Longitude
    -80.855777
    Latitude
    40.9008374

    Nearby Similar for Sale

    • $135,000

      Brick Office Building Near Downtown

      Two-unit office building with parking and separate utilities.
      293 N Ellsworth Avenue, Salem, OH 44460
      View Details
    • $117,900
      1,468 SF

      Charming Duplex in Salem, Ohio

      Up-and-down duplex with conversion potential and separate utilities.
      559 E Perry Street, Salem, OH 44460
      View Details
    • $168,520

      Salem Duplex: Income Potential

      Brick duplex in move-in condition with strong rental appeal.
      629 E 6th Street, Salem, OH 44460
      View Details
    • $2,100,000
      14,737 SF

      Former Rite Aid For Sale

      Former Rite Aid property in a vibrant healthcare corridor.
      2229 E State, Salem, OH 44460
      View Details
    • $185,000
      1,344 SF

      Downtown Salem Commercial Corner Property

      Commercial property in downtown Salem, Ohio, formerly a gas station.
      178 N Ellsworth Avenue, Salem, OH 44460
      View Details
    • $649,000
      13,185 SF

      Retail/Flex Building in Salem, OH

      Retail and flex building with warehouse space for sale.
      1965 N Ellsworth Ave, Salem, OH
      View Details
    • $150,000

      Versatile Commercial Space in Salem

      Well-built commercial building with multiple potential uses in Salem, OH.
      293 N Ellsworth Avenue, Salem, OH 44460
      View Details
    • $575,000
      13,000 SF

      Salem Industrial Site For Sale

      25+ acre industrial site with warehouse and house.
      12550 Youngstown Salem Rd, Salem, OH
      View Details
    • $1,135,000
      5,500 SF

      Versatile Estate with Remodeled Bank Barn

      20-acre estate featuring a farmhouse and remodeled bank barn.
      5984 W South Range Rd, Salem, OH 44460
      View Details
    • $2,345,000
      30,200 SF

      Former Dealership on 5 Acres

      30,200 SF showroom and service garages on 5+ acres.
      152 Continental Dr, Salem, OH
      View Details
    • $365,000
      3,000 SF

      Salem Industrial Park Flex Space

      Flex space with office and garage in Salem Industrial Park.
      1455 Quaker Cir, Salem, OH
      View Details
    • $1,250,000

      Retail Property for Sale

      Retail property available for purchase in Salem, Ohio.
      2340 East State Street, Salem, OH
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with retail and apartment units in Salem.
    Where is this mixed-use property located?
    The property is located at 241 E State St Salem, OH.
    What is the asking price?
    The asking price for this property is $236,000.
    What are key features of this property?
    This property features: Prime downtown Salem location; Income‑generating investment property with multiple rental units (retail and apartments); Four stories including a full basement
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theresa Morse
    Real Estate License ID: SAL.2022004714
    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
    241 E State St, Salem, OH 44460
    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!