Operating Auto Service
For Sale
$225,000
2515 W Prospect Rd, Ashtabula, OH 44004
Existing month-to-month tenancy provides continuity for the operating service station and garage.
Property Size2,044 SF
Price / SF$110.08
Days on Market12
Property Features for 2515 W Prospect Rd
General Information
Standard status
Active
Size
2,044 SF
Additional Details
Road Access
Yes
Building Details
Year Built
1948
Tenancy
Single
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty
(440) 862-0906
Listed By:
Rick L Furmage · License #408337
Source:
Theacclaimedrealty
Added: Aug 19
Changed: Aug 30
Last Checked: Aug 30 at 9:20AM
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 Berkshire Hathaway HomeServices Professional Realty
Investment Insights
Based on property information with market context.
The property is an operating service station and garage built in 1948. It is currently occupied by a long-term tenant under a month-to-month arrangement, providing an established operating history at the site.
Located at 2515 W Prospect Rd in Ashtabula, Ohio, the property sits along US Route 20 at a signalized intersection in Saybrook Township. Giant Eagle, Get Go, and Rural King are positioned across the street. Additional land may be available through a combination with 2539 West Prospect.
Located at 2515 W Prospect Rd in Ashtabula, Ohio, the property sits along US Route 20 at a signalized intersection in Saybrook Township. Giant Eagle, Get Go, and Rural King are positioned across the street. Additional land may be available through a combination with 2539 West Prospect.
Key Highlights
- Operating service station and garage
- Long‑term tenant on a month‑to‑month lease
- Signalized intersection along US Route 20
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
$7,067
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
3.14%
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%
$141,340
$141.3K
Cap Rate 7%
$100,957
$101.0K
Cap Rate 9%
$78,522
$78.5K
Market Conditions
NOI Build-Up for 2,044 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
$10.3K $5.04/SF
− Vacancy
−$206 −$0.10/SF
EGI
$10.1K $4.94/SF
− OpEx
−$3.0K −$1.48/SF
NOI
$7.1K $3.46/SF
Area
Ashtabula County, OH
Vacancy
2.00%
Lease Rate
$5.04 /SF/Yr
Expense Ratio
30.00%
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%
$141,340
Cap Rate 7%
$100,957
Cap Rate 9%
$78,522
Alternative Uses
Best Use
Retail
$358.4K
$313.6K – $418.1K
NOI $25,085 @ 7.0% cap · market cap 11.15%
Second Best
Industrial
$101.0K
$88.3K – $117.8K
NOI $7,067 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$380.9K
$333.3K – $444.4K
NOI $26,663 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
54k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 56%
Superstores 19%
Shops & Services 18%
Dining 5%
Giant Eagle Supermarket
Groceries
30,232 visits/mo
0.1 miles
Big Lots
Superstores
10,164 visits/mo
0.2 miles
GetGo Gas Station
Shops & Services
9,224 visits/mo
0.1 miles
Pizza Hut
Dining
2,849 visits/mo
0.5 miles
Napa Auto Parts
Shops & Services
572 visits/mo
0.5 miles
Demographics for 44004, OH
31,661
Population
15,262
Households
2.1
Avg Household Size
44
Median Age
15%
College-Educated
87%
High-School Grad
74.1 sq mi
ZIP Area
427
Density / Sq Mi
$49,507
Median Household Income
$31,471
Median Earnings
$813
Median Rent
$120,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Route 20 Auto Repair — 3110 N Ridge Rd W, Ashtabula, OH 44004
- Affordable Auto Parts & Salvage Inc — 2021 Maryland Ave, Ashtabula, OH 44004
- Quiet Fit Muffler-Brake — 2822 W Prospect Rd, Ashtabula, OH 44004
- Davis Towing LLC — 1927 Maryland Ave, Ashtabula, OH 44004
- Davis Towing — 1927 Maryland Ave, Ashtabula, OH 44004
Frequently Asked Questions
What type of property is this?
Auto shop - Existing month-to-month tenancy provides continuity for the operating service station and garage.
Where is this auto shop located?
The property is located at 2515 W Prospect Rd Ashtabula, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Operating service station and garage; Long‑term tenant on a month‑to‑month lease; Signalized intersection along US Route 20
