293 N Ellsworth Ave, Salem, OH 44460

Listing Agency: KW Chervenic Realty | Stow Show Phone

Listed By: Arden Lingenhoel · License #2015001307 Show Phone

Source: Moodyscre

Added: May 4 Changed: Aug 8 Last Checked: May 8 at 3:38AM

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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 KW Chervenic Realty | Stow

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This brick office building, potentially divisible into two units, is located close to downtown Salem. It features a large paved parking lot accessible from both E. 3rd St. and N. Ellsworth Ave. The building is equipped with gas heat and air conditioning, with separate utilities for each unit. A firewall separates the two units. The property includes a handicap ramp and two lavatories. Previously used for medical purposes, this property consists of two parcels. An additional parcel, measuring 92 x 60 on E. 3rd St., is also available for separate purchase (parcel #51-04929.000). The building has a total size of 1260 square feet.

Key Highlights

• Large paved parking lot with E. 3rd St. & N. Ellsworth access
• Close to downtown Salem
• Possible 2 unit brick office building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$8,505

Cap Rate

6.30%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$170,100 $170.1K

Cap Rate 7%

$121,500 $121.5K

Cap Rate 9%

$94,500 $94.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,260 SF

Gross rent

$15.1K $12.00/SF

− Vacancy

−$3.8K −$3.00/SF

EGI

$11.3K $9.00/SF

− OpEx

−$2.8K −$2.25/SF

NOI

$8.5K $6.75/SF

Area

Columbiana County, OH

Vacancy

25.00%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$170,100

Cap Rate 7%

$121,500

Cap Rate 9%

$94,500

Alternative Uses

Best Use

Healthcare Medical

$183.3K

$160.4K – $213.8K (±1% cap)

NOI $12,829 @ 7.0% cap · market cap 9.50%

Second Best

Office B

$121.5K

$106.3K – $141.8K (±1% cap)

NOI $8,505 @ 7.0% cap · market cap 6.30%

Theoretical Best

Warehouse

$1.06M

$931.3K – $1.24M (±1% cap)

NOI $74,503 @ 7.0% cap · market cap 55.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Electrical Service Parking Lot & Garage Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

648

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

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 Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Two-unit office building with parking, suitable for medical use.

Where is this medical office space located?

The property is located at 293 N Ellsworth Ave Salem, OH.

What is the asking price?

The asking price for this property is $135,000.

What are key features of this property?

This property features: Large paved parking lot with E. 3rd St. & N. Ellsworth access; Close to downtown Salem; Possible 2 unit brick office building