Brick Office Building Near
For Sale
Contact for pricing
293 N Ellsworth Ave, Salem, OH 44460
Two-unit office building with parking, suitable for medical use.
Property Size1,260 SF
Price / SF$107.14
Days on Market97
Property Features for 293 N Ellsworth Ave
General Information
Standard status
Active
Size
1,260 SF
Property subtype
OFFICE
Listing Agency:
KW Chervenic Realty | Stow
(330) 323-6896
Listed By:
Arden Lingenhoel · License #2015001307
Source:
Moodyscre
Added: May 4
Changed: Aug 8
Last Checked: May 8 at 3:38AM
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
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 = 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
$8,505
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
6.30%
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%
$170,100
$170.1K
Cap Rate 7%
$121,500
$121.5K
Cap Rate 9%
$94,500
$94.5K
Market Conditions
NOI Build-Up for 1,260 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
$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 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%
$170,100
Cap Rate 7%
$121,500
Cap Rate 9%
$94,500
Alternative Uses
Best Use
Healthcare Medical
$183.3K
$160.4K – $213.8K
NOI $12,829 @ 7.0% cap · market cap 9.50%
Second Best
Office B
$121.5K
$106.3K – $141.8K
NOI $8,505 @ 7.0% cap · market cap 6.30%
Theoretical Best
Warehouse
$1.06M
$931.3K – $1.24M
NOI $74,503 @ 7.0% cap · market cap 55.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Under-served
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
Questions? Ask Rey
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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
