Building Details

Year Built 2001

Buildings 1

Building Size 10,700 SF

Listing Agency: Northwest Real Estate Services

Listed By: Curt Sigg Show Phone

Source: Nwohiohomes

Added: Jan 16 Changed: Oct 30 Last Checked: Oct 30 at 2:06AM

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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 Northwest Real Estate Services

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Investment Insights

Based on property information with market context.

Built in 2001, this 10,700-square-foot office property contains 45 private offices, several conference rooms, breakrooms and kitchenettes, and multiple restrooms. Fencing and controlled gate entry secure the site, with on-site parking available.

The property is in Alvada, with access from US 224 East and US 23 South. Potential uses identified for the building include a call center, processing center, school, daycare, medical facility, or nursing home.

Key Highlights

• 10,700 SF office building constructed in 2001
• 45 offices, multiple conference rooms, breakrooms and kitchenettes, and ample restrooms
• Fenced property with gated entrances and on‑site parking

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$116,138

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,322,760 $2.3M

Cap Rate 7%

$1,659,114 $1.7M

Cap Rate 9%

$1,290,422 $1.3M

What to ask about pricing

Market Conditions

NOI Build-Up for 10,700 SF

Gross rent

$192.6K $18.00/SF

− Vacancy

−$37.7K −$3.53/SF

EGI

$154.9K $14.47/SF

− OpEx

−$38.7K −$3.62/SF

NOI

$116.1K $10.85/SF

Area

Seneca County, OH

Vacancy

19.60%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,322,760

Cap Rate 7%

$1,659,114

Cap Rate 9%

$1,290,422

Alternative Uses

Best Use

Office B

$1.66M

$1.45M – $1.94M (±1% cap)

NOI $116,138 @ 7.0% cap · market cap 1,451,725.00%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.27M

$1.99M – $2.65M (±1% cap)

NOI $158,826 @ 7.0% cap · market cap 1,985,325.00%

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

Office buildings

Suggested Use

Top Pick Parking Lot & Garage Electrical Service Auto Repair Shop Storage Facility Grocery & Convenience Store Department Store

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

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Explore this area Business Placement

Demographics for 44802, OH

948

Population

358

Households

2.6

Avg Household Size

43

Median Age

11%

College-Educated

88%

High-School Grad

27.7 sq mi

ZIP Area

34

Density / Sq Mi

$61,667

Median Household Income

$44,875

Median Earnings

$740

Median Rent

$145,300

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

Frequently Asked Questions

What type of property is this?

Office building - A multi-office layout with conference rooms and kitchenettes accommodates a range of institutional and service uses.

Where is this office building located?

The property is located at 2959 Us 23 Alvada, OH.

What are key features of this property?

This property features: 10,700 SF office building constructed in 2001; 45 offices, multiple conference rooms, breakrooms and kitchenettes, and ample restrooms; Fenced property with gated entrances and on‑site parking