Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Commercial Land on Main Street Title is generated by Realmo AI

    355 North Main Street, Rittman, OH 44270

    View on Map
    Claim this Listing
    For Sale
    $98,000

    Two parcels totaling 1.644 acres with city utilities.

    Type:Land / Commercial
    Lot size:
    1.64 Acres
    Added:
    Jun 19, 2024
    Days on Market:
    712
    Last Refresh:
    May 19 at 11:24 pm

    Property Features for 355 North Main Street

    General Information

    Standard status
    Active
    Lot size
    1.64 Acres
    Property subtype
    Land / Commercial

    We can help!

    Listing Contact
    Frances F Leatherman

    Listing agent Frances F Leatherman License #278629

    Listing office The Milton Corporation

    Listing date Jun 19, 2024

    Source Compass

    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 The Milton Corporation

    HighLights

    • Total of 1.644 acres in an L‑shaped configuration.
    • Prime location near banks, credit union, Dollar General, Goodwill, and shopping center.
    • Two parcels with different zoning: C‑2 Commercial (0.6110 acre with 130 ft frontage on N. Main Street) and R‑3 Multi‑Family (1.0330 acres with 61.1 ft frontage on a City of Rittman access stub‑in street).
    • City utilities available at the site.
    • Parcel #63‑02696.000 has frontage on N. Main Street.
    • Parcel #63‑02326.007 abuts the rear of the other parcel.

    Overview

    This sale includes two parcels, forming an L-shaped property totaling 1.644 acres. City utilities are available on site. One parcel, identified as parcel #63-02696.000, comprises 0.6110 acres and features 130 feet of frontage on N. Main Street. This parcel is zoned C-2 Commercial and has taxes of $661.08. The second parcel, #63-02326.007, consists of 1.0330 acres and abuts the rear of the first parcel. It also has 61.1 feet of frontage on a City of Rittman access stub-in street and is zoned R-3 Multi Family with taxes of $268.72. The property is located half a block from banks, a credit union, Dollar General, Goodwill, and a shopping center, offering numerous possibilities for future usage.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Rittman
    County
    Wayne
    State
    Ohio
    Longitude
    -81.7811709
    Latitude
    40.9824683

    Nearby Similar for Sale

    • $1.00
      33,840 SF

      Turnkey Storage Facility Auction

      122-unit storage facility in Rittman, OH. Auction: June 11th.
      563 E Ohio Ave, Rittman, OH 44270
      View Details
    • $1.00
      24,200 SF

      Rittman Storage and Commercial Property

      Mixed-use property with storage units, commercial space, and expansion potential.
      36 Willow St, Rittman, OH 44270
      View Details
    • $165,000
      1,584 SF

      MULTI_FAMILY - Rittman, OH

      166-168 N State Street, Rittman, OH 44270
      View Details
    • $165,000
      1,584 SF

      MULTI_FAMILY - Rittman, OH

      160-162 N State Street, Rittman, OH 44270
      View Details
    • $1,800,000
      80 SF

      Rittman Industrial Land For Sale

      80 acres of remediated industrial land in Rittman, Ohio.
      100 South Industrial Avenue, Rittman, OH 44270
      View Details
    • Contact for pricing
      5,000 SF

      Downtown Rittman Medical Office Building

      Well-maintained medical office building in downtown Rittman for sale.
      223 N Main St, Rittman, OH 44270
      View Details

    FAQs

    What type of property is this?
    Commercial land - Two parcels totaling 1.644 acres with city utilities.
    Where is this commercial land located?
    The property is located at 355 North Main Street Rittman, OH.
    What is the asking price?
    The asking price for this property is $98,000.
    What are key features of this property?
    This property features: Total of 1.644 acres in an L‑shaped configuration.; Prime location near banks, credit union, Dollar General, Goodwill, and shopping center.; Two parcels with different zoning: **C‑2 Commercial (0.6110 acre with 130 ft frontage on N. Main Street) and R‑3 Multi‑Family (1.0330 acres with 61.1 ft frontage on a City of Rittman access stub‑in street).**
    (330) 819-8432
    We can help!
    Listing Contact
    Frances F Leatherman
    Real Estate License ID: 278629
    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
    355 North Main Street, Rittman, OH 44270
    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!