Building Details

Year built 1999

Roof type Metal

Listing Agency: RE/MAX Showcase Ashland · RE/MAX International r***@gmail.com Show Phone

Listed By: Diane Harper · License #429810 Show Phone

Added: Sep 18 Last Checked: Sep 23 at 5:06PM

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MLS# 20100864

Copyright © 2026 Mansfield Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This 1999 log cabin property contains four distinct units within 4,094 square feet of heated finished area. Each unit has its own utilities, supporting varied commercial and residential configurations. The former general store includes a drive-up window, prep sink area, and bathroom. Another unit was previously used as a hair salon and has two tanning or massage rooms, laundry, and a bath. The remaining spaces include an office/apartment and a restaurant with additional patio seating.

The property is part of the Cinnamon Lake gated community in West Salem, Ohio, and includes an ample parking area. A second building could be accommodated on the site, and apartment plans are available to a future owner. Building systems include natural-gas forced-air heat, public sewer service, and a metal roof.

Key Highlights

• Four‑unit log cabin property with 4,094 sq ft of heated finished area
• Individual utilities serve each of the four units
• Unit 1 includes a drive‑up window, prep sink area, and bathroom

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

$41,182

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

8.25%

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%

$823,640 $823.6K

Cap Rate 7%

$588,314 $588.3K

Cap Rate 9%

$457,578 $457.6K

Market Conditions

NOI Build-Up for 4,094 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

$61.4K $15.00/SF

− Vacancy

−$2.6K −$0.63/SF

EGI

$58.8K $14.37/SF

− OpEx

−$17.6K −$4.31/SF

NOI

$41.2K $10.06/SF

Area

Wayne County, OH

Vacancy

4.20%

Lease Rate

$15.00 /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%

$823,640

Cap Rate 7%

$588,314

Cap Rate 9%

$457,578

Alternative Uses

Best Use

Retail

$588.3K

$514.8K – $686.4K (±1% cap)

NOI $41,182 @ 7.0% cap · market cap 8.25%

Second Best

Specialty Retail

$248.7K

$217.6K – $290.1K (±1% cap)

NOI $17,408 @ 7.0% cap · market cap 3.49%

Theoretical Best

Multifamily LT 5

$2.99M

$2.62M – $3.49M (±1% cap)

NOI $209,455 @ 7.0% cap · market cap 41.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Lease Details

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

15

Businesses Nearby

Explore this area Business Placement

Demographics for 44287, OH

7,561

Population

3,250

Households

2.3

Avg Household Size

39

Median Age

22%

College-Educated

90%

High-School Grad

66.7 sq mi

ZIP Area

113

Density / Sq Mi

$71,146

Median Household Income

$37,526

Median Earnings

$788

Median Rent

$171,300

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Four separate commercial and residential units offer varied layouts, individual utilities, and on-site parking within a gated community.

Where is this mixed-use property located?

The property is located at 360 Co. Rd. 620 West Salem, OH.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: Four‑unit log cabin property with 4,094 sq ft of heated finished area; Individual utilities serve each of the four units; Unit 1 includes a drive‑up window, prep sink area, and bathroom