Four-Unit Log Cabin
360 County Road 620, West Salem, OH 44287
For Sale
$499,000
Mixed-use commercial building with independent utilities, varied suite layouts, and an on-site parking area.
Property Size4,084 SF
Price / SF$122.18
Days on Market51
Property Features for 360 County Road 620
General Information
Standard status
Size
Taxes and HOA fees
Annual Taxes
Listing Agency:
RE/MAX Showcase Ashland
(330) 264-2644
Listed By:
Diane Harper · License #429810
(419) 651-3310
Source:
Exprealty
Added: Sep 18
Changed: Nov 6
Last Checked: Nov 6 at 12:57PM
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 RE/MAX Showcase Ashland
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Investment Insights
Based on property information with market context.
This four-unit commercial property occupies a log cabin-style building within the Cinnamon Lake gated community. The 4,084-square-foot property has separate utilities for each unit and accommodates a mix of retail, service, office, residential, and restaurant functions. One unit includes a drive-up window, prep sink area, and bathroom. Another has two tanning or massage rooms, laundry, and a bath. The remaining spaces include an office with apartment use and the current Cruisers restaurant, which has additional lean-to patio seating.
The commercial lot includes an ample parking area and is part of the Cinnamon Lake community in West Salem, Ohio. Plans for apartments are available, and the site is described as capable of supporting a second building. A buried farmhouse foundation and large fieldstone elements also remain on the property.
The commercial lot includes an ample parking area and is part of the Cinnamon Lake community in West Salem, Ohio. Plans for apartments are available, and the site is described as capable of supporting a second building. A buried farmhouse foundation and large fieldstone elements also remain on the property.
Key Highlights
- Four‑unit log cabin‑style commercial property
- 4,084 square feet of heated finished area
- Separate utilities serving each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,081
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$821,620
$821.6K
Cap Rate 7%
$586,871
$586.9K
Cap Rate 9%
$456,456
$456.5K
Market Conditions
NOI Build-Up for 4,084 SF
Gross rent
$61.3K $15.00/SF
− Vacancy
−$2.6K −$0.63/SF
EGI
$58.7K $14.37/SF
− OpEx
−$17.6K −$4.31/SF
NOI
$41.1K $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 Rate 5%
$821,620
Cap Rate 7%
$586,871
Cap Rate 9%
$456,456
Alternative Uses
Best Use
Retail
$586.9K
$513.5K – $684.7K
NOI $41,081 @ 7.0% cap · market cap 8.23%
Second Best
Specialty Retail
$248.1K
$217.1K – $289.4K
NOI $17,366 @ 7.0% cap · market cap 3.48%
Theoretical Best
Multifamily LT 5
$2.98M
$2.61M – $3.48M
NOI $208,944 @ 7.0% cap · market cap 41.87%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
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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
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use commercial building with independent utilities, varied suite layouts, and an on-site parking area.
Where is this mixed-use property located?
The property is located at 360 County Road 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‑style commercial property; 4,084 square feet of heated finished area; Separate utilities serving each unit
