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 Changed: Oct 31 Last Checked: Nov 1 at 3:06AM

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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.

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Investment Insights

Based on property information with market context.

This 1999 log cabin property contains four units within 4,094 square feet of heated finished area. The mix includes a former general store with a drive-up window, prep sink area, and bathroom; a former hair salon with two tanning or massage rooms, laundry, and a bathroom; an office-apartment; and a restaurant with an attached lean-to patio seating area. Each unit has independent utilities, and the building is heated by natural gas with forced-air equipment.

The property is part of the Cinnamon Lake gated community in West Salem, Ohio. Public sewer serves the site, and the roof is metal. The commercial lot has a parking area and room to support a second building; apartment plans are available to the future owner.

Key Highlights

• 4,094 square feet of heated finished area across four units
• Separate utilities for each unit
• Restaurant space includes an attached lean‑to patio seating area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$41,182

Cap Rate

8.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$823,640 $823.6K

Cap Rate 7%

$588,314 $588.3K

Cap Rate 9%

$457,578 $457.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,094 SF

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 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. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop Law Firm Cafe & Coffee Shop Restaurant Hotel & Motel

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

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

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Four independently serviced spaces include restaurant, office-apartment, salon, and former general store configurations.

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: 4,094 square feet of heated finished area across four units; Separate utilities for each unit; Restaurant space includes an attached lean‑to patio seating area