Four-Unit Log Cabin
New
For Sale
$499,000
360 County Road 620, West Salem, OH 44287
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 Market6
Property Features for 360 County Road 620
General Information
Standard status
Active
Size
4,084 SF
Taxes and HOA fees
Annual Taxes
$7,240
Listing Agency:
RE/MAX Showcase Ashland
(330) 264-2644
Listed By:
Diane Harper · License #429810
(419) 651-3310
Source:
Exprealty
Added: Sep 18
Changed: Sep 23
Last Checked: Sep 22 at 1:59PM
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
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 = 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
$41,081
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
8.23%
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%
$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
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
$61.3K $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 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%
$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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
