Prime Commercial Corner Lot
For Sale
Contact for pricing
374 Niles Cortland Rd. SE, Warren, OH 44484
Highly visible commercial lot near Howland Corners with flexible zoning.
Property Size1,584 SF
Lot Size0.81 Acres
Price / SF$154.61
Days on Market532
Property Features for 374 Niles Cortland Rd. SE
General Information
Standard status
Active
Size
1,584 SF
Lot size
0.81 Acres
Property subtype
Special Purpose
Zoning
CRD-1
Building Details
Year Built
1946
Listing Agency:
Coldwell Banker EvenBay Real Estate
(330) 469-2347
Listed By:
Joann Petkovich · License #OH
Source:
Crexi
Added: Feb 26, 2025
Changed: Aug 8
Last Checked: Jul 19 at 5:21AM
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 Coldwell Banker EvenBay Real Estate
Investment Insights
Based on property information with market context.
This 0.81-acre corner lot is situated less than a block from Howland Corners, directly on Route 46, offering visibility and accessibility. The property includes a 1,584 sq. ft. Brick Cape Cod and a 704 sq. ft. sided Ranch, both zoned for commercial use. With 150 feet of frontage, the property is zoned CRD-01, offering flexibility for various business ventures. Potential uses include professional offices, boutique retail, dental or medical practices, banking institutions, places of worship, nursing homes, art galleries, membership clubs, educational facilities, and government buildings. One property could be used as a rental while the other is converted for business use. This location presents an opportunity to transform the site into a successful enterprise.
Key Highlights
- Prime commercial location less than a block from Howland Corners and directly on Route 46.
- .81‑acre corner lot with exceptional visibility and accessibility.
- Two residential homes (1,584 sq. ft. Brick Cape Cod and 704 sq. ft. sided Ranch) both zoned for commercial use.
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
$15,296
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
6.25%
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%
$305,920
$305.9K
Cap Rate 7%
$218,514
$218.5K
Cap Rate 9%
$169,956
$170.0K
Market Conditions
NOI Build-Up for 1,584 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
$22.8K $14.40/SF
− Vacancy
−$958 −$0.60/SF
EGI
$21.9K $13.80/SF
− OpEx
−$6.6K −$4.14/SF
NOI
$15.3K $9.66/SF
Area
Trumbull County, OH
Vacancy
4.20%
Lease Rate
$14.40 /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%
$305,920
Cap Rate 7%
$218,514
Cap Rate 9%
$169,956
Alternative Uses
Best Use
Retail
$218.5K
$191.2K – $254.9K
NOI $15,296 @ 7.0% cap · market cap 6.25%
Second Best
Office B
$218.0K
$190.8K – $254.4K
NOI $15,263 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$300.7K
$263.1K – $350.8K
NOI $21,046 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
Explore this area
Business Placement
Demographics for 44484, OH
22,290
Population
9,929
Households
2.2
Avg Household Size
46
Median Age
26%
College-Educated
93%
High-School Grad
17.9 sq mi
ZIP Area
1,245
Density / Sq Mi
$65,435
Median Household Income
$42,490
Median Earnings
$840
Median Rent
$166,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Highly visible commercial lot near Howland Corners with flexible zoning.
Where is this commercial land located?
The property is located at 374 Niles Cortland Rd. SE Warren, OH.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: Prime commercial location less than a block from Howland Corners and directly on Route 46.; .81‑acre corner lot with exceptional visibility and accessibility.; Two residential homes (1,584 sq. ft. Brick Cape Cod and 704 sq. ft. sided Ranch) both zoned for commercial use.
