Turn-Key Auto Service
For Sale
$424,900
4824 South Prospect Street, Ravenna, OH 44266
Well-maintained service garage with multiple bays, office space, and included shop equipment for immediate operation.
Property Size4,152 SF
Price / SF$102.34
Days on Market1317
Property Features for 4824 South Prospect Street
General Information
Standard status
Active
Size
4,152 SF
Property subtype
Auto Repair
Zoning
C-2 General Commercial
Building Details
Building Size
4,152 SF
Listing Agency:
Hoff & Leigh Fairlawn
(330) 940-9360
Listed By:
TJ Hollin · License #SAL.2014000295
(330) 618-8045
Source:
Hoffleigh
Added: Feb 6, 2023
Changed: Sep 13
Last Checked: Sep 15 at 4:07AM
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 Hoff & Leigh Fairlawn
Investment Insights
Based on property information with market context.
This turn-key auto service garage was built in 2002 and is set up for a complete on-site operation. The building includes five service bays plus office space, a kitchenette, a reception area, and an office loft above. Three lifts, oil vats, an air compressor, and existing furniture are included. The facility also has oil lines in the high bay and air lines throughout, along with floor drains. Utilities and mechanical systems include three-phase power (208V), waste-oil heat for the garage bays, and forced-air for the office area.
The property is located on a corner lot with frontage on S. Prospect (S.R. 44), providing visibility and convenient access for customers and deliveries. Public utilities are available, with gas available at the street. The site is positioned for potential expansion, and a variance has been granted per township and transfers with the property.
For buyers seeking an automotive-focused facility, the configuration supports uses such as oil changing, tire service, detailing, and retail showroom operations. The included lifts and in-bay equipment reduce setup time, while the combination of reception and office space provides a practical flow for daily customer traffic and service management.
The property is located on a corner lot with frontage on S. Prospect (S.R. 44), providing visibility and convenient access for customers and deliveries. Public utilities are available, with gas available at the street. The site is positioned for potential expansion, and a variance has been granted per township and transfers with the property.
For buyers seeking an automotive-focused facility, the configuration supports uses such as oil changing, tire service, detailing, and retail showroom operations. The included lifts and in-bay equipment reduce setup time, while the combination of reception and office space provides a practical flow for daily customer traffic and service management.
Key Highlights
- Auto service garage built in 2002 with 5 bays plus office, kitchenette, reception area, and loft above
- Includes 3 lifts, oil vats, air compressor, and furniture for shop operation
- Corner lot with frontage on S. Prospect (S.R. 44) and township‑approved variance that transfers with the property
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
$16,372
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
3.85%
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%
$327,440
$327.4K
Cap Rate 7%
$233,886
$233.9K
Cap Rate 9%
$181,911
$181.9K
Market Conditions
NOI Build-Up for 4,152 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
$24.4K $5.88/SF
− Vacancy
−$1.0K −$0.25/SF
EGI
$23.4K $5.63/SF
− OpEx
−$7.0K −$1.69/SF
NOI
$16.4K $3.94/SF
Area
Portage County, OH
Vacancy
4.20%
Lease Rate
$5.88 /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%
$327,440
Cap Rate 7%
$233,886
Cap Rate 9%
$181,911
Alternative Uses
Best Use
Retail
$233.9K
$204.7K – $272.9K
NOI $16,372 @ 7.0% cap · market cap 3.85%
Second Best
Industrial
$233.1K
$204.0K – $272.0K
NOI $16,320 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$836.3K
$731.8K – $975.7K
NOI $58,542 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 96%
Dining 4%
Dollar General
Shops & Services
5,260 visits/mo
0.3 miles
Mi Rancho
Dining
196 visits/mo
0.1 miles
Demographics for 44266, OH
32,606
Population
15,036
Households
2.2
Avg Household Size
43
Median Age
21%
College-Educated
92%
High-School Grad
91.9 sq mi
ZIP Area
355
Density / Sq Mi
$61,211
Median Household Income
$40,068
Median Earnings
$904
Median Rent
$159,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Auto shop - Well-maintained service garage with multiple bays, office space, and included shop equipment for immediate operation.
Where is this auto shop located?
The property is located at 4824 South Prospect Street Ravenna, OH.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: Auto service garage built in 2002 with 5 bays plus office, kitchenette, reception area, and loft above; Includes 3 lifts, oil vats, air compressor, and furniture for shop operation; Corner lot with frontage on S. Prospect (S.R. 44) and township‑approved variance that transfers with the property
