Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5573 North Ridge Road Madison, OH 44057

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $399,000

    17.9 acres on North Ridge Road in Madison, Ohio.

    Type:SCR-COM
    Property size:
    3,224 SF
    Lot size:
    17.90 Acres
    Added:
    Nov 5, 2024
    Days on Market:
    522
    Last Refresh:
    Apr 3 at 5:02 am

    Property Features for 5573 North Ridge Road

    General Information

    Standard status
    Active
    Size
    3,224 SF
    Lot size
    17.90 Acres
    Property subtype
    SCR-COM

    We can help!

    Listing Contact
    Rick Osborne Jr.
    Rick Osborne Jr.

    Listing agent Rick Osborne Jr. License #2010001710

    Listing office The Osborne Group - KW Commercial

    Listing date Nov 5, 2024

    Source Realnex

    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 The Osborne Group - KW Commercial

    Overview

    Madison Land on North Ridge

    This development site features 17.9 acres of land situated on the north side of North Ridge Road (Rt. 20) in Madison, Ohio. The site previously operated as a used car business. The sale includes two parcels with 400 feet of frontage on North Ridge Road. The larger parcel extends approximately 2,000 feet in depth. Zoning is mixed, with B-2 (Regional Business) extending approximately 500 feet deep and A-1 (Agricultural) to the north. The commercial zoned section allows for multiple uses, including restaurants, fast food, office space, and retail. A large pond is located on the northern part of the site. Municipal water (Aqua Ohio), electric (Illuminating Company), gas (Enbridge Gas), and Spectrum are available to the site. A septic system is currently on site. The property includes a 3,224 square foot building constructed in 1965 and zoned B2. It is ideally located in a thriving commercial hub and presents an ideal canvas for diverse retail or commercial endeavors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Lake
    State
    Ohio
    Longitude
    -81.08915
    Latitude
    41.796135

    Nearby Similar for Sale

    • $412,500

      37.5 Acres Wooded Land

      Wooded land with ponds, suitable for recreation or building.
      County Line Road, Madison, OH 44057
      View Details
    • $3,000,000

      Modern Car Wash on Green Road

      State-of-the-art car wash built in 2022, high revenue.
      2606 Green Road, Madison, OH 44057
      View Details
    • $25,000

      Residential Land in Madison, OH

      Three wooded lots totaling 0.47 acres for residential build.
      Magnolia Drive unit: 5, Madison, OH 44057
      View Details
    • $25,000

      Residential Land in Madison, OH

      Three wooded lots totaling 0.47 acres for residential build.
      Magnolia Drive unit: 4, Madison, OH 44057
      View Details
    • $25,000

      Residential Land in Madison, OH

      Three wooded lots totaling 0.47 acres for residential build.
      Magnolia Drive unit: 6, Madison, OH 44057
      View Details
    • $25,000

      Residential Land in Madison, OH

      Three wooded lots totaling 0.47 acres for residential build.
      Magnolia Drive unit: 3, Madison, OH 44057
      View Details
    • $25,000

      Residential Land in Madison, OH

      Three wooded lots totaling 0.47 acres for residential build.
      Magnolia Drive, Madison, OH 44057
      View Details
    • $25,000

      Residential Land in Madison, OH

      Three wooded lots totaling 0.47 acres for residential build.
      Magnolia Drive unit: 2, Madison, OH 44057
      View Details
    • $25,000

      Residential Land in Madison, OH

      Three wooded lots totaling 0.47 acres near Lake Erie.
      Magnolia Drive unit: 7, Madison, OH 44057
      View Details
    • $85,000

      Beautiful Lot Surrounded by Nature

      Residential land with utilities and close to Bill Stanton Park.
      S/L 25 and S/L 26 Old Mill Road, Madison, OH 44057
      View Details
    • $39,900

      Residential Land Near Lake Erie

      Residential land available near Lake Erie in Madison, Ohio.
      1785 Green Road, Madison, OH 44057
      View Details
    • $65,000

      Established Snap Fitness Franchise Opportunity

      Profitable Snap Fitness franchise for sale in Madison, Ohio.
      6581 N Ridge Road, Madison, OH 44057
      View Details

    FAQs

    What type of property is this?
    Commercial land - 17.9 acres on North Ridge Road in Madison, Ohio.
    Where is this commercial land located?
    The property is located at 5573 North Ridge Road Madison, OH.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: 17.9‑acre development site with **400' frontage on North Ridge Road (Rt. 20)**.; Zoned mixed B‑2 (Regional Business) and A‑1 (Agricultural), allowing for multiple commercial uses such as restaurants, fast food, office, and retail.; Municipal water, electric, gas, and Spectrum available to the site.
    (440) 299-5190
    We can help!
    Listing Contact
    Rick Osborne Jr.
    Rick Osborne Jr.
    Real Estate License ID: 2010001710
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!