Versatile Estate with Remodeled Bank
For Sale
Contact for pricing
5984 W South Range Rd, Salem, OH 44460
20-acre estate featuring a farmhouse and remodeled bank barn.
Property Size5,500 SF
Lot Size20.00 Acres
Price / SF$177.27
Days on Market160
Property Features for 5984 W South Range Rd
General Information
Standard status
Active
Size
5,500 SF
Lot size
20.00 Acres
Property subtype
Industrial, Land, Mixed Use, Multifamily, Office
Building Details
Year Built
1910
Year Renovated
2000
Listing Agency:
Keller Williams Chervenic Realty
Listed By:
Cassandra Aldish · License #2022000281
Source:
Crexi
Added: Mar 5
Changed: Aug 9
Last Checked: Aug 11 at 11:00AM
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 Keller Williams Chervenic Realty
Investment Insights
Based on property information with market context.
This 20-acre estate includes a meticulously maintained 4-bedroom, 3-bath farmhouse, farmland, an irrigation pond, a bank barn, a workshop, and an apple orchard. The home features a large dining room, family room, living room, kitchen, and enclosed front porch. The bank barn, dating back to the 1900s, has been partially remodeled into a 5,500+ sq. ft. open space with a full kitchen, restrooms, and high-quality finishes. This section contains four private guest or rental units, each equipped with a kitchenette, bedroom/living area, and full bath, suitable for short-term stays or income generation. The remaining section of the barn offers business or personal use potential. The main floor includes three office spaces and multiple garage access points, while the upper level features six additional offices or rental units, each with a private full bathroom. Ample storage areas and multiple garage bays, including a 12’ door for larger vehicles, enhance the functionality of the space. The property is suitable for use as a venue, a business hub, or a private retreat. Updates have been made to the electrical, heating, and cooling systems.
Key Highlights
- Stunning, remodeled bank barn (5,500+ sq. ft.) with full kitchen, restrooms, and high‑end finishes, offering event venue or business potential.
- Four private guest/rental units within the barn, each with kitchenette and full bath, providing income opportunities.
- Additional office/rental spaces (6) with private bathrooms on the barn's upper level, offering further business potential.
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
$55,688
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
5.71%
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%
$1,113,760
$1.1M
Cap Rate 7%
$795,543
$795.5K
Cap Rate 9%
$618,756
$618.8K
Market Conditions
NOI Build-Up for 5,500 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
$99.0K $18.00/SF
− Vacancy
−$9.9K −$1.80/SF
EGI
$89.1K $16.20/SF
− OpEx
−$33.4K −$6.07/SF
NOI
$55.7K $10.13/SF
Area
Columbiana County, OH
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,113,760
Cap Rate 7%
$795,543
Cap Rate 9%
$618,756
Alternative Uses
Best Use
Mixed Use
$795.5K
$696.1K – $928.1K
NOI $55,688 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.65M
$4.07M – $5.42M
NOI $325,212 @ 7.0% cap · market cap 33.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 44460, OH
25,393
Population
11,595
Households
2.2
Avg Household Size
46
Median Age
20%
College-Educated
90%
High-School Grad
107.4 sq mi
ZIP Area
236
Density / Sq Mi
$59,882
Median Household Income
$35,912
Median Earnings
$770
Median Rent
$153,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 20-acre estate featuring a farmhouse and remodeled bank barn.
Where is this mixed-use property located?
The property is located at 5984 W South Range Rd Salem, OH.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Stunning, remodeled bank barn (5,500+ sq. ft.) with full kitchen, restrooms, and high‑end finishes, offering event venue or business potential.; Four private guest/rental units within the barn, each with kitchenette and full bath, providing income opportunities.; Additional office/rental spaces (6) with private bathrooms on the barn's upper level, offering further business potential.
