Historic Three-Story Office
For Sale
$499,900
697 W Market Street, Akron, OH 44303
Original woodwork, leaded glass, and updated building systems define this preserved professional property.
Property Size3,500 SF
Days on Market448
Property Features for 697 W Market Street
General Information
Standard status
Active
Size
3,500 SF
Total Parking Spaces
30
Property subtype
Commercial
Zoning
Commercial
Additional Details
Office Units
3
Taxes and HOA fees
Annual Taxes
$6,678
Building Details
Building Size
3,500 SF
Year Built
1891
Buildings
1
Stories
3
Tenancy
Multi
Abandoned
No
Listing Agency:
Berkshire Hathaway HomeServices Simon & Salhany Realty
(330) 801-3079
Listed By:
Paul Simon · License #700320599
(330) 801-3079
Source:
Carolgoffrealestate
Added: Jun 9, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:47AM
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 Berkshire Hathaway HomeServices Simon & Salhany Realty
Investment Insights
Based on property information with market context.
Constructed in 1891, this three-story office property occupies a historic mansion with a preserved interior and distinctive architectural detailing. Original hand-crafted woodwork, trim, leaded glass windows, nine-foot ceilings, eight-foot doors, and glass knob hardware remain in place. Electrical, plumbing, heating, and other main systems have been updated.
The property is currently used as law offices and accommodates three businesses. Commercial zoning supports a range of office-oriented configurations, while the layout also includes a three-car garage and substantial on-site parking. Located at 697 W Market Street in West Akron, the property is minutes from downtown Akron and within walking distance of restaurants, banks, and stores in the Highland Square district.
The property is currently used as law offices and accommodates three businesses. Commercial zoning supports a range of office-oriented configurations, while the layout also includes a three-car garage and substantial on-site parking. Located at 697 W Market Street in West Akron, the property is minutes from downtown Akron and within walking distance of restaurants, banks, and stores in the Highland Square district.
Key Highlights
- Constructed in 1891 and retains original hand‑crafted woodwork, trim, and leaded glass windows
- Three‑story layout currently accommodates three businesses operating as law offices
- 30+ newly stripped parking areas provide substantial on‑site parking
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
$41,395
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
8.28%
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%
$827,900
$827.9K
Cap Rate 7%
$591,357
$591.4K
Cap Rate 9%
$459,944
$459.9K
Market Conditions
NOI Build-Up for 3,500 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
$59.2K $16.92/SF
− Vacancy
−$4.0K −$1.15/SF
EGI
$55.2K $15.77/SF
− OpEx
−$13.8K −$3.94/SF
NOI
$41.4K $11.83/SF
Area
Akron, OH
Vacancy
6.80%
Lease Rate
$16.92 /SF/Yr
Expense Ratio
25.00%
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%
$827,900
Cap Rate 7%
$591,357
Cap Rate 9%
$459,944
Alternative Uses
Best Use
Office B
$591.4K
$517.4K – $689.9K
NOI $41,395 @ 7.0% cap · market cap 8.28%
Second Best
Mixed Use
$528.8K
$462.7K – $616.9K
NOI $37,013 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$858.9K
$751.6K – $1.00M
NOI $60,125 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
695
Businesses Nearby
Explore this area
Business Placement
Demographics for 44303, OH
7,031
Population
4,172
Households
1.7
Avg Household Size
43
Median Age
53%
College-Educated
93%
High-School Grad
2.1 sq mi
ZIP Area
3,348
Density / Sq Mi
$72,045
Median Household Income
$39,830
Median Earnings
$896
Median Rent
$213,600
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Original woodwork, leaded glass, and updated building systems define this preserved professional property.
Where is this office building located?
The property is located at 697 W Market Street Akron, OH.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Constructed in 1891 and retains original hand‑crafted woodwork, trim, and leaded glass windows; Three‑story layout currently accommodates three businesses operating as law offices; 30+ newly stripped parking areas provide substantial on‑site parking
