7301 Ravenna Rd, Concord Twp, OH 44077

Building Details

Year Built 2000 More

Buildings 2 More

Listing Agency: Keller Williams Greater Cleveland Northeast

Listed By: Chandler Jekutis · License #2018003908 Show Phone

Source: Centralohiohomeguide

Added: Oct 22 Changed: Nov 7 Last Checked: Nov 8 at 7:02AM

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Investment Insights

Based on property information with market context.

Built in 2000, this 5,324-square-foot property includes a primary building and a separate freestanding structure. The main building has private rooms, offices, communal living areas, a kitchen and dining area, laundry facilities, and restrooms. Its second floor contains a suite with bedrooms, a kitchen, and a bathroom. The additional building offers offices, a large meeting room, a restroom, and storage. Concrete parking and drive areas serve the site, which has multiple access points.

The property is at 7301 Ravenna Rd in Concord Township. Nearby commercial development includes projects along Crile Road and the Longwood Plaza retail development; residential communities are also expanding in the area. University Hospitals TriPoint Medical Center is identified as a nearby healthcare anchor. Potential uses described for the property are subject to zoning approval.

Key Highlights

• 5,324‑square‑foot property with a main building and separate freestanding structure
• Primary building includes private rooms, offices, shared living areas, kitchen, dining area, laundry, and restrooms
• Second‑floor suite has bedrooms, a kitchen, and a bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$67,431

Cap Rate

8.44%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,348,620 $1.3M

Cap Rate 7%

$963,300 $963.3K

Cap Rate 9%

$749,233 $749.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,324 SF

Gross rent

$116.9K $21.96/SF

− Vacancy

−$27.0K −$5.07/SF

EGI

$89.9K $16.89/SF

− OpEx

−$22.5K −$4.22/SF

NOI

$67.4K $12.67/SF

Area

Lake County, OH

Vacancy

23.10%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,348,620

Cap Rate 7%

$963,300

Cap Rate 9%

$749,233

Alternative Uses

Best Use

Office B

$963.3K

$842.9K – $1.12M (±1% cap)

NOI $67,431 @ 7.0% cap · market cap 8.44%

Second Best

Healthcare Medical

$848.1K

$742.1K – $989.5K (±1% cap)

NOI $59,368 @ 7.0% cap · market cap 7.43%

Theoretical Best

Office A

$1.23M

$1.08M – $1.43M (±1% cap)

NOI $86,076 @ 7.0% cap · market cap 10.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Rehabilitation centers

Suggested Use

Top Pick Law Firm Auto Repair Shop Electrical Service Big Box & Wholesale Store Garden Center Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Explore this area Business Placement

Demographics for 44077, OH

58,253

Population

24,928

Households

2.3

Avg Household Size

42

Median Age

29%

College-Educated

91%

High-School Grad

60.5 sq mi

ZIP Area

963

Density / Sq Mi

$80,692

Median Household Income

$45,315

Median Earnings

$972

Median Rent

$217,400

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Frequently Asked Questions

What type of property is this?

Rehabilitation center - Two structures combine private rooms, shared living space, offices, and group meeting facilities.

Where is this rehabilitation center located?

The property is located at 7301 Ravenna Rd Concord Twp, OH.

What is the asking price?

The asking price for this property is $799,000.

What are key features of this property?

This property features: 5,324‑square‑foot property with a main building and separate freestanding structure; Primary building includes private rooms, offices, shared living areas, kitchen, dining area, laundry, and restrooms; Second‑floor suite has bedrooms, a kitchen, and a bathroom