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    The Largest CRE Database in the US with Over 1 Million Listings

    777 Ellsworth Ave Salem, OH 44460

    Sponsored
    For Sale
    $290,000

    Three-building property, vacant, high potential.

    Property size:
    4,236 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    413
    This exceptional mixed-use property, located at 777 N Ellsworth Ave in Salem, Ohio (44460), presents a compelling investment opportunity. The 0.6-acre lot encompasses three distinct buildings, offering diverse income stream potential. The main structure is a 1,456 square foot retail building, complete with nine convenient parking spaces. A separate 920 square foot heated garage features two drive-in doors, ideal for various uses. Finally, a substantial 1,860 square foot, two-story house with three bedrooms and two bathrooms is included. Currently, the house has a month-to-month tenant. The entire property is currently vacant, allowing for immediate customization and tenant selection. The property is zoned for commercial use, providing flexibility for future development or expansion. With a total square footage of 4,236 and an asking price of $290,000 ($68.46 per square foot), this property offers a strong return on investment potential. This is a rare opportunity to acquire a versatile mixed-use property in a desirable location. Columbiana County location provides easy access to local amenities and transportation routes. Don't miss this chance to capitalize on this unique investment.

    Property Features for 777 Ellsworth Ave

    General Information

    Property type
    Mixed-use properties
    Square Feet
    4,236 SF
    Lot Size
    26,136 SF

    Building Details

    Buildings
    3

    We can help!

    Listing Contact
    Theresa Morse
    Theresa Morse

    Learn more

    Property Insight Report

    HighLights

    • Mixed‑use property at 777 N Ellsworth Ave, Salem, OH 44460.
    • 0.6‑acre lot with three buildings: 1,456 sq ft retail space with 9 parking spaces, 920 sq ft heated garage with two drive‑in doors, and a 1,860 sq ft, 3 bed/2 bath house (month‑to‑month tenant).
    • 4,236 total sq ft, currently vacant, allowing for immediate customization.
    • Zoned commercial, offering flexibility for future development.
    • Asking price: $290,000 ($68.46/sq ft).
    Property Profile Location Intelligence

    Current Use by Public Records

    Advantage Machine Shop Machine Shop

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Columbiana
    State
    Ohio
    Longitude
    -80.8571
    Latitude
    40.9077252

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    FAQs

    What type of property is this?
    Mixed-use property - Three-building property, vacant, high potential.
    Where is this mixed-use property located?
    The property is located at 777 Ellsworth Ave Salem, OH.
    What is the asking price?
    The asking price for this property is $290,000.
    What are key features of this property?
    This property features: Mixed-use property at 777 N Ellsworth Ave, Salem, OH 44460.; 0.6-acre lot with three buildings: 1,456 sq ft retail space with 9 parking spaces, 920 sq ft heated garage with two drive-in doors, and a 1,860 sq ft, 3 bed/2 bath house (month-to-month tenant).; 4,236 total sq ft, currently vacant, allowing for immediate customization.
    (330) 518-6082
    Request Owner's contact information
    777 Ellsworth Ave Salem, OH 44460
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    Salem, OH 44460
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    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
    777 Ellsworth Ave Salem, OH 44460
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    We can help!
    Listing Contact
    Theresa Morse
    Theresa Morse
    Real Estate License ID: SAL.2022004714
    (330) 518-6082
    Learn more
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