Kent Landmark Mixed-Use
For Sale
Contact for pricing
103 Lake St, Kent, OH 44240
Mixed-use property with retail, apartments, and redevelopment potential.
Property Size3,992 SF
Lot Size0.21 Acres
Price / SF$204.16
Days on Market1343
Property Features for 103 Lake St
General Information
Standard status
Active
Size
3,992 SF
Lot size
0.21 Acres
Property subtype
Mixed Use, Multifamily, Retail
Zoning
R-3
Occupancy
100%
Investment Type
Redevelopment
Building Details
Year Built
1900
Buildings
3
Stories
2
Units
6
Listing Agency:
Jack Kohl Realty
(330) 296-9997
Listed By:
Ryan Poland · License #OH 2013004630
Source:
Crexi
Added: Dec 26, 2022
Changed: Aug 17
Last Checked: Aug 29 at 2:39PM
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 Jack Kohl Realty
Investment Insights
Based on property information with market context.
This landmark property, formerly known as Hutch Pet Shop, is available for sale for the first time in over 50 years. Located on the corner of Crain Avenue, Lake Street, and N. Water Street in Kent, Ohio, the property includes three buildings. The first building at 103 Lake Street features a retail store with an apartment above. The second building at 115 Crain Avenue is a licensed rental house with potentially two or three units. The third building at 118 Lake Street is a licensed two-unit apartment building. The buildings are situated on a total of 0.21 acres and have public utilities. The location offers high visibility and good access, with traffic counts of approximately 10,000 cars per day. The property is near the Hike and Bike Trail, downtown Kent, and Kent State University (KSU). The total property size is 3992 square feet. This corner location presents a redevelopment opportunity.
Key Highlights
- High‑visibility corner location on Crain Ave., Lake St., and N. Water St. with approx. 10K cars per day.
- Package deal includes 3 buildings: retail store with apartment, 2‑3 unit rental house, and 2‑unit apartment building.
- Located near Hike and Bike Trail, downtown Kent, and KSU.
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
$40,419
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
4.96%
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%
$808,380
$808.4K
Cap Rate 7%
$577,414
$577.4K
Cap Rate 9%
$449,100
$449.1K
Market Conditions
NOI Build-Up for 3,992 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
$71.9K $18.00/SF
− Vacancy
−$7.2K −$1.80/SF
EGI
$64.7K $16.20/SF
− OpEx
−$24.3K −$6.07/SF
NOI
$40.4K $10.13/SF
Area
Portage 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%
$808,380
Cap Rate 7%
$577,414
Cap Rate 9%
$449,100
Alternative Uses
Best Use
Mixed Use
$577.4K
$505.2K – $673.7K
NOI $40,419 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$804.1K
$703.6K – $938.1K
NOI $56,286 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
946
Businesses Nearby
Explore this area
Business Placement
Demographics for 44240, OH
38,354
Population
20,228
Households
1.9
Avg Household Size
32
Median Age
44%
College-Educated
96%
High-School Grad
39.7 sq mi
ZIP Area
966
Density / Sq Mi
$57,415
Median Household Income
$31,613
Median Earnings
$989
Median Rent
$216,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with retail, apartments, and redevelopment potential.
Where is this mixed-use property located?
The property is located at 103 Lake St Kent, OH.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: High‑visibility corner location on Crain Ave., Lake St., and N. Water St. with approx. 10K cars per day.; Package deal includes **3 buildings**: retail store with apartment, 2‑3 unit rental house, and 2‑unit apartment building.; Located near Hike and Bike Trail, downtown Kent, and KSU.
