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    240 Chestnut St Ravenna, OH 44266

    Sponsored
    For Sale
    $250,000

    Prime Ravenna location, 2700 sq ft, 10 parking spaces.

    Property size:
    2,700 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 2,700 square foot freestanding office building is ideally situated in the heart of Ravenna, Ohio, directly behind the Portage County Courthouse. Built in 1940 and renovated in 1994, this single-story building sits on a 0.124-acre lot and offers convenient access to downtown amenities. The property features ten paved on-site parking spaces, a significant advantage in this central location. The building is comprised of three individual office units, each with its own utilities, providing flexibility for various business needs. Currently, two suites are occupied under transferable leases, ensuring immediate income potential. The property boasts city water and sewer connections and is zoned for Central Business District use, allowing for a wide range of commercial applications. The asking price is $250,000, translating to $92.59 per square foot. The building is currently 75% occupied, with lease commencement for existing tenants on January 1st, 2023. The property's APN is 31-361-13-00-111-000, and ownership is held by an Estate/Trust. This presents a unique opportunity to acquire a well-maintained, income-producing property in a high-demand area.

    Property Features for 240 Chestnut St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    2,700 SF
    Lot Size
    5,401 SF

    Building Details

    Year Built/Renovated
    1940/1994
    Buildings
    1
    Stories
    1
    Units
    3

    HighLights

    • $250,000 asking price for a 2,700 square foot office building.
    • Located at 240 S Chestnut St, Ravenna, OH 44266, directly behind the Portage County Courthouse.
    • Features 10+ paved parking spaces and three separate office suites with individual utilities.
    • Currently 75% occupied with two tenants under transferable leases, commencing January 1, 2023.
    • Sits on a 0.124‑acre lot, zoned Commercial (Central Business District), with city water and sewer.
    Property Profile Location Intelligence

    Current Use by Public Records

    Richard C Lombardi General Practice Attorney Ohio Title Agency ... Title Company Erb Legal LLC Criminal Justice Attorney

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Ravenna
    County
    Portage
    State
    Ohio
    Longitude
    -81.243536571854
    Latitude
    41.156413222063

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Ravenna location, 2700 sq ft, 10 parking spaces.
    Where is this office property / space located?
    The property is located at 240 Chestnut St Ravenna, OH.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: $250,000 asking price for a 2,700 square foot office building.; Located at 240 S Chestnut St, Ravenna, OH 44266, directly behind the Portage County Courthouse.; Features 10+ paved parking spaces and three separate office suites with individual utilities.
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    Realmo Value Estimation

    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.

    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.

    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
    240 Chestnut St Ravenna, OH 44266
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