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    1144 Prospect Rd Ashtabula, OH 44004

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    For Lease
    Contact for pricing

    0.2-Acre Commercial Lot For Lease

    Lot size:
    1 SF

    Property Features for 1144 Prospect Rd

    General Information

    Property type
    Land
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1 SF

    Spaces For Lease

    at 1144 Prospect Rd, Ashtabula, OH 44004 Contact us

    We can help!

    Listing Contact
    Ken Thacker
    Ken Thacker

    Listing Agency: Century 21 Thacker & Associates, Inc. Listing Agent: Ken Thacker

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 0.2-acre commercial land parcel, located at 1144 W Prospect Rd in Ashtabula, Ohio, presents a unique opportunity for businesses seeking a strategic location in Ashtabula County. The property is designated as single-tenant land, offering complete control and flexibility for development. With a total building square footage of 1 square foot (suitable for new construction), this site is ideal for a variety of commercial ventures. The property's address is conveniently situated at 1144 W Prospect Rd, providing excellent visibility and accessibility. The lot size of 0.2 acres offers ample space for building and potential expansion. Situated in Ashtabula, Ohio, zip code 44004, this location benefits from the area's established infrastructure and proximity to local amenities. This is a rare opportunity to acquire a strategically located commercial land parcel in a growing market. The property is currently available for lease, allowing for immediate development and occupancy. Interested parties are encouraged to act quickly to secure this prime commercial real estate opportunity. The property is classified as commercial land within Ashtabula County, Ohio. Further details regarding zoning and development possibilities are available upon request. This is an excellent chance to establish a strong presence in a thriving community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dollar Tree Discount Store Ashtabula Commons Business Service Center Busy Beaver Building ... Building Supply Rite Aid Photo (Bike/Boat/Book/etc) Store Coinhub Bitcoin ATM ... Atm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Ashtabula
    County
    Ashtabula
    State
    Ohio
    Longitude
    -80.7971146
    Latitude
    41.8613711

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    FAQs

    What type of property is this?
    Land - 0.2-Acre Commercial Lot For Lease
    Where is this land located?
    The property is located at 1144 Prospect Rd Ashtabula, OH.
    What are key features of this property?
    This property features: .20-acre outparcel.; 1144 W Prospect Road, Ashtabula, OH 44004.; High-traffic Ashtabula intersection.
    (513) 615-8970 Call to check price and availability
    Request Owner's contact information
    1144 Prospect Rd Ashtabula, OH 44004
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    Ashtabula, OH 44004
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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
    1144 Prospect Rd Ashtabula, OH 44004
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Ken Thacker
    Ken Thacker
    Real Estate License ID: 2002017276
    (513) 615-8970 (513) 524-2221
    Learn more
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