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    224 Main St Ottawa, OH 45875

    Sponsored
    For Sale
    $449,000

    Prime location, high income potential, versatile space.

    Property size:
    7,770 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property at 224 E Main St, Ottawa, OH, presents a compelling investment opportunity. The building, constructed in 1917, boasts 7,770 square feet situated on a 0.2-acre lot (APN 32-017110-0000). Currently featuring a multi-tenant configuration, the first floor offers established office space generating a strong net operating income (NOI) of $17,970, resulting in a 4.00% capitalization rate. The asking price is $449,000, with an occupancy date of May 17, 2024. The second floor, encompassing significant unfinished space with its own street and back entrances, plus an elevator, provides substantial potential for expansion or redevelopment. This floor is ideal for a variety of uses, including entertainment, gaming, restaurant, retail, or additional office space. Adding to the property's versatility is an 1856 square foot warehouse area with an overhead door, suitable for storage or additional rental income. The building benefits from updated mechanical systems and is conveniently located in Ottawa's DORA district, steps from a new brewery, ensuring high visibility and foot traffic. The permitted zoning is Office/Retail, allowing for diverse uses. This two-story building offers a unique blend of established income and significant upside potential in a thriving community. The property includes a spacious rear parking lot.

    Property Features for 224 Main St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    7,770 SF
    Lot Size
    8,712 SF

    Building Details

    Year Built
    1917
    Stories
    2

    HighLights

    • Exceptional mixed‑use investment opportunity in Ottawa, OH's DORA district.
    • 7,770 SF building on a 0.2‑acre lot (APN 32‑017110‑0000), built in 1917.
    • $449,000 asking price with a 4.00% capitalization rate and $17,970 annual NOI.
    • First floor features established office space; second floor offers 1856 SF of unfinished space with separate entrances and elevator, plus a warehouse with overhead door.
    • May 17, 2024 occupancy date; updated mechanical systems; ample rear parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Ottawa
    County
    Putnam
    State
    Ohio
    Longitude
    -84.0466394
    Latitude
    41.0188679

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    FAQs

    What type of property is this?
    Office Property / Space - Prime location, high income potential, versatile space.
    Where is this office property / space located?
    The property is located at 224 Main St Ottawa, OH.
    What is the asking price?
    The asking price for this property is $449,000.
    What are key features of this property?
    This property features: Exceptional mixed-use investment opportunity in Ottawa, OH's DORA district.; 7,770 SF building on a 0.2-acre lot (APN 32-017110-0000), built in 1917.; $449,000 asking price with a 4.00% capitalization rate and $17,970 annual NOI.
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    Ottawa, OH 45875
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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
    224 Main St Ottawa, OH 45875
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