Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Ready-to-Build Pad Site Available Title is generated by Realmo AI

    2842 E State St, Salem, OH 44460

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    0.74 acre pad site with utilities, ready to build.

    Type:Land, Retail
    Property size:
    5,000 SF
    Lot size:
    0.74 Acres
    Price / SF:
    $45/SF
    Added:
    Sep 30, 2024
    Days on Market:
    594
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 2842 E State St

    General Information

    Standard status
    Active
    Size
    5,000 SF
    Lot size
    0.74 Acres
    Property subtype
    Land, Retail

    We can help!

    Listing Contact
    Kevin Thaxton

    Listing agent Kevin Thaxton License #OH SAL.2001011348

    Listing office Zelnik Realty Ltd

    Listing date Sep 30, 2024

    Source Crexi

    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 Zelnik Realty Ltd

    HighLights

    • Ready‑to‑build .74 acre pad site with all utilities on site.
    • Excellent access: Right in/out from E State Street and full access to traffic light from SR 14 curb cut.
    • Reciprocal Easement Agreement (REA) with Advance Auto (excluding auto parts sales).
    • Striped and curbed parking lot with parking lot lights.
    • Stormwater management system in place.
    • Gravel building pad site.

    Overview

    A 0.74-acre pad site is available for development, equipped with all utilities and ready for construction. The site benefits from right-in/right-out access from E State Street and full access to the traffic light from the SR 14 curb cut. Access is shared with Advance Auto through a Reciprocal Easement Agreement (REA), with a restriction on auto parts sales for the site. The location offers high visibility with a traffic count of 9,357, as reported by ODOT. The site is suitable for an owner/user operation. The maximum buildable area is 5,000 square feet. The site features a striped and curbed parking lot, parking lot lights, a graveled building pad, all utilities on site, and a stormwater management system.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Advance Auto Parts Auto Parts Store UPS Access Point ... Courier Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Columbiana
    State
    Ohio
    Longitude
    -80.8190085
    Latitude
    40.9013902

    Nearby Similar for Sale

    • $135,000

      Brick Office Building Near Downtown

      Two-unit office building with parking and separate utilities.
      293 N Ellsworth Avenue, Salem, OH 44460
      View Details
    • $117,900
      1,468 SF

      Charming Duplex in Salem, Ohio

      Up-and-down duplex with conversion potential and separate utilities.
      559 E Perry Street, Salem, OH 44460
      View Details
    • $169,900

      Commercial Land in High-Traffic Area

      1.25 acre commercial land parcel in Salem, Ohio.
      N Cunningham Road, Salem, OH 44460
      View Details
    • $169,900

      Commercial Land in High-Traffic Area

      1.25 acre commercial land parcel in Salem, Ohio.
      N Cunningham Road, Salem, OH 44460
      View Details
    • $168,520

      Salem Duplex: Income Potential

      Brick duplex in move-in condition with strong rental appeal.
      629 E 6th Street, Salem, OH 44460
      View Details
    • $2,100,000
      14,737 SF

      Former Rite Aid For Sale

      Former Rite Aid property in a vibrant healthcare corridor.
      2229 E State, Salem, OH 44460
      View Details
    • $185,000
      1,344 SF

      Downtown Salem Commercial Corner Property

      Commercial property in downtown Salem, Ohio, formerly a gas station.
      178 N Ellsworth Avenue, Salem, OH 44460
      View Details
    • $35,000

      Land Parcel in Salem, OH

      2.5+ acre land parcel, potential home site.
      909 Lisbon Road, Salem, OH 44460
      View Details
    • $649,000
      13,185 SF

      Retail/Flex Building in Salem, OH

      Retail and flex building with warehouse space for sale.
      1965 N Ellsworth Ave, Salem, OH
      View Details
    • $150,000

      Versatile Commercial Space in Salem

      Well-built commercial building with multiple potential uses in Salem, OH.
      293 N Ellsworth Avenue, Salem, OH 44460
      View Details
    • $575,000
      13,000 SF

      Salem Industrial Site For Sale

      25+ acre industrial site with warehouse and house.
      12550 Youngstown Salem Rd, Salem, OH
      View Details
    • $49,500

      Residential Land in Salem, OH

      Building lot with tax abatement in a quiet neighborhood.
      Homewood Place, Salem, OH 44460
      View Details

    FAQs

    What type of property is this?
    Commercial land - 0.74 acre pad site with utilities, ready to build.
    Where is this commercial land located?
    The property is located at 2842 E State St Salem, OH.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Ready‑to‑build .74 acre pad site with all utilities on site.; Excellent access: Right in/out from E State Street and full access to traffic light from SR 14 curb cut.; Reciprocal Easement Agreement (REA) with Advance Auto (excluding auto parts sales).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Kevin Thaxton
    Real Estate License ID: OH SAL.2001011348
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2842 E State St, Salem, OH 44460
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!