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    117- Main St Oberlin, OH 44074

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    For Sale
    Contact for pricing

    1.8-acre C-1 zoned property, high potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional 1.8-acre property, located at 117-141 South Main Street in Oberlin, Ohio, presents a unique investment opportunity. Situated in the heart of Oberlin's historic downtown district, this C-1 zoned property encompasses ten contiguous parcels spanning a full city block from Vine Street to Groveland Street. The site currently features a diverse mix of existing structures, including two rental homes, a strip center, an automotive repair shop, and a commercial building, along with some vacant land. The previous underground storage tanks have been removed, and a No Further Action (NFA) determination has been issued for the auto repair parcel. The flexible C-1 zoning allows for a wide range of uses, including retail, restaurants, services, offices (general, professional, administrative, or business), medical offices and clinics, schools, hotels, and dwellings. This zoning specifically permits mixed-use development, allowing for apartments above retail or office spaces. Oberlin, a vibrant community with a rich history and a strong connection to Oberlin College (nearly 3,000 students), offers a population of approximately 8,500 residents. This prime location and versatile zoning make this property ideal for redevelopment or expansion, catering to the needs of both the college community and the wider city population. The property's APN numbers are: 0900086103001

    Property Features for 117- Main St

    General Information

    Property type
    Multifamily properties
    Lot Size
    78,408 SF

    HighLights

    • 1.8‑acre property located at 117‑141 South Main Street, Oberlin, OH.
    • C‑1 zoned, encompassing ten contiguous parcels, a full city block from Vine to Groveland Streets.
    • Includes existing structures: two rental homes, strip center, auto repair shop, commercial building, and vacant land.
    • Previous underground storage tanks removed; NFA issued for auto repair parcel.
    • Flexible C‑1 zoning allows diverse uses: retail, restaurants, offices, medical, schools, hotels, and residential; mixed‑use development permitted.
    • Located in Oberlin's historic downtown, near Oberlin College (approx. 3,000 students), serving a population of approx. 8,500.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Oberlin
    County
    Lorain
    State
    Ohio
    Longitude
    -82.217259
    Latitude
    41.2884281

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    FAQs

    What type of property is this?
    Multifamily property - 1.8-acre C-1 zoned property, high potential.
    Where is this multifamily property located?
    The property is located at 117- Main St Oberlin, OH.
    What are key features of this property?
    This property features: 1.8-acre property located at 117-141 South Main Street, Oberlin, OH.; C-1 zoned, encompassing ten contiguous parcels, a full city block from Vine to Groveland Streets.; Includes existing structures: two rental homes, strip center, auto repair shop, commercial building, and vacant land.
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    117- Main St Oberlin, OH 44074
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    Oberlin, OH 44074
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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.

    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
    117- Main St Oberlin, OH 44074
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