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    Property profile & analytics

    3637 State Route 5 Cortland, OH 44410

    • Specialty properties
    • 0.46 lot acres
    For Sale
    View listing
    $399,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Specialty properties

    Property Details for 3637 State Route 5

    Lot size
    0.46 lot acres
    Property type
    Specialty properties
    Property subtype
    Land

    Description

    This exceptional commercial property, located at 3637 State Route 5 in Cortland, Ohio (zip code 44410), presents a compelling investment opportunity. Situated on a 0.459-acre lot, this special-purpose property boasts a prime location near the intersection of State Route 5 and State Route 46, adjacent to a McDonald's. The property currently houses four long-term tenants within a 1500 square foot space, offering immediate rental income. An additional 1500 square feet is available for lease, presenting a significant opportunity to increase revenue streams. Recent improvements include a new roof, exterior updates, skylights, and new flooring throughout most of the building. Interior upgrades also include the installation of chair lifts. This well-maintained building offers a turnkey investment opportunity with strong existing tenancy and significant potential for future growth. The property is ready for immediate occupancy and offers a high return on investment. This is an exceptional opportunity for investors seeking a stable and profitable commercial property in a high-traffic location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Cortland
    County
    Trumbull
    State
    Ohio
    Longitude
    -80.7323
    Latitude
    41.3175

    Comparable in this City

    • Value Estimation by Request
      0.57 Acres

      Greenville

      CHARITABLE ORGANIZATION • 0.57 Acres
      Greenville, Cortland, OH 44410
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    • Value Estimation by Request
      3,137 SF

      224 High St

      CHARITABLE ORGANIZATION • 3,137 SF
      224 High St, Cortland, OH 44410-1021
      View Details
    • Value Estimation by Request
      0.45 Acres

      168 High St

      FUNERAL HOME • 0.45 Acres
      168 High St, Cortland, OH 44410
      View Details
    • Value Estimation
      $840,000
      12,785 SF

      2619 Hoagland Blackstub

      PROFESSIONAL CLUBS/ASSOCIATIONS • 12,785 SF
      2619 Hoagland Blackstub, Cortland, OH 44410
      View Details
    • Value Estimation by Request
      1,610 SF

      Greenville

      CHARITABLE ORGANIZATION • 1,610 SF
      Greenville, Cortland, OH 44410
      View Details
    • Value Estimation by Request
      2,414 SF

      677 High St

      VETERINARY, ANIMAL HOSPITAL • 2,414 SF
      677 High St, Cortland, OH 44410-1502
      View Details

    Similar Nearby for Sale

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      Cortland Commercial Property: Prime Location

      High-return investment opportunity in Cortland, Ohio.
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    • $695,000
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      Land For Sale Cortland, OH

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      Land Available in Cortland, OH

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      3582 State Route 5, Cortland, OH 44410
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    Similar Nearby for Lease

    • Contact for pricing

      Commercial Land For Rent

      Commercial land for rent with high traffic and frontage.
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      Cortland Retail/Office Opportunity

      High-potential 8,174 sq ft building
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    Cortland, OH 44410
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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
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