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    11 Whittlesey Ave Norwalk, OH 44857

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    11 Whittlesey Ave Norwalk, OH 44857

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    • Specialty properties
    • 1,200 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Bar / Bar & Pub

    Property Details for 11 Whittlesey Ave

    Property size
    1,200 SF
    Property type
    Specialty properties
    Property subtype
    Land

    Description

    This exceptional 1,200 square foot commercial property, located at 11 Whittlesey Ave in downtown Norwalk, Ohio (44857), presents a unique opportunity. Currently configured as a thriving business, the space boasts significant curb appeal and a charming interior. Features include an ornate statement ceiling, a glossy wooden bar, and exposed brick walls, creating a welcoming atmosphere. The layout comfortably accommodates five four-person high-top tables and over ten bar stools, with ample standing room. Additional space is available for a DJ and karaoke setup. The property includes both front and rear entrances for convenient access, a fenced patio for outdoor use, and two restrooms. Significant improvements have been made within the last three years, encompassing upgrades to both the electrical and plumbing systems. This turnkey operation is situated in a high-traffic area of Norwalk's vibrant downtown, offering immediate potential for continued success. The property is being offered for sale as a special purpose property and includes the land. The asking price is $0. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Huron
    State
    Ohio
    Longitude
    -82.616
    Latitude
    41.2426

    Comparable in this City

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      Hartland Ctr Rd

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      Main At N Prospect St

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      2,050 SF

      246 Woodlawn Ave

      CHARITABLE ORGANIZATION • 2,050 SF
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      $1,065,000
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      278 Benedict Ave

      CHARITABLE ORGANIZATION • 11,100 SF
      278 Benedict Ave, Norwalk, OH 44857-2399
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    • Value Estimation
      $620,000
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      265 Benedict Ave

      CHARITABLE ORGANIZATION • 12,136 SF
      265 Benedict Ave, Norwalk, OH 44857-2308
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    • Value Estimation by Request
      1,502 SF

      204 Benedict Ave

      CHARITABLE ORGANIZATION • 1,502 SF
      204 Benedict Ave, Norwalk, OH 44857-2352
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    Similar Nearby for Sale

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      29 Acres Development Opportunity

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      Land Available for Sale

      Land available for sale at 4838 US-250, Norwalk, OH.
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    • $299,000
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      Norwalk Commercial Building with Apartment

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      Prime Norwalk Commercial Space

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      44.22 Acres of Land For Sale

      44.22 acres of commercial land for sale in Norwalk, Ohio.
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    Similar Nearby for Lease

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      7,600 SF

      Retail/Office/Warehouse Space Available

      Retail, office, and warehouse space for lease near Walmart.
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      Retail Space Available For Rent

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      Retail Space on SR 250

      Retail spaces available in Norwalk, anchored by Discount Drug Mart.
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    Norwalk, OH 44857
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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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