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    3015 Wooster Ave Dover, OH 44622

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    3015 Wooster Ave Dover, OH 44622

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    • Neighborhood centers
    • 38,409 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 3015 Wooster Ave

    Year built
    1997
    Property size
    38,409 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This 38,409 square foot retail strip center, built in 1997, offers a prime investment opportunity in Dover, Ohio. Located at 3015 N Wooster Ave, 44622, this property boasts a strong tenant mix including Discount Drug Mart, Great Clips, Pulp Juice, and Grinders. Currently, there is one available inline space totaling 1,320 square feet, previously occupied by Edward Jones. The property's excellent location near I-77, a major thoroughfare with a daily traffic count of 38,000 to 41,000 vehicles, ensures high visibility and accessibility for businesses. The entire center comprises a single suite, offering a unique opportunity for a single tenant or a potential redevelopment project. The property is situated in Tuscarawas County and benefits from the established commercial presence in the area. This is an exceptional chance to acquire a well-located retail space with significant potential for growth and return on investment. The available space presents a blank canvas for a variety of retail uses, capitalizing on the existing strong tenant base and high traffic volume. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Dover
    County
    Tuscarawas
    State
    Ohio
    Longitude
    -81.4941
    Latitude
    40.5503

    Comparable in this City

    • Value Estimation
      $3,180,000
      46,668 SF

      120 Tuscarawas Ave

      SHOPPING CENTER, STRIP CENTER • 46,668 SF
      120 Tuscarawas Ave, Dover, OH 44622-3163
      View Details
    • Value Estimation by Request
      0.25 Acres

      Wooster Ave

      SHOPPING CENTER, STRIP CENTER • 0.25 Acres
      Wooster Ave, Dover, OH 44622
      View Details
    • Value Estimation
      $855,000
      10,856 SF

      320 Wooster Ave

      SHOPPING CENTER, STRIP CENTER • 10,856 SF
      320 Wooster Ave, Dover, OH 44622-2971
      View Details
    • Value Estimation
      $815,000
      10,470 SF

      933 Wooster Ave

      SHOPPING CENTER, STRIP CENTER • 10,470 SF
      933 Wooster Ave, Dover, OH 44622-2716
      View Details
    • Value Estimation
      $2,370,000
      10,113 SF

      300 Oxford St

      WHOLESALE OUTLET, DISCOUNT STORE • 10,113 SF
      300 Oxford St, Dover, OH 44622-1963
      View Details
    • Value Estimation
      $11,750,000
      184,175 SF

      515 Un Ave Ste, Unit 243

      REGIONAL SHOPPING CENTER, MALL • 184,175 SF
      515 Un Ave Ste, Dover, OH 44622-3000
      View Details

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      Commercial Lot in Dover, OH

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    Similar Nearby for Lease

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    Dover, OH 44622
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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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