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    Property profile & analytics

    1 Cascade Plz Akron, OH 44308-1136

    • Office buildings
    • 300,328 SF
    OFF-MARKET
    Last Sale
    Dec 29, 2023
    Value Estimations
    $25,885,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2584423
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • PNC bank / Bank / Loan Service
    • PNC Private Bank / Financial Advisor
    • Decarlo Michael / Law Firm
    • Kevin P. Hardman / Law Firm
    • Semple & Eicher Co, LPA / Law Firm

    Property Details for 1 Cascade Plz

    Year built
    1969
    Property size
    300,328 SF
    Property type
    Office buildings
    APN
    67-01941
    APU
    6701941

    Description

    This exceptional 2,947 square foot retail space, formerly a PNC Bank branch, presents a unique opportunity in the heart of downtown Akron. Located on the highly visible corner of South Main and West Bowery streets, this single-tenant property benefits from exceptional visibility and accessibility. The site enjoys significant daily traffic, exceeding 10,000 vehicles per day, due to its strategic position directly off the SR-59 corridor. This translates to substantial foot traffic and exposure for any business. The surrounding area boasts a robust customer base, with over 112,000 people residing within a 3-mile radius and a substantial daytime population of over 31,000 employees within a 1-mile radius. This first-floor space is ideal for a variety of retail uses, offering ample room for a flagship store or a smaller business seeking a high-profile location. The property is situated in Summit County and is ready for immediate occupancy. Its former use as a bank branch suggests a secure and well-maintained structure, ready for a new tenant to customize and thrive. The high volume of traffic and proximity to a dense population make this an unparalleled opportunity for a business seeking maximum exposure and a strong customer base in a thriving urban setting. This property offers a rare combination of location, size, and accessibility, making it an attractive investment for discerning businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $34,960,000
      Market price range: $12.5M - $39.2M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $24,160,000
      Current use
      MEDICAL BUILDING
      $32,755,000
      Change: +36% Conversion: Easy
      RESTAURANT
      $31,860,000
      Change: +32% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $29,950,000
      Change: +24% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $28,070,000
      Change: +16% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $20,445,000
      Change: -15% Conversion: Easy
      COMMERCIAL (GENERAL)
      $20,050,000
      Change: -17% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Akron
    County
    Summit
    State
    Ohio
    Longitude
    -81.5196
    Latitude
    41.0822
    CBSA code
    10420
    CBSA name
    AKRON, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $526,474
    $0.00
    $3,190,100
    $3,190,100
    -
    $0.00
    $9,114,580
    $9,114,580

    Comparable in this City

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      18,711 SF

      313 High St

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    • Value Estimation
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      105 Market St

      OFFICE BUILDING • 21,572 SF
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    • Value Estimation
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      245,296 SF

      172 Broadway St

      OFFICE BUILDING (MULTI-STORY) • 245,296 SF
      172 Broadway St, Akron, OH 44308-1708
      View Details
    • Value Estimation
      $555,000
      20,940 SF

      100 High St

      OFFICE BUILDING • 20,940 SF
      100 High St, Akron, OH 44308-1918
      View Details
    • Value Estimation
      $2,285,000
      86,470 SF

      103 High St

      OFFICE BUILDING (MULTI-STORY) • 86,470 SF
      103 High St, Akron, OH 44308-1461
      View Details
    • Value Estimation
      $4,670,000
      60,600 SF

      137 Main St

      OFFICE BUILDING (MULTI-STORY) • 60,600 SF
      137 Main St, Akron, OH 44308-1416
      View Details

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      Downtown Akron Office Space Available

      Multi-tenant office building with on-site management and 24/7 security.
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      Office Space Available in Akron

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    1 Cascade Plz
    Akron, OH 44308-1136
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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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