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    Property profile & analytics

    106 N Main St Akron, OH 44308

    • Office buildings
    • 9,800 SF
    • 0.23 lot acres
    For Lease
    View listing
    $800 /Mo
    Last Sale
    Feb 02, 2024
    $630,000
    Value Estimations
    $630,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2110302
    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

    • Architectural Greenery / Architect / Florist
    • Skoglund Rodney L / Law Firm
    • Renner Kenner, LPA: Mark Weber / Law Firm
    • Temple Square Interiors / Furniture & Home Goods
    • #PrettyLashTag, LLC / Hair Salon

    Property Details for 106 N Main St

    Year built
    1929
    Lot size
    0.23 lot acres
    Property size
    9,800 SF
    Property type
    Office buildings
    APN
    68-23287
    APU
    6823287

    Description

    This exceptional value-add investment opportunity presents a 27-story, 242,696 square foot traditional office building located at 106 S Main Street in Akron, Ohio's central business district. Originally constructed in 1931, the property underwent an extensive three-year restoration project between 2008 and 2011, including recent renovations to the building's arcade. The building boasts a significant amount of parking, offering a generous ratio of 12.5 spaces per 1,000 square feet, a considerable advantage in a bustling urban environment. Security is a top priority, with 24/7 on-site guard services ensuring the safety and protection of tenants and assets. This landmark property offers a unique blend of historical charm and modern functionality, presenting a compelling opportunity for investors seeking a substantial presence in Akron's thriving downtown core. The building's size and location make it ideal for a variety of uses, offering significant potential for future growth and development. Its prime location within the central business district provides easy access to a wide range of amenities, transportation options, and a vibrant business community. The substantial square footage and ample parking make this a truly remarkable opportunity in the Akron, Ohio market. The Summit County location and 44308 zip code further solidify its strategic position.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $630,000
      ML approach
      $630,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $412,000
      Market price range: $409k - $1.28M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $790,000
      Current use
      RESTAURANT
      $1,040,000
      Change: +32% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $975,000
      Change: +24% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $915,000
      Change: +16% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $665,000
      Change: -15% Conversion: Easy
      COMMERCIAL (GENERAL)
      $655,000
      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
    -81.516
    Latitude
    41.088
    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
    $6,828
    $8,840
    $28,780
    $37,620
    -
    $25,250
    $82,230
    $107,480

    Comparable in this City

    • Value Estimation
      $1,555,000
      18,711 SF

      313 High St

      OFFICE BUILDING • 18,711 SF
      313 High St, Akron, OH 44308-1524
      View Details
    • Value Estimation
      $1,885,000
      21,572 SF

      105 Market St

      OFFICE BUILDING • 21,572 SF
      105 Market St, Akron, OH 44308-2036
      View Details
    • Value Estimation
      $25,885,000
      300,328 SF

      1 Cascade Plz

      OFFICE BUILDING (MULTI-STORY) • 300,328 SF
      1 Cascade Plz, Akron, OH 44308-1136
      View Details
    • Value Estimation
      $22,735,000
      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

    Similar Nearby for Sale

    • Contact for pricing
      25,509 SF

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      25,509 SF mixed-use building near Canal Park in Akron.
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      Downtown Akron Contemporary Office Building

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      15,000 SF

      Akron Office/Lab/Warehouse Building For Sale

      15,000 SF office/lab/warehouse building near Downtown Akron.
      62 N Summit St, Akron, OH 44308
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      242,696 SF

      Office Building in Akron, OH

      242,696 SF office building available for sale.
      106 S Main St, Akron, OH 44308
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      43,024 SF

      Downtown Akron Office Space

      Office space available in Akron's Downtown Business District.
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      Downtown Akron Bar & Retail Opportunity

      Prime Akron location, high-traffic area.
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    Similar Nearby for Lease

    • Contact for pricing

      Class A Office Space Available

      Professional/medical office building with plentiful parking and visibility.
      755 White Pond Dr, Akron, OH 44308
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      Renovated Office Building For Rent

      Completely renovated office building in Akron, new facade and systems.
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      366,261 SF

      Downtown Akron Class A Office

      Class A office space in downtown Akron on Main Street.
      76 S Main St, Akron, OH 44308
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      Downtown Akron Office Space Available

      Multi-tenant office building with on-site management and 24/7 security.
      1 Cascade Plz, Akron, OH 44308
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      Downtown Akron Office Space Available

      Luxurious office space in historic downtown Akron with modern amenities.
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      Renovated Office Suite For Rent

      Office suite available in a trending, renovated location.
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      View Details
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    106 N Main St
    Akron, OH 44308
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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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