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    Property profile & analytics

    128 Water St Kent, OH 44240-2419

    • Office properties & Spaces
    • 20,566 SF
    • 0.70 lot acres
    OFF-MARKET
    Value Estimations
    $1,665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0830409
    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

    • Office properties & Spaces

    Property Details for 128 Water St

    Year built
    1889
    Lot size
    0.70 lot acres
    Property size
    20,566 SF
    Property type
    Office properties & Spaces
    APN
    17-025-30-00-020
    APU
    170253000020

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,143,000
      Market price range: $755k - $2.05M
      AI Estimate
      $1,819,000
      Market price range: $850k - $3.10M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,220,000
      Current use
      AUTO REPAIR, GARAGE
      $1,585,000
      Change: +30% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,565,000
      Change: +28% Conversion: Moderate
      RETAIL STORES
      $1,550,000
      Change: +27% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,305,000
      Change: +7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Kent
    County
    Portage
    State
    Ohio
    Longitude
    -81.3588
    Latitude
    41.1541
    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
    $35,940
    $128,070
    $392,390
    $520,460
    -
    $365,900
    $1,121,100
    $1,487,000

    Comparable in this City

    • Value Estimation
      $3,270,000
      28,878 SF

      5982 Rhodes Rd

      OFFICE (GENERAL) • 28,878 SF
      5982 Rhodes Rd, Kent, OH 44240-8100
      View Details
    • Value Estimation by Request
      3,910 SF

      234 Water St

      OFFICE (GENERAL) • 3,910 SF
      234 Water St, Kent, OH 44240-3874
      View Details
    • Value Estimation by Request
      1,778 SF

      314 Lincoln St

      OFFICE (GENERAL) • 1,778 SF
      314 Lincoln St, Kent, OH 44240-3647
      View Details
    • Value Estimation by Request
      2,419 SF

      526 Main St

      OFFICE (GENERAL) • 2,419 SF
      526 Main St, Kent, OH 44240-2210
      View Details
    • Value Estimation by Request
      1,161 SF

      1218 Main St

      OFFICE (GENERAL) • 1,161 SF
      1218 Main St, Kent, OH 44240-1938
      View Details
    • Value Estimation
      $690,000
      28,544 SF

      1050 Main St

      OFFICE (GENERAL) • 28,544 SF
      1050 Main St, Kent, OH 44240-2006
      View Details

    Similar Nearby for Sale

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      Commercial Land Near I-76

      Integrated commercial property suitable for retail, office, or residential use.
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    • $275,000
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      Land Near Kent State University

      4-acre multifamily-zoned land near Kent State University.
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    • $3,900,000
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      Kent, Ohio Retail Plaza

      Multi-tenant retail plaza near Kent State University for sale.
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      Kent Commercial Land - I-76 Access

      1.33 Acres, High Visibility, G-C Zoning
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    • $37,000
      0.50 Acres

      Kent Commercial/Residential Land

      Half-acre lot, Commercial/Residential zoning.
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    • $595,000
      3.98 Acres

      Brimfield Commercial Land - 3.98 Acres

      Prime Commercial Land, Brimfield, OH
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    Similar Nearby for Lease

    • Contact for pricing
      1 SF

      Brimfield Crossings Executive Suites

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      View Details
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      7,200 SF

      Prime Kent, OH Office Space

      Executive Suites, 1,800-5,400 SF Available
      1910 State Route 59, Kent, OH 44240
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    • Contact for pricing
      3,000 SF

      Office Buildings on State Route

      Two office buildings with vacancies on a high-traffic road.
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      View Details
    • Contact for pricing
      1,432 SF

      Kent Office Space For Rent

      Office space available at signalized corner in Kent, Ohio.
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      View Details
    • $9 SF/Yr
      129,714 SF

      University Plaza: Retail & Office Space

      High-traffic Kent, OH retail/office center
      1410 Water St, Kent, OH 44240
      View Details
    • Contact for pricing
      1,356 SF

      Mixed-Use Development in Kent, OH

      Mixed-use development near Kent State University with retail and office space.
      215 S Water St, Kent, OH 44240
      View Details
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    128 Water St
    Kent, OH 44240-2419
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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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