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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1840 Baney Rd Ashland, OH 44805-3524

    • Office buildings
    • 28,244 SF
    • 21.79 lot acres
    OFF-MARKET
    Value Estimations
    $3,915,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-3925807
    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 buildings

    Property Details for 1840 Baney Rd

    Year built
    1973
    Lot size
    21.79 lot acres
    Property size
    28,244 SF
    Property type
    Office buildings
    APN
    P44-082-0-0008-00
    APU
    P440820000800

    Description

    This fully occupied, multi-tenant industrial complex in Ashland, Ohio, offers a compelling investment opportunity. The 251,466 square foot property sits on 21.79 acres and boasts a 7.75% cap rate with a net operating income of $968,881. The complex comprises four units within a single, one-story building constructed in 1973 and renovated in 2017. It features 104 parking spaces and is zoned M-1. The property benefits from a strong tenant mix, including long-standing occupants with recently renewed long-term leases. The largest tenant, Hedstrom Plastics, occupies over 157,000 square feet for its plastic injection operation. Another key tenant, Bendon Publishing, occupies significant space as its headquarters. The strategic location in Ashland, Ohio, provides easy access to major highways (I-71, US-250, and SR-42), placing it within convenient driving distance of Cleveland, Columbus, and Akron. This prime location, combined with the strong tenant base and below-market rents, presents a stable and attractive investment prospect. The asking price is $12,500,000, with a price per square foot of $49.71. The property's features include office space, expansive warehousing and distribution space, manufacturing space, production areas, and enclosed outdoor storage. This well-maintained complex offers a solid investment with significant potential for long-term growth and returns.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,810,000
      6.5%
      $4,440,000
      7%
      $4,120,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,391,000
      Market price range: $1.11M - $3.39M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,630,000
      MEDICAL BUILDING
      $2,645,000
      RESTAURANT
      $2,545,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Ashland
    County
    Ashland
    State
    Ohio
    Longitude
    -82.3517
    Latitude
    40.8478
    CBSA code
    11740
    CBSA name
    ASHLAND, OH MICROPOLITAN 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
    $58,228
    $232,970
    $793,550
    $1,026,520
    -
    $665,630
    $2,267,290
    $2,932,920

    Comparable in this City

    • Value Estimation
      $2,400,000
      30,044 SF

      15 Orange St

      OFFICE BUILDING • 30,044 SF
      15 Orange St, Ashland, OH 44805
      View Details
    • Value Estimation by Request
      1,287 SF

      135 Un St

      OFFICE BUILDING • 1,287 SF
      135 Un St, Ashland, OH 44805-2317
      View Details
    • Value Estimation
      $585,000
      13,000 SF

      220 Westlake Dr

      OFFICE BUILDING • 13,000 SF
      220 Westlake Dr, Ashland, OH 44805-1464
      View Details
    • Value Estimation by Request
      1,936 SF

      1501 Cottage St

      OFFICE BUILDING • 1,936 SF
      1501 Cottage St, Ashland, OH 44805-1225
      View Details
    • Value Estimation by Request
      2,250 SF

      771 County Rd 30a

      OFFICE BUILDING • 2,250 SF
      771 County Rd 30a, Ashland, OH 44805-9227
      View Details
    • Value Estimation
      $510,000
      11,160 SF

      1401 Jacobson Ave

      OFFICE BUILDING • 11,160 SF
      1401 Jacobson Ave, Ashland, OH 44805-1846
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      22,300 SF

      Versatile Commercial Space in Ashland

      22,300 SF commercial space with office and warehouse areas.
      1 Hedstrom Dr, Ashland, OH 44805
      View Details
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      300 SF

      Downtown Ashland Office Suites Available

      Multiple office suites available in downtown Ashland, Ohio.
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      720 SF

      Office/Retail Space on Claremont Avenue

      720 SF office/retail space in Ashland, Ohio for sale.
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      2,800 SF

      First Class Ashland Office Space

      Upscale office space with high-end finishes and included utilities.
      1000 Hedstrom Dr, Ashland, OH 44805
      View Details
    • Contact for pricing
      238 SF

      Downtown Ashland Office Suites Available

      Various office suites for sale in downtown Ashland, Ohio.
      19 West Main St, Ashland, OH 44805
      View Details
    • $150,000
      2,896 SF

      Ashland Multi-Family Investment Opportunity

      Three-unit property with separate utilities and off-street parking.
      416-418 Carroll St, Ashland, OH 44805
      View Details

    Similar Nearby for Lease

    • $12,150 /Mo
      25,300 SF

      Ashland Warehouse with Office Space

      25,300 SF warehouse with office and restrooms for lease.
      2355 Rock Rd, Ashland, OH 44805
      View Details
    • Contact for pricing
      1,121 SF

      Retail Space in Ashland, OH

      Retail space available for lease in Ashland, Ohio.
      1004 Sugarbush Dr, Ashland, OH 44805
      View Details
    • Contact for pricing
      9,813 SF

      Ashland Retail Center Opportunity

      Prime Ashland location, 1,121 SF available.
      1000 Sugarbush Dr, Ashland, OH 44805
      View Details
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    1840 Baney Rd
    Ashland, OH 44805-3524
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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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