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    2055 Lincoln Way Wooster, OH 44691-3815
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    Property profile & analytics

    2055 Lincoln Way, Wooster, OH 44691-3815

    View on Map
    • Motels
    • 28,116 SF
    • 1.73 lot acres
    Off-Market
    Last Sale Oct 3, 2024
    $3,145,000
    Property ID
    US66-0033965
    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.
    Value Estimations
    $3,145,000
    Show details
    Cap Rate Potential
    3.6%
    Motels
    Location Intelligence

    Current Use by Public Records

    • Quality Inn / Hotel & Motel
    • Wooster inn / Hotel & Motel

    Property Details for 2055 Lincoln Way

    Year built
    1993
    Lot size
    1.73 lot acres
    Property type
    Motels
    APN
    56-01943-003
    APU
    5601943003

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 3, 2024 $3,145,000 Shree Hari Development LLC Jay Jalaram Lodging LLC Warranty Deed $3.1M · Main Street Bank
    Jun 8, 2023 — Jay Jalaram Lodging LLC — Deed · related $1.5M · Wayne Savings Community Bank
    Jun 3, 2022 — Jay Jalaram Lodging LLC — Deed · related $260k · Newtek Small Business Finance LLC
    Jan 25, 2022 — Jay Jalaram Lodging LLC — Deed · related $1M · United States Small Business Admin
    Dec 16, 2021 — Jay Jalaram Lodging LLC — Deed · related $1.6M · Peoples Bank
    Nov 23, 2021 — Jay Jalaram Lodging LLC — Deed · related $1.2M · Peoples Bank Sba
    Feb 15, 2017 — Jay Jalaram Lodging LLC — Deed · related $850k · The Commercial & Savings Bank
    Jan 10, 2012 $1,700,000 Ja Jalaram Lodging LLC Bhg Wooster LLC Warranty Deed $300k · First Wstrn Sblc
    Jun 21, 2006 $2,100,000 Patel,bakulesh G Pmc Commercial Trust Grant Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,145,000
      ML approach
      $3,145,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $2,675,000
      COMMERCIAL (GENERAL)
      $2,635,000
      OFFICE BUILDING
      $2,430,000
      RESTAURANT
      $2,160,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Wooster
    County
    Wayne
    State
    Ohio
    Longitude
    -81.9079
    Latitude
    40.795
    CBSA code
    49300
    CBSA name
    WOOSTER, 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
    $31,238
    $45,130
    $578,880
    $624,010
    -
    $128,950
    $1,653,950
    $1,782,900

    Comparable in this City

    • Value Estimation
      $1,370,000
      5,532 SF

      2137 Lincoln Way

      MOTEL
      2137 Lincoln Way, Wooster, OH 44691-3817
      View Details
    • Value Estimation by Request
      1,280 SF

      3242 Lincoln Way

      MOTEL
      3242 Lincoln Way, Wooster, OH 44691-3744
      View Details
    • Value Estimation
      $865,000
      20,200 SF

      2137 Lincoln Way

      MOTEL
      2137 Lincoln Way, Wooster, OH 44691-3817
      View Details
    • Value Estimation by Request
      16.14 Acres

      3001 Pr Ln

      CAMPGROUND, RV PARK
      3001 Pr Ln, Wooster, OH 44691-9441
      View Details
    • Value Estimation
      $2,225,000
      59,344 SF

      128 Riffel Rd

      HOTEL
      128 Riffel Rd, Wooster, OH 44691-8597
      View Details
    • Value Estimation by Request
      1,820 SF

      8375 Friendsville Rd

      CAMPGROUND, RV PARK
      8375 Friendsville Rd, Wooster, OH 44691-9606
      View Details

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      Wooster, OH Building Lots

      Residential land for sale in Wooster, Ohio.
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      Land available in Northwestern Schools, bring your own builder.
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    Similar Nearby for Lease

    • Contact for pricing

      Wooster Retail Space For Lease

      Retail spaces available in Wooster, Ohio near Dix Expressway.
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      1,000 SF

      Retail Space Near Major Retailers

      1,000 SF retail space shadow-anchored by major retailers.
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      1,781 SF

      Restaurant Space Near Hospital

      1,781 SF restaurant space available for lease.
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      3,090 SF

      Wooster Office Warehouse Space

      Office warehouse space available for lease in Wooster, Ohio.
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      Land for Lease in Wooster

      Land available for lease with build-to-suit options.
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    • Contact for pricing
      2,100 SF

      Corner Building with Private Rooms

      Two-story building with private rooms and on-site parking.
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      View Details
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    Wooster, OH 44691-3815
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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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