Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2229 E State St Salem, OH 44460

    • Retail space
    • 15,072 SF
    • 2.11 lot acres
    For Sale
    View listing
    $2,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2175712
    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

    • Rite Aid / Greeting Card Shop / Drug Store
    • higi / Health Consultant
    • Joseph Salmen / Pharmacy
    • Leeanne Guido / Pharmacy
    • Coinhub Bitcoin ATM Teller / Atm

    Property Details for 2229 E State St

    Year built
    2007
    Lot size
    2.11 lot acres
    Property size
    15,072 SF
    Property type
    Retail space
    APN
    51-00121-004
    APU
    5100121004

    Description

    This exceptional commercial property at 2229 E State Street in Salem, Ohio, presents a unique investment opportunity. Boasting a substantial 15,072 square feet, the building sits on a generous 2.12-acre lot and offers significant frontage on three major streets: East State Street (128 feet), Southeast Boulevard (345 feet), and East Pershing Street (312 feet). The property's strategic location within a thriving commercial corridor places it in close proximity to a hospital office complex and various food service establishments, ensuring high visibility and foot traffic. A key feature is the inclusion of a drive-up window, adding convenience and appeal for potential tenants. The building's versatility is further enhanced by the seller's willingness to divide the space to meet individual tenant requirements. For investors seeking a long-term, stable income stream, a land lease is available, offering terms of $125,000 annually over a five-year period. This presents a compelling opportunity to acquire a substantial commercial property in a prime location with flexible lease options to suit a variety of business needs. The asking price for this property is $3,000,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $510,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $635,000
      Current use
      WAREHOUSE, STORAGE
      $660,000
      Change: +4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Columbiana
    State
    Ohio
    Longitude
    -80.8295
    Latitude
    40.9002
    CBSA code
    41400
    CBSA name
    SALEM, 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
    $39,001
    $130,620
    $681,840
    $812,460
    -
    $373,200
    $1,948,100
    $2,321,300

    Comparable in this City

    • Value Estimation
      $215,000
      1,474 SF

      29011 Salem Alliance Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,474 SF
      29011 Salem Alliance Rd, Salem, OH 44460-9706
      View Details
    • Value Estimation
      $250,000
      5,760 SF

      9362 Salem Warren Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,760 SF
      9362 Salem Warren Rd, Salem, OH 44460-7600
      View Details
    • Value Estimation
      $285,000
      2,584 SF

      229 State St

      RETAIL STORES (PERSONAL SERVICES) • 2,584 SF
      229 State St, Salem, OH 44460-2844
      View Details
    • Value Estimation
      $260,000
      4,800 SF

      536 State St

      RETAIL STORES (PERSONAL SERVICES) • 4,800 SF
      536 State St, Salem, OH 44460-2933
      View Details
    • Value Estimation
      $235,000
      3,996 SF

      386 State St

      RETAIL STORES (PERSONAL SERVICES) • 3,996 SF
      386 State St, Salem, OH 44460-2847
      View Details
    • Value Estimation by Request
      3,510 SF

      396 State St

      RETAIL STORES (PERSONAL SERVICES) • 3,510 SF
      396 State St, Salem, OH 44460-2847
      View Details

    Similar Nearby for Sale

    • $200,000
      0.74 Acres

      Salem OH Retail Pad-Ready Site

      Prime .74-acre storefront, ready to build.
      2842 State St, Salem, OH 44460
      View Details
    • $249,000
      4,236 SF

      Mixed-Use Property in Salem, OH

      Mixed-use property with retail, garage, and house in Salem.
      777 N Ellsworth Ave, Salem, OH 44460
      View Details
    • $236,000
      7,347 SF

      Prime Salem Storefront Investment

      High-return, fully leased multi-tenant building.
      241 State St, Salem, OH 44460
      View Details
    • $310,000
      4,732 SF

      Mixed-Use Building in Downtown Salem

      Mixed-use brick building with retail and residential units in Salem.
      127 Penn Ave, Salem, OH 44460
      View Details
    • $649,000
      13,185 SF

      Retail/Flex Building in Salem, OH

      Retail and flex building with warehouse space for sale.
      1965 N Ellsworth Ave, Salem, OH 44460
      View Details
    • $2,500,000
      14,564 SF

      Former Rite Aid with Drive-Thru

      Former Rite Aid in Salem, OH, with drive-thru.
      2229 E State St, Salem, OH 44460
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      295 SF

      Retail Space in Salem, OH

      Retail space available for lease in Salem, Ohio.
      653-657 E State St, Salem, OH 44460
      View Details
    • $11 SF/Yr
      1,000 SF

      Retail Space in Renovated Mall

      Recently renovated retail space with ample parking and co-tenants.
      200 E 2Nd St, Salem, OH 44460
      View Details
    • $7 SF/Yr
      2,907 SF

      Retail Space in Salem, OH

      Retail space available for lease in Salem, Ohio.
      119 Jennings Ave, Salem, OH 44460
      View Details
    • $400 /Mo
      15,072 SF

      Remodeled Office Space in Salem

      Charming 295 sq ft office space in revitalized Courtyard Square.
      657 E State St, Salem, OH 44460
      View Details
    • $1,200 /Mo
      5,410 SF

      Salem, OH Retail/Office Space

      1,938 sqft retail or office space with dedicated parking.
      111 Jennings Ave, Salem, OH 44460
      View Details
    • $1,000 /Mo
      4,199 SF

      Retail/Office Space in Salem, OH

      Versatile commercial space in Salem, suitable for retail or office.
      293 N Ellsworth Ave, Salem, OH 44460
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2229 E State St
    Salem, OH 44460
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.