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Property profile & analytics
FOR SALE
Retail space

2229 E State St Salem, OH 44460

15,072 SF 2.11 ac lot Built 2007
Entity Owned 7-yr Hold ~ Est. High Equity
Property ID
US66-2175712
Property summary
AI-generated overview

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.

Property profile
Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 2007
Total area 15,072 SF
Lot 2.11 ac (92,129 SF)
APN 51-00121-004
UPID US66-2175712
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Rite Aid Pharmacy
  • higi Physician
  • Joseph Salmen Pharmacy
  • Leeanne Guido Pharmacy
  • Coinhub Bitcoin ATM Teller Atm
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$932k
Blend (final) Blend
$1.18M
Owner & transaction history
R2k Raslmoh LLC · 7 yrs held
R2k Raslmoh LLC
since 2018
1 recorded transaction
2018
Price N/A
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant $1.2M +83.8%
Medical building $1.1M +69.0%
Office building $1.1M +65.5%
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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