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    Property profile & analytics

    2229 State Rte 603 Ashland, OH 44805

    • Warehouses
    • 2,678 SF
    • 14.03 lot acres
    OFF-MARKET
    Value Estimations
    $240,000
    Show details
    Cap Rate Potential
    9.9%
    Warehouses
    Location Intelligence
    Property ID
    US66-3703477
    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

    • Warehouses

    Property Details for 2229 State Rte 603

    Year built
    1948
    Lot size
    14.03 lot acres
    Property size
    2,678 SF
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    F19-035-0-0002-00
    APU
    F190350000200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $235,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $385,000
      6.5%
      $355,000
      7%
      $330,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Ashland
    County
    Ashland
    State
    Ohio
    Longitude
    -82.3626
    Latitude
    40.7363
    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
    $1,060
    $14,140
    $6,140
    $20,280
    -
    $40,410
    $17,530
    $57,940

    Comparable in this City

    • Value Estimation
      $225,000
      1,212 SF

      206 Claremont Ave

      MINI-WAREHOUSE, STORAGE • 1,212 SF
      206 Claremont Ave, Ashland, OH 44805-3055
      View Details
    • Value Estimation
      $225,000
      858 SF

      439 Main St

      MINI-WAREHOUSE, STORAGE • 858 SF
      439 Main St, Ashland, OH 44805-2551
      View Details
    • Value Estimation
      $225,000
      1,074 SF

      Scott St

      MINI-WAREHOUSE, STORAGE • 1,074 SF
      Scott St, Ashland, OH 44805
      View Details
    • Value Estimation
      $240,000
      1,792 SF

      70 Maine St

      MINI-WAREHOUSE, STORAGE • 1,792 SF
      70 Maine St, Ashland, OH 44805-9265
      View Details
    • Value Estimation
      $475,000
      2,136 SF

      588 Us Hwy 250th E

      MINI-WAREHOUSE, STORAGE • 2,136 SF
      588 Us Hwy 250th E, Ashland, OH 44805-8919
      View Details
    • Value Estimation
      $240,000
      3,944 SF

      Southgate Dr

      MINI-WAREHOUSE, STORAGE • 3,944 SF
      Southgate Dr, Ashland, OH 44805
      View Details

    Similar Nearby for Sale

    • $2,300,000
      29,300 SF

      Ashland Industrial Property

      29,300 SF Flex Warehouse, Owner/User
      2395 Rock Rd, Ashland, OH 44805
      View Details
    • $2,600,000
      29,300 SF

      Ashland Warehouse and Office Space

      29,300 SF warehouse with office and breakroom space.
      2395 Rock Rd, Ashland, OH 44805
      View Details
    • New
      Contact for pricing
      5,000 SF

      Ashland Warehouse with Mezzanine Storage

      5,000 sq ft shop building with overhead doors and restroom.
      157 Lodgewood Dr, Ashland, OH 44805
      View Details
    • Contact for pricing
      22,680 SF

      Ashland Manufacturing/Warehouse Building For Sale

      M1-zoned building with conveyor system in downtown Ashland, Ohio.
      322 Commercial Ave, Ashland, OH 44805
      View Details
    • 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
    • $12,400,000

      Ashland Industrial Property For Sale

      Industrial property available for purchase in Ashland, Ohio.
      1840 S Baney Rd, 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
    • $475,000
      2,000 SF

      Renovated Ashland Office/Retail & Warehouse

      Unique opportunity: renovated office, retail, and warehouse space for rent.
      703-715 Cottage St, 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
    • $6 SF/Yr
      43,703 SF

      Retail or Flex Building

      Multi-tenant retail or flex building anchored by Tractor Supply Company.
      2300 Claremont Ave, 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
    • $14 SF/Yr
      1,800 SF

      Retail Space with Drive Thru

      1,800 SF retail space with drive-thru, near Walmart.
      75-85 Amberwood Pkwy, Ashland, OH 44805
      View Details
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    2229 State Rte 603
    Ashland, OH 44805
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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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