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    Property profile & analytics

    231 Main Ave Warren, OH 44481

    • Strip malls
    • 16,026 SF
    • 1.06 lot acres
    For Sale
    View listing
    $1,750,000
    Last Sale
    May 05, 2021
    $350,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1285888
    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

    • Premium Pest Control Warren / Pest Control Service

    Property Details for 231 Main Ave

    Year built
    1968
    Lot size
    1.06 lot acres
    Property size
    16,026 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    39-527835
    APU
    39527835

    Description

    This exceptional 16,000 square foot retail shopping center and storefront, located at 231 Main Ave SW in Warren, Ohio (44481), presents a lucrative investment opportunity. Boasting a total of 32,000 net rentable square feet across a single story building on a one-acre lot, the property is currently 100% occupied by a diverse mix of retail and service tenants. The asking price is $1,750,000, translating to $109.38 per square foot. Situated in the heart of downtown Warren, this plaza enjoys a highly visible location directly across from the courts, fire, and police stations, and just a short distance from the new Kimberly Clark $2 billion development. Extensive renovations completed between 2021 and 2022 encompassed a new roof, updated ceilings, and completely remodeled suites, including electrical and plumbing systems. The property benefits from a net lease structure, with tenants responsible for their own taxes and utilities. Two tenants are established long-term occupants, while others have recently signed new leases, ensuring consistent income and stability. This fully leased, prime retail location offers a compelling investment opportunity with strong tenant occupancy and recent capital improvements. The property's central location and proximity to major developments promise continued growth and high returns.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $425,000
      ML approach
      $555,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $504,000
      Market price range: $505k - $983k

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

    Location Insight

    • Map
    • Local Demand
    City
    Warren
    County
    Trumbull
    State
    Ohio
    Longitude
    -80.8195
    Latitude
    41.2345
    CBSA code
    49660
    CBSA name
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA METROPOLITAN 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
    $7,898
    $50,790
    $71,120
    $121,910
    -
    $145,100
    $203,200
    $348,300

    Comparable in this City

    • Value Estimation
      $360,000
      6,344 SF

      3323 Parkman NW Rd

      SHOPPING CENTER, STRIP CENTER • 6,344 SF
      3323 Parkman NW Rd, Warren, OH 44481-9190
      View Details
    • Value Estimation
      $360,000
      10,598 SF

      6920 Tod SW Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 10,598 SF
      6920 Tod SW Ave, Warren, OH 44481-8628
      View Details
    • Value Estimation
      $255,000
      0.20 Acres

      370 High NE St

      PARKING GARAGE, PARKING STRUCTURE • 0.20 Acres
      370 High NE St, Warren, OH 44481-1222
      View Details
    • Value Estimation
      $290,000
      3.99 Acres

      4858 Parkman NW Rd

      PARKING GARAGE, PARKING STRUCTURE • 3.99 Acres
      4858 Parkman NW Rd, Warren, OH 44481-9138
      View Details
    • Value Estimation
      $270,000
      0.07 Acres

      805 Market St

      CONVENIENCE STORE (W/FUEL PUMP) • 0.07 Acres
      805 Market St, Warren, OH 44481-1039
      View Details
    • Value Estimation
      $270,000
      0.13 Acres

      554 Market St

      PARKING GARAGE, PARKING STRUCTURE • 0.13 Acres
      554 Market St, Warren, OH 44481-1210
      View Details

    Similar Nearby for Sale

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      Prime Warren Retail Plaza

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    • $275,000
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      Prime 1.26-Acre Commercial Land

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    Similar Nearby for Lease

    • $9 SF/Yr
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      Downtown Warren Retail/Office Space

      Clean retail/office space in downtown Warren near Courthouse Square.
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      View Details
    • $9 SF/Yr
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      Downtown Warren Office Space

      1500 sq ft, flexible layout, prime location
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      View Details
    • $375,000
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      Downtown Warren Retail Space Available

      Retail space in downtown Warren with on-site parking.
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      View Details
    • $11 SF/Yr
      72,500 SF

      Downtown Office Space For Lease

      Office space for lease in downtown location.
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      View Details
    • $9 SF/Yr
      2,800 SF

      Downtown Warren Office Space Available

      Clean, secure office space in downtown Warren for rent.
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      View Details
    • $11 SF/Yr
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      Downtown Office Space Available

      Professional office space in downtown location with 24-hour security.
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      View Details
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    231 Main Ave
    Warren, OH 44481
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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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