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    Property profile & analytics

    2340 East State St Salem, OH 44460

    • Strip malls
    • 60,581 SF
    • 15.82 lot acres
    For Sale
    View listing
    $1,310,483
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-6088962
    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

    • True Value Of Salem #59 / Tool Store / Hardware Store
    • Hillman / Hardware Store
    • True Value / Home Improvement Store / Hardware Store
    • True Value - Salem / Hardware Store

    Property Details for 2340 East State St

    Year built
    1970
    Lot size
    15.82 lot acres
    Property size
    60,581 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    51-05921-000
    APU
    5105921000

    Description

    This exceptional investment opportunity presents a fee-simple, 19,002 square foot Planet Fitness located at 2340 E State St, Salem, OH 44460. The property sits on a 3.82-acre lot and boasts a strong 12-year NNN lease with a prominent national tenant, Planet Fitness (NYSE: PLNT). Built in 2023, this single-tenant building enjoys 100% occupancy and a current NOI of $95,010, representing a 7.00% cap rate and an asking price of $1,357,285.71. The lease includes a significant 20% rent escalation in year seven, providing substantial upside potential. This strategically located property benefits from high traffic counts in Salem's shopping district, situated on the major thoroughfare, E State Street, and surrounded by numerous national retailers including The Home Depot, Tractor Supply, Walmart, Giant Eagle, Aldi, Advance Auto Parts, Dollar Tree, Walgreens, Starbucks, McDonald's, and Marc's. The property's strong tenant, robust lease terms, and prime location make this an attractive investment opportunity with significant long-term growth prospects. The APN is 51-05921-001. The lease commenced on September 25, 2024, and has 12 years remaining.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $925,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Columbiana
    State
    Ohio
    Longitude
    -80.8275
    Latitude
    40.9025
    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
    $66,216
    $239,510
    $1,139,880
    $1,379,390
    -
    $684,300
    $3,256,800
    $3,941,100

    Comparable in this City

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      17,100 SF

      200 2nd St

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      $370,000
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      Pershing St

      SHOPPING CENTER, STRIP CENTER • 8,000 SF
      Pershing St, Salem, OH 44460
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    • Value Estimation
      $445,000
      14,810 SF

      2586 State St

      SHOPPING CENTER, STRIP CENTER • 14,810 SF
      2586 State St, Salem, OH 44460-9338
      View Details
    • Value Estimation
      $575,000
      25,760 SF

      State St

      SHOPPING CENTER, STRIP CENTER • 25,760 SF
      State St, Salem, OH 44460
      View Details
    • Value Estimation
      $520,000
      19,360 SF

      2305 State St

      SHOPPING CENTER, STRIP CENTER • 19,360 SF
      2305 State St, Salem, OH 44460-2524
      View Details
    • Value Estimation
      $280,000
      2,192 SF

      1712 Lincoln Ave

      SHOPPING CENTER, STRIP CENTER • 2,192 SF
      1712 Lincoln Ave, Salem, OH 44460-4289
      View Details

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      Retail Property for Sale

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    Similar Nearby for Lease

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      View Details
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    2340 East State St
    Salem, OH 44460
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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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