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    2358 23Rd St Bellaire, OH 43906

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    2358 23Rd St Bellaire, OH 43906

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    • Office buildings
    • 5,304 SF
    • 10.24 lot acres
    For Sale
    $1,100,000
    View Listing →
    2358 23rd St, Bellaire, OH 43906-9614 For Sale
    $1,100,000
    5,772 SF

    2358 23rd St, Bellaire, OH 43906-9614

    Office buildings

    2358 23Rd St, Bellaire, OH 43906
    View Listing
    Property ID
    US66-6306649
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Waco Oil & Gas / Gas Company

    Property Details for 2358 23Rd St

    Year built
    1997
    Lot size
    10.24 lot acres
    Property size
    5,304 SF
    Property type
    Office buildings
    APN
    29-02385-000
    APU
    2902385000

    Description

    This 5,772 square foot commercial property in Bellaire, OH, offers a unique blend of office and industrial space on over 10 acres of flat land. Built in 1997, the building features a well-designed interior with ample office space and large conference rooms, suitable for various uses including research and development, tech startups, or any business needing flexible space. The expansive 10+ acre lot presents significant expansion opportunities, allowing for additional buildings, storage facilities, or a lay-down yard. Located in Bellaire, this property enjoys proximity to the downtown area and is just 15 minutes from a proposed ethane cracker plant, making it ideally situated for businesses seeking to capitalize on regional growth, particularly in the petrochemical sector. Its accessibility to major transportation routes ensures high visibility and ease of access, benefiting businesses in manufacturing, logistics, or other industries requiring strategic placement and operational efficiency. Currently vacant, this property is ready for immediate occupancy. The asking price is $1,100,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $905,000
      6.5%
      $835,000
      7%
      $775,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $467,000
      Market price range: $194k - $468k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $555,000
      Current use
      COMMERCIAL (GENERAL)
      $515,000
      Change: -7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellaire
    County
    Belmont
    State
    Ohio
    Longitude
    -80.756
    Latitude
    40.0069
    CBSA code
    48540
    CBSA name
    WHEELING, WV-OH 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
    $5,326
    $19,008
    $100,051
    $119,059
    -
    $54,310
    $285,860
    $340,170

    Comparable in this City

    • Value Estimation by Request
      2,412 SF

      3498 Noble St

      OFFICE BUILDING • 2,412 SF
      3498 Noble St, Bellaire, OH 43906
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    • Value Estimation by Request
      4,525 SF

      380 38th St

      OFFICE BUILDING • 4,525 SF
      380 38th St, Bellaire, OH 43906-1210
      View Details
    • Value Estimation
      $1,335,000
      45,936 SF

      5310 Guernsey St

      OFFICE BUILDING • 45,936 SF
      5310 Guernsey St, Bellaire, OH 43906-9516
      View Details
    • Value Estimation by Request
      5,300 SF

      4 Commerce Pkwy

      OFFICE BUILDING • 5,300 SF
      4 Commerce Pkwy, Bellaire, OH 43906-1704
      View Details
    • Value Estimation by Request
      6,880 SF

      64542 Sand Hl Rd

      OFFICE BUILDING • 6,880 SF
      64542 Sand Hl Rd, Bellaire, OH 43906-8603
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    • Value Estimation by Request
      3,904 SF

      3201 Guernsey St

      OFFICE BUILDING • 3,904 SF
      3201 Guernsey St, Bellaire, OH 43906-1543
      View Details

    Similar Nearby for Sale

    • $199,000
      3,904 SF

      Bellaire Office Building For Sale

      Prime Bellaire Office Space, 3904 sq ft
      3201 Guernsey Street , Bellaire, OH 43906, Bellaire, OH 43906
      View Details
    • $199,000
      0.08 Acres

      Bellaire Office Building Investment

      Prime Bellaire, OH office space for sale.
      3201 Guernsey St, Bellaire, OH 43906
      View Details
    • $1,100,000
      5,772 SF

      Bellaire Office Building - 10 Acres

      Versatile 5,772 sq ft office, 10+ acres. Prime location.
      2358 23Rd St, Bellaire, OH 43906
      View Details
    • $199,000
      3,904 SF

      Bellaire Office Building For Sale

      Prime Bellaire Office Space - 3904 sq ft
      3201 Guernsey St, Bellaire, OH 43906
      View Details
    • $1,700,000
      34,286 SF

      Bellaire Riverfront Warehouse

      5-Acre Industrial Property, High Potential
      2200 Union St, Bellaire, OH 43906
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    • $1,100,000
      5,772 SF

      2358 23Rd St

      Flex space • 5,772 SF
      2358 23Rd St, Bellaire, OH 43906
      View Details

    Similar Nearby for Lease

    • $5,500 /Mo

      Industrial Park with Crane Access

      Versatile industrial park with immediate occupancy and crane access.
      54762 Bellaire Neff Rd, Bellaire, OH 43906
      View Details
    • $5,500 /Mo
      108,900 SF

      Versatile Industrial Park Setting

      Industrial park with versatile buildings, immediate occupancy, and ample space.
      54762 Bellaire Neffs Rd, Bellaire, OH 43906
      View Details
    • $12,000 /Mo
      130,680 SF

      Industrial Park Near State Route

      Industrial buildings with bay doors, office space, and optional yard.
      State Rte 149, Bellaire, OH 43906
      View Details
    • Contact for pricing

      Remodeled Multi-Tenant Retail Building

      Recently remodeled retail building with available lease space.
      3050 Guernsey St, Bellaire, OH 43906
      View Details
    View Listing
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    Bellaire, OH 43906
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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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