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    2390 Prospect Rd Ashtabula, OH 44004-6356
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    Property profile & analytics

    2390 Prospect Rd, Ashtabula, OH 44004-6356

    View on Map
    • Grocery and convenience stores
    • 56,733 SF
    • 5.02 lot acres
    Off-Market
    Last Sale Dec 15, 2021
    $5,600,000
    Property ID
    US66-4460829
    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
    $5,365,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Giant Eagle Supermarket / Grocery & Convenience Store / Food Market
    • Giant Eagle Bakery / Bakery / Specialty Food Shop
    • Giant Eagle Prepared Foods / Restaurant / Take-out & Catering
    • State Liquor Agency / (Bike/Boat/Book/etc) Store / Wine and Liquor Store
    • Primo Water Exchange / Big Box & Wholesale Store

    Property Details for 2390 Prospect Rd

    Year built
    1956
    Construction
    CONCRETE BLOCKS
    Lot size
    5.02 lot acres
    Property type
    Grocery and convenience stores
    APN
    48-011-00-001-01
    APU
    480110000101

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 5, 2025 — Lambro Ashtabula LLC — Deed · related $40.7M · Royal Bank Of Canada
    Dec 15, 2021 $5,600,000 Lambro Ashtabula LLC Niki Properties II LP Special Warranty Deed —
    Oct 29, 2020 — Tng Taas LLC — Deed · related $3.5M · Wells Fargo Bank NA
    Oct 14, 2020 $4,117,647 Niki Properties II LP E Investors Grant Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,920,000
      ML approach
      $5,335,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,885,000
      OFFICE BUILDING
      $3,455,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Ashtabula
    County
    Ashtabula
    State
    Ohio
    Longitude
    -80.8163
    Latitude
    41.8542
    CBSA code
    11780
    CBSA name
    ASHTABULA, 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
    $39,500
    $96,640
    $456,160
    $552,800
    -
    $276,100
    $1,303,300
    $1,579,400

    Comparable in this City

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      515 12th Ctr St

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      4964 Rdg W Rd

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      1415 Lk Ave

      CONVENIENCE STORE
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    • Value Estimation
      $585,000
      5,264 SF

      5780 Main Ave

      CONVENIENCE STORE
      5780 Main Ave, Ashtabula, OH 44004
      View Details

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      Remodeled Restaurant with Liquor License

      Turnkey restaurant with updates, equipment, and liquor licenses.
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      Ashtabula Credit Union For Sale

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      11,325 SF

      Retail Space Available For Sale

      Retail space with 11,325 SqFt available for sale.
      1115 W Prospect Rd, Ashtabula, OH 44004
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    Similar Nearby for Lease

    • Contact for pricing
      1,900 SF

      Retail Spaces Available for Lease

      Multiple retail units available for lease in a shopping center.
      2400-2530 W Prospect Rd, Ashtabula, OH 44004
      View Details
    • $24,520
      95,963 SF

      Ashtabula Retail Space Available

      Commercial space for lease in high-traffic Ashtabula location.
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      6,183 SF

      Retail Space in Home Depot Plaza

      Retail space for lease in Ashtabula County, Ohio.
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    • $12 SF/Yr
      17,380 SF

      Ashtabula Retail and Warehouse Space

      Retail and warehouse space available for lease in Ashtabula, OH.
      1626 E Prospect Rd, Ashtabula, OH 44004
      View Details
    • Contact for pricing
      3,350 SF

      Retail/Medical Space in Plaza East

      Turn-key retail and medical spaces available in busy Ashtabula.
      2825-2893 N Ridge Rd, Ashtabula, OH 44004
      View Details
    • Contact for pricing
      6,008 SF

      Retail/Office Space in Ashtabula, OH

      6,008 SF retail/office space available for lease.
      1818 Prospect Usr 20 Rd, Ashtabula, OH 44004
      View Details

    Property Visit Statistics

    • Visits by month
      60.6k
    • Visitors by month
      30.1k
    • Avg Time on site
      27 min
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    Ashtabula, OH 44004-6356
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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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    2390 Prospect Rd, Ashtabula, OH, 44004
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