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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2400 W Prospect Rd, Unit 3-19 Ashtabula, OH 44004

    • Strip malls
    • 91,431 SF
    • 27.28 lot acres
    For Lease
    View listing
    $9 SF/Yr
    Last Sale
    Sep 09, 2022
    $2,140,000
    Value Estimations
    $2,420,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-3086166
    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

    • Slot Land / Casino

    Property Details for 2400 W Prospect Rd

    Year built
    1956
    Construction
    CONCRETE BLOCKS
    Lot size
    27.28 lot acres
    Property size
    91,431 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    48-011-00-001-00
    APU
    480110000100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,845,000
      ML approach
      $2,555,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Ashtabula
    County
    Ashtabula
    State
    Ohio
    Longitude
    -80.8172
    Latitude
    41.8518
    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
    $111,363
    $256,520
    $492,490
    $749,010
    -
    $732,900
    $1,407,100
    $2,140,000

    Comparable in this City

    • Value Estimation
      $4,500,000
      51,416 SF

      2825 Rdg E Rd

      SHOPPING CENTER, STRIP CENTER • 51,416 SF
      2825 Rdg E Rd, Ashtabula, OH 44004-4134
      View Details
    • Value Estimation
      $2,370,000
      25,630 SF

      2102 Metcalf Dr, Unit 1

      SHOPPING CENTER, STRIP CENTER • 25,630 SF
      2102 Metcalf Dr, Ashtabula, OH 44004-3388
      View Details
    • Value Estimation
      $815,000
      8,700 SF

      3915 Jefferson Rd, Unit 3923

      SHOPPING CENTER, STRIP CENTER • 8,700 SF
      3915 Jefferson Rd, Ashtabula, OH 44004-9117
      View Details
    • Value Estimation
      $1,000,000
      10,890 SF

      2604 Prospect Rd

      SHOPPING CENTER, STRIP CENTER • 10,890 SF
      2604 Prospect Rd, Ashtabula, OH 44004-6334
      View Details
    • Value Estimation
      $1,485,000
      16,556 SF

      2900 Rdg Rd E Usr, Unit 20

      SHOPPING CENTER, STRIP CENTER • 16,556 SF
      2900 Rdg Rd E Usr, Ashtabula, OH 44004-4302
      View Details
    • Value Estimation
      $2,090,000
      4,680 SF

      2911 Rdg E Rd

      SHOPPING CENTER, STRIP CENTER • 4,680 SF
      2911 Rdg E Rd, Ashtabula, OH 44004-4301
      View Details

    Similar Nearby for Sale

    • $89,000
      6,771 SF

      Prime Ashtabula Retail Redevelopment

      0.42-acre corner lot, two buildings
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    • $1,600,000
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      Pizza Hut NNN Investment Opportunity

      Long-term Pizza Hut NNN lease with rental increases.
      1951 W Prospect Rd, Ashtabula, OH 44004
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    • $119,500
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      Ashtabula Commercial Building with Loading

      6,000 SF building with loading docks on 0.96-acre lot.
      3104 State Rd, Ashtabula, OH 44004
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    • $315,000
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      Downtown Ashtabula Retail Gem

      Prime Retail Space, Huge Potential
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    • $320,000
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      Ashtabula Commercial Building For Sale

      5,412 SF commercial building suitable for retail or vehicle-related ventures.
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      Ashtabula Industrial Land for Sale

      Prime industrial land ready for development in Ashtabula, Ohio.
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    Similar Nearby for Lease

    • Contact for pricing
      6,183 SF

      Retail Space in Home Depot Plaza

      Retail space for lease in Ashtabula County, Ohio.
      3200 Market Place Dr, Ashtabula, OH 44004
      View Details
    • $9 SF/Yr
      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
    • $9 SF/Yr
      1,188,143 SF

      Ashtabula Commercial Strip Center Space

      Multiple retail units available for lease in Ashtabula, Ohio.
      2400 W Prospect Rd, Ashtabula, OH 44004
      View Details
    • Contact for pricing

      Retail Space in Home Depot Plaza

      Versatile retail space in a thriving Ashtabula commercial hub.
      3120 Market Place Dr, Ashtabula, OH 44004
      View Details
    • Contact for pricing
      19,500 SF

      Prime Ashtabula Retail Space

      High-traffic retail space, 4,000 sq ft available.
      2102 Metcalf Dr, Ashtabula, OH 44004
      View Details
    • $24,520
      95,963 SF

      Ashtabula Retail Space Available

      Commercial space for lease in high-traffic Ashtabula location.
      3315 N Ridge Rd, Ashtabula, OH 44004
      View Details

    Property Visit Statistics

    • Visits by month
      60.8k
    • Visitors by month
      30.1k
    • Avg Time on site
      25 min
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    Ashtabula, OH 44004
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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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