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

    2406 Michigan Ave Ashtabula, OH 44004-3164

    • Apartment buildings
    • 22,400 SF
    • 3.54 lot acres
    OFF-MARKET
    Last Sale
    May 30, 2024
    $925,000
    Value Estimations
    $1,035,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0032565
    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

    • Apartment buildings

    Property Details for 2406 Michigan Ave

    Year built
    1984
    Construction
    WOOD
    Lot size
    3.54 lot acres
    Property size
    22,400 SF
    Property type
    Apartment buildings
    APN
    68-319-00-010-01
    APU
    683190001001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $925,000
      ML approach
      $925,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,369,000
      Market price range: $689k - $1.37M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $970,000
      Current use
      RESTAURANT
      $1,535,000
      Change: +58% Conversion: Difficult
      OFFICE BUILDING
      $1,365,000
      Change: +41% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,260,000
      Change: +30% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,165,000
      Change: +20% Conversion: Difficult
      RETAIL STORES
      $865,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Ashtabula
    County
    Ashtabula
    State
    Ohio
    Longitude
    -80.8051
    Latitude
    41.879
    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
    $21,283
    $30,980
    $256,760
    $287,740
    -
    $88,500
    $733,600
    $822,100

    Comparable in this City

    • Value Estimation
      $305,000
      2,658 SF

      3503 Lk Ave

      APARTMENT HOUSE (5+ UNITS) • 2,658 SF
      3503 Lk Ave, Ashtabula, OH 44004-5745
      View Details
    • Value Estimation
      $350,000
      3,258 SF

      5326 Main Ave

      APARTMENT HOUSE (5+ UNITS) • 3,258 SF
      5326 Main Ave, Ashtabula, OH 44004-7056
      View Details
    • Value Estimation
      $305,000
      3,360 SF

      1015 38th St

      APARTMENT HOUSE (5+ UNITS) • 3,360 SF
      1015 38th St, Ashtabula, OH 44004-5545
      View Details
    • Value Estimation by Request
      8,512 SF

      6037 Lake Rd

      Residential income properties • 8,512 SF
      6037 Lake Rd, Ashtabula, OH 44004
      View Details
    • Value Estimation
      $225,000
      5,432 SF

      2903 Jefferson Rd

      APARTMENT HOUSE (5+ UNITS) • 5,432 SF
      2903 Jefferson Rd, Ashtabula, OH 44004-9177
      View Details
    • Value Estimation
      $275,000
      7,040 SF

      100 42nd St

      APARTMENT HOUSE (5+ UNITS) • 7,040 SF
      100 42nd St, Ashtabula, OH 44004-6864
      View Details

    Similar Nearby for Sale

    • $1,200,000

      Lakefront Ashtabula Development Land

      9 Acres, Lake Erie Views, High Potential
      3337 Lake Rd, Ashtabula, OH 44004
      View Details
    • New
      $120,000
      Pending

      Ashtabula Multifamily Property For Sale

      Multifamily property featuring two units, each with a full basement.
      4904 Dunsmore Ave, Ashtabula, OH 44004
      View Details
    • New
      $159,900
      Pending

      Ashtabula Ranch Duplex For Sale

      Ranch duplex with two units, long-term tenants, and recent updates.
      902 E 13Th St, Ashtabula, OH 44004
      View Details
    • $1,390,000
      139.00 Acres

      Prime Ashtabula County Land

      139 Acres, R-2 Zoning, Scenic Views
      SR 45 Center Rd, Ashtabula, OH 44004
      View Details
    • $200,000
      63.00 Acres

      63-Acre Residential Land in Ashtabula, OH

      Prime Development Opportunity: 63 Acres, Priced to Sell
      0 Vl Carpenter Rd, Ashtabula, OH 44004
      View Details
    • $525,000
      52.36 Acres

      Prime 52-Acre Development Land

      Ohio Residential Development Opportunity
      0 38Th St, Ashtabula, OH 44004
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      1,315 SF

      Office Space with Natural Light

      Office space featuring five private offices and an open area.
      4717 Park Ave, Ashtabula, OH 44004
      View Details
    • Contact for pricing
      587,000 SF

      Ashtabula Warehouse/Manufacturing Space Available

      Warehousing and manufacturing space with outdoor storage and parking.
      6800 Center Rd, 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
    • 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
    • $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
    • $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
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    2406 Michigan Ave
    Ashtabula, OH 44004-3164
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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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