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    2519 State Rte 61 Norwalk, OH 44857-9181

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    2519 State Rte 61 Norwalk, OH 44857-9181

    View on Map
    • Office buildings
    • 1,151 SF
    • 2.07 lot acres
    Off-Market
    Last Sale Sep 17, 2024
    $297,600
    Property ID
    US66-2350657
    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

    • Invizions Inc / Engineering Consultant
    • Wasiniak Construction Inc / General Contractor / Construction Company

    Property Details for 2519 State Rte 61

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.07 lot acres
    Property size
    1,151 SF
    Property type
    Office buildings
    APN
    02-0030-04-049-0000
    APU
    20030040490000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Huron
    State
    Ohio
    Longitude
    -82.637
    Latitude
    41.2093
    CBSA code
    35940
    CBSA name
    NORWALK, 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
    $3,085
    $6,780
    $54,580
    $61,360
    -
    $19,370
    $155,930
    $175,300

    Comparable in this City

    • Value Estimation by Request
      1,050 SF

      21 Whittlesey Ave

      OFFICE BUILDING • 1,050 SF
      21 Whittlesey Ave, Norwalk, OH 44857-1420
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    • Value Estimation by Request
      1,134 SF

      77 Whittlesey Ave

      OFFICE BUILDING • 1,134 SF
      77 Whittlesey Ave, Norwalk, OH 44857-1450
      View Details
    • Value Estimation by Request
      7,656 SF

      85 Benedict Ave

      OFFICE BUILDING • 7,656 SF
      85 Benedict Ave, Norwalk, OH 44857-2112
      View Details
    • Value Estimation by Request
      3,585 SF

      275 Benedict Ave

      OFFICE BUILDING • 3,585 SF
      275 Benedict Ave, Norwalk, OH 44857-2347
      View Details
    • Value Estimation by Request
      5,671 SF

      735 Us Hwy 20th E

      OFFICE BUILDING • 5,671 SF
      735 Us Hwy 20th E, Norwalk, OH 44857-9596
      View Details
    • Value Estimation
      $660,000
      15,688 SF

      1600 Us Hwy 20th W

      OFFICE BUILDING • 15,688 SF
      1600 Us Hwy 20th W, Norwalk, OH 44857-9549
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,000 SF

      Norwalk Office Space: Sublease Available

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      166 Milan Ave, Norwalk, OH 44857
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    • $299,000
      4,286 SF

      Downtown Norwalk Office Building

      Prime Location, 4,286 sq ft Office Space
      10 Main St, Norwalk, OH 44857
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    • New
      $565,000
      6,107 SF

      Leased Medical/Office Building Investment

      Fully leased medical/office building with long-term tenant and strong CAP.
      34 Executive Dr, Norwalk, OH 44857
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    • Contact for pricing
      94,800 SF

      Norwalk Industrial Facility For Sale

      94,800 SF industrial facility with heavy manufacturing zoning.
      205 Republic St, Norwalk, OH 44857
      View Details
    • $2,375,000
      Pending

      44.22 Acres of Land For Sale

      44.22 acres of commercial land for sale in Norwalk, Ohio.
      285 Benedict Ave, Norwalk, OH 44857
      View Details
    • $599,900
      17.63 Acres

      Horse Property with Arenas, Stalls

      Horse property featuring arenas, stalls, and multiple outbuildings.
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    Similar Nearby for Lease

    • Contact for pricing
      7,600 SF

      Retail/Office/Warehouse Space Available

      Retail, office, and warehouse space for lease near Walmart.
      101 Plank Rd, Norwalk, OH 44857
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Single tenant retail space available, approximately 21,400 square feet.
      201 Cline St, Norwalk, OH 44857
      View Details
    • Contact for pricing

      Retail Space on SR 250

      Retail spaces available in Norwalk, anchored by Discount Drug Mart.
      84 Whittlesey Ave, Norwalk, OH 44857
      View Details
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    2519 State Rte 61
    Norwalk, OH 44857-9181
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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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