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Property profile & analytics
FOR LEASE
Commercial real estate
305 West Main St Ottawa, OH 45875
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US66-4604128
For Lease
1 / 11
$1,645,000
305 West Main St, Ottawa, OH 45875
View Listing →
Property summary
AI-generated overview
This freestanding, 11,300 square foot former Rite Aid pharmacy in Ottawa, Ohio, is available for sale, lease, or ground lease. Situated on a 0.99-acre lot at 305 W Main St, 45875, this property boasts over 255 linear feet of frontage on W. Main Street and 165 linear feet on N. Elm Street, benefiting from over 16,200 vehicles passing daily. Its central location offers premier visibility and accessibility within the corridor, surrounded by residential areas. The building underwent a recent "Wellness Remodel" by Rite Aid, resulting in a significantly updated interior. Furthermore, the roof was recently improved in 2022 as part of a sale-leaseback transaction. The property includes a double-lane drive-thru, adding to its convenience and appeal. This presents a unique opportunity for a variety of retail uses. The net rentable square footage is 11,325 square feet. The asking price is $1,650,000.
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1999
Construction
CONCRETE BLOCKS
Total area
11,740 SF
APN
32-009100.0000
UPID
US66-4604128
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.08M
CAP Approach
CAP
$1.59M
Comparable Approach
Comparable
$1.54M
Blend (final)
Blend
$1.65M
Owner & transaction history
305 Main St LLC · 4 yrs held
305 Main St LLC
since 2021
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.9M
+158.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Ottawa submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ottawa submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,800,000
ML approach
$2,080,000
CAP Approach
CAP Return
Estimation
6%
$1,715,000
6.5%
$1,585,000
7%
$1,470,000
Alternative Use
Use
Estimation
RESTAURANT
$1,850,000
Change: +159% · Conversion: Difficult
Blend value · Realmo final
$1.65M
Range $1.48M – $1.81M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$140 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$6,994
Tax year 2023
Assessed value
$164,240
Assessed 2023
Previous assessed
$164,240
+0.0% YoY
Effective rate
4.26%
On assessed value
Assessed land
$25,890
Assessed improvement
$138,350
Land market value
$73,970
Improvement market value
$395,290
Total market value
$469,260
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
For Lease
Year built
1999
Construction
CONCRETE BLOCKS
Total area
11,740 SF
APN
32-009100.0000
UPID
US66-4604128
Jurisdiction
PUTNAM
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$1.9M
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1999
Construction
CONCRETE BLOCKS
Current owner
From public records · entity-resolved
305 Main St LLC
Entity
Mailing address
PO BOX 3165, HARRISBURG, PA 17105-3165
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 29, 2021
$2,125,000
305 Main St LLC
Rite Aid Of Ohio INC
Limited Warranty Deed
$9,700,000 · Rite Aid Orlo 1 Funding LP
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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