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

    307 Washington St Medina, OH 44256-2116

    • Office buildings
    • 2,028 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    Apr 10, 2024
    $224,250
    Value Estimations
    $225,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0119532
    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

    • Havana's Choice Cigars & Lounge / Cigar Shop
    • Medina Cigar & Tobacco / Cigar Shop

    Property Details for 307 Washington St

    Year built
    2006
    Construction
    WOOD
    Lot size
    0.23 lot acres
    Property size
    2,028 SF
    Zone code
    RESIDENTIAL 1
    Property type
    Office buildings
    APN
    028-19B-21-145
    APU
    02819B21145

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $225,000
      ML approach
      $225,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $228,000
      Market price range: $160k - $284k
      AI Estimate
      $192,000
      Market price range: $99.1k - $272k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $220,000
      Current use
      MEDICAL BUILDING
      $340,000
      Change: +53% Conversion: Easy
      RETAIL STORES
      $290,000
      Change: +31% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $245,000
      Change: +10% Conversion: Easy
      AUTO REPAIR, GARAGE
      $235,000
      Change: +7% Conversion: Difficult
      WAREHOUSE, STORAGE
      $195,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Medina
    County
    Medina
    State
    Ohio
    Longitude
    -81.8601
    Latitude
    41.1384
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN 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
    $4,435
    $38,850
    $37,150
    $76,000
    -
    $111,000
    $106,130
    $217,130

    Comparable in this City

    • Value Estimation
      $500,000
      22,268 SF

      Longview Rd

      OFFICE BUILDING • 22,268 SF
      Longview Rd, Medina, OH 44256
      View Details
    • Value Estimation
      $730,000
      24,320 SF

      3985 3995th 4015th Medina Rd

      OFFICE BUILDING • 24,320 SF
      3985 3995th 4015th Medina Rd, Medina, OH 44256
      View Details
    • Value Estimation
      $260,000
      1,664 SF

      209 Broadway St

      OFFICE BUILDING • 1,664 SF
      209 Broadway St, Medina, OH 44256-3677
      View Details
    • Value Estimation
      $265,000
      600 SF

      3242 Medina Rd

      OFFICE BUILDING • 600 SF
      3242 Medina Rd, Medina, OH 44256-9642
      View Details
    • Value Estimation
      $435,000
      10,723 SF

      4018 Medina Rd

      OFFICE BUILDING • 10,723 SF
      4018 Medina Rd, Medina, OH 44256-9675
      View Details
    • Value Estimation
      $295,000
      4,350 SF

      2528 Medina Rd

      OFFICE BUILDING • 4,350 SF
      2528 Medina Rd, Medina, OH 44256-8144
      View Details

    Similar Nearby for Sale

    • $1,500,000
      13,380 SF

      Medina Retail & Office Complex

      Prime Medina location, 13,380 SF, 3 buildings.
      3900 Pearl Rd, Medina, OH 44256
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    • Contact for pricing
      5.47 Acres

      Medina Office & Retail Land

      Prime Medina location, 5.47 acres.
      4000 Carrick Dr, Medina, OH 44256
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    • $1,500,000
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    • $445,000
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      Medina Retail/Office Condominium For Sale

      Retail/office condominium in active corridor, suitable for various uses.
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    • $445,000
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      Medina Office Building For Sale

      2,188 SF office building on 0.498 AC available for sale.
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    • Contact for pricing
      1.90 Acres

      Medina Industrial Land for Sale

      Prime Ohio location, 5 lots available
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    Similar Nearby for Lease

    • $12 SF/Yr
      20,000 SF

      Modern Office Building in Medina

      80,000 SF office building with easy interstate access.
      1093 Medina Rd, Medina, OH 44256
      View Details
    • $300 /Mo
      51,300 SF

      Medina Office Building For Lease

      Prime Medina location with leasing opportunities and building amenities.
      3637 Medina Rd, Medina, OH 44256
      View Details
    • $12 SF/Yr
      72,000 SF

      Akron Medina Corporate Park Office Space

      Prime Medina Office/Warehouse Space Available
      1035-1065 Medina Rd, Medina, OH 44256
      View Details
    • Contact for pricing
      2,259 SF

      Downtown Medina Second-Floor Office Suite

      Spacious office suite in downtown Medina with versatile layout.
      213 S Court St, Medina, OH 44256
      View Details
    • $19 SF/Yr
      2,000 SF

      Medina Road Office Space

      2,000 SF office suite with excellent highway access.
      3645-3647 Medina Rd, Medina, OH 44256
      View Details
    • New
      $7,600 /Mo
      132,753 SF

      Medina Commercial Space For Lease

      Highly visible commercial space suitable for retail, office, or showroom.
      998 N Court St, Medina, OH 44256
      View Details
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    307 Washington St
    Medina, OH 44256-2116
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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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