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

    515 Water St Kent, OH 44240-3547

    • Outlet malls
    • 6,705 SF
    • 0.25 lot acres
    OFF-MARKET
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2161132
    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

    • Advance Auto Parts / Auto Parts Store / Car Accessories Store

    Property Details for 515 Water St

    Year built
    2000
    Lot size
    0.25 lot acres
    Property size
    6,705 SF
    Property type
    Outlet malls
    APN
    17-013-10-00-002
    APU
    170131000002

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $440,000
      6.5%
      $405,000
      7%
      $380,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $627,000
      Market price range: $209k - $639k
      AI Estimate
      $501,000
      Market price range: $155k - $636k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $505,000
      Current use
      AUTO REPAIR, GARAGE
      $515,000
      Change: +2% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $510,000
      Change: +1% Conversion: Difficult
      WAREHOUSE, STORAGE
      $425,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Kent
    County
    Portage
    State
    Ohio
    Longitude
    -81.3577
    Latitude
    41.1496
    CBSA code
    10420
    CBSA name
    AKRON, 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
    $10,314
    $34,650
    $115,080
    $149,730
    -
    $99,000
    $328,800
    $427,800

    Comparable in this City

    • Value Estimation
      $530,000
      7,171 SF

      1410 Water St

      WHOLESALE OUTLET, DISCOUNT STORE • 7,171 SF
      1410 Water St, Kent, OH 44240-3852
      View Details
    • Value Estimation
      $545,000
      7,586 SF

      1650 Main St

      WHOLESALE OUTLET, DISCOUNT STORE • 7,586 SF
      1650 Main St, Kent, OH 44240-2848
      View Details
    • Value Estimation
      $590,000
      8,000 SF

      1316 Water St

      WHOLESALE OUTLET, DISCOUNT STORE • 8,000 SF
      1316 Water St, Kent, OH 44240-3846
      View Details
    • Value Estimation
      $5,430,000
      84,265 SF

      1828 State Rte 59

      WHOLESALE OUTLET, DISCOUNT STORE • 84,265 SF
      1828 State Rte 59, Kent, OH 44240-2873
      View Details
    • Value Estimation
      $4,445,000
      63,996 SF

      3886 Cascades Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 63,996 SF
      3886 Cascades Blvd, Kent, OH 44240-8026
      View Details
    • Value Estimation by Request
      3,620 SF

      830 Mantua St

      SHOPPING CENTER, STRIP CENTER • 3,620 SF
      830 Mantua St, Kent, OH 44240-2322
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3.47 Acres

      Auburn Retail Center Opportunity

      High-visibility retail spaces available
      4050 Cascades Blvd, Kent, OH 44240
      View Details
    • $3,900,000
      31,762 SF

      Kent, Ohio Retail Plaza

      Multi-tenant retail plaza near Kent State University for sale.
      1763 East Main St, Kent, OH 44240
      View Details
    • $659,000
      1,708 SF

      Highway Commercial Property For Sale

      1,708 SF building on 0.92 acres in high-traffic area.
      4260 State Route 43, Kent, OH 44240
      View Details
    • Contact for pricing
      45.46 Acres

      Brimfield Crossings Restaurant Opportunity

      Prime Kent, OH Restaurant Land - 45 Acres
      4217 State Route 43, Kent, OH 44240
      View Details
    • $3,400,000
      15,120 SF

      Walgreens Pharmacy Investment

      High-yield, long-term Walgreens lease.
      320 Water St, Kent, OH 44240
      View Details
    • $1,150,000
      3,992 SF

      Kent Mixed-Use Redevelopment Opportunity

      High-traffic corner, 6 units, redevelopment potential
      103 Lake St, Kent, OH 44240
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,300 SF

      Retail Space in Kent, Ohio

      Retail spaces available in a growing regional development.
      4050 Cascades Blvd, Kent, OH 44240
      View Details
    • Contact for pricing
      2,250 SF

      Retail Spaces in Kent, Ohio

      Multiple retail spaces available in Kent, Ohio shopping center.
      3975 Cascades Blvd, Kent, OH 44240
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space Near Kent State

      Retail space with high visibility and ample parking available for lease.
      1709 E Main St, Kent, OH 44240
      View Details
    • $9 SF/Yr
      129,714 SF

      University Plaza: Retail & Office Space

      High-traffic Kent, OH retail/office center
      1410 Water St, Kent, OH 44240
      View Details
    • Contact for pricing
      1,407 SF

      Mixed-Use Development in Kent, OH

      Mixed-use development near Kent State University with retail and office space.
      295 S Water St, Kent, OH 44240
      View Details
    • Contact for pricing
      1,356 SF

      Mixed-Use Development in Kent, OH

      Mixed-use development near Kent State University with retail and office space.
      215 S Water St, Kent, OH 44240
      View Details
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    515 Water St
    Kent, OH 44240-3547
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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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