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

    6020 Manchester Rd New Franklin, OH 44319-4600

    • Banks
    • 3,496 SF
    • 1.81 lot acres
    OFF-MARKET
    Value Estimations
    $185,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2380745
    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

    • Banks

    Property Details for 6020 Manchester Rd

    Year built
    2001
    Lot size
    1.81 lot acres
    Property size
    3,496 SF
    Property type
    Banks
    APN
    23-01042
    APU
    2301042

    Description

    This exceptional 3,496-square-foot former bank building in New Franklin, Ohio, presents a unique investment opportunity. Located on a 1.81-acre corner lot at 6020 Manchester Rd (44319), this single-story, 2001-built structure boasts a convenient location between Canal Fulton and Portage Lakes. The property is zoned B-1 and offers ample parking for 43 vehicles, ensuring easy access for customers and employees. The building features a large open area, a lunchroom, two restrooms, a conference room, and substantial storage space. All non-compete restrictions have been removed, opening the door to a variety of uses. Intact security features include a safe and drive-through. The asking price is $689,000, with a price per square foot of $197.08. Lease options are also available at $3,500 per month plus NNN and utilities, with a minimum lease term of 3-5 years. The property's excellent condition and versatile layout make it ideal for a range of retail or office businesses. Potential buyers or lessees are encouraged to verify zoning compliance with local authorities to ensure their intended use aligns with permitted regulations. This is a rare opportunity to acquire a well-maintained, strategically located commercial property with significant potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $195,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $174,000
      Market price range: $163k - $328k

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $245,000
      Current use
      OFFICE BUILDING
      $235,000
      Change: -4% Conversion: Difficult
      RETAIL STORES
      $235,000
      Change: -5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    New Franklin
    County
    Summit
    State
    Ohio
    Longitude
    -81.5697
    Latitude
    40.9414
    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
    $6,701
    $73,490
    $33,670
    $107,160
    -
    $209,960
    $96,190
    $306,150

    Comparable in this City

    • Value Estimation
      $215,000
      4,352 SF

      3379 Manchester Rd

      FINANCIAL BUILDING • 4,352 SF
      3379 Manchester Rd, Coventry Township, OH 44319-1410
      View Details
    • Value Estimation
      $235,000
      3,230 SF

      3451 Manchester Rd

      FINANCIAL BUILDING • 3,230 SF
      3451 Manchester Rd, Coventry Township, OH 44319-1412
      View Details
    • Value Estimation
      $245,000
      5,202 SF

      2500 Turkeyfoot Rd

      FINANCIAL BUILDING • 5,202 SF
      2500 Turkeyfoot Rd, Coventry Township, OH 44319-1141
      View Details
    • Value Estimation
      $185,000
      1,653 SF

      5638 Manchester Rd

      FINANCIAL BUILDING • 1,653 SF
      5638 Manchester Rd, New Franklin, OH 44319-4213
      View Details
    • Value Estimation
      $235,000
      2,440 SF

      5091 Manchester Rd

      FINANCIAL BUILDING • 2,440 SF
      5091 Manchester Rd, New Franklin, OH 44319-3958
      View Details
    • Value Estimation
      $185,000
      576 SF

      2989 Main St

      RETAIL STORES (PERSONAL SERVICES) • 576 SF
      2989 Main St, Coventry Township, OH 44319-1858
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.00 Acre

      Prime Akron Outlot for Lease

      ±1-acre commercial outlot near Portage Lakes.
      4045-4049 Main St, Akron, OH 44319
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      Akron Mixed-Use Commercial Building

      Prime Akron location, flexible space, high ROI potential.
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    • $799,000
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      Retail and Warehouse Facility

      15,080 SF facility with retail and warehouse space.
      3758 Manchester Rd, Akron, OH 44319
      View Details
    • Contact for pricing
      2,940 SF

      Former Automotive Building on Waterloo

      Automotive building with frontage on E Waterloo Road in Akron.
      25 E Waterloo Rd, Akron, OH 44319
      View Details
    • $2,365,886
      15,712 SF

      Stonewall Auto Repair Investment Opportunity

      NNN leased Stonewall Auto Repair in Akron, Ohio for sale.
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      View Details
    • $1,421,210
      3,029 SF

      Pizza Hut in Akron, OH

      NNN leased Pizza Hut with long-term lease and annual rent.
      2665 Manchester Rd, Akron, OH 44319
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      7,619 SF

      Grocery Anchored Retail Space

      Retail spaces available in grocery-anchored center near Portage Lakes.
      3963-4045 S Main St, Akron, OH 44319
      View Details
    • $1,500 /Mo
      1,600 SF

      Retail Space Available For Lease

      Retail units available from 500 to 1,504 square feet.
      767 E Turkeyfoot Lake Rd, Akron, OH 44319
      View Details
    • $575 /Mo
      600 SF

      Retail/Office Space in PLX Plaza

      600 SF retail/office space available in Akron, OH.
      3450 Manchester Rd, Akron, OH 44319
      View Details
    • Contact for pricing
      5,500 SF

      Arlington Ridge Marketplace Retail Space

      High-traffic retail space, Green, OH. Target-anchored center.
      790 Arlington Rdg, New Franklin, OH 44319
      View Details
    • $11 SF/Yr
      600 SF

      Akron Retail/Office Space

      600 sq ft, high-traffic location, $575/month.
      3442 Manchester Rd, Akron, OH 44319
      View Details
    • $20 SF/Yr
      16,007 SF

      Akron Office Space for Lease

      Prime Akron office suites, renovated 2022.
      445 Turkeyfoot Lake Rd, Akron, OH 44319
      View Details
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    6020 Manchester Rd
    New Franklin, OH 44319-4600
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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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