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    832 West Main St Ravenna, OH 44266

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    832 West Main St Ravenna, OH 44266

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    • Grocery and convenience stores
    • 47,207 SF
    • 4.20 lot acres
    For Lease
    $1,630,000
    View Listing →
    Hard Corner Development Site Ravenna For Lease
    $1,630,000

    Hard Corner Development Site Ravenna

    Development site in Ravenna's trade area near Kent State University.

    832 West Main Street, Ravenna, OH 44266
    View Listing
    Property ID
    US66-6110322
    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

    • Grocery and convenience stores

    Property Details for 832 West Main St

    Year built
    2002
    Lot size
    4.20 lot acres
    Property size
    47,207 SF
    Property type
    Grocery and convenience stores
    APN
    31-306-03-00-021
    APU
    313060300021

    Description

    This exceptional 1-acre commercial property presents a rare development opportunity in Ravenna, Ohio. Located at 832 W Main St, on the hard corner of W Main St and N Diamond St, this site boasts high visibility due to its signalized intersection. The property is zoned for retail use and is available for sale, ground lease, or build-to-suit options, providing flexibility for various development plans. The ±1.5-acre lot size offers ample space for a substantial retail development, catering to the needs of the growing Ravenna community. Situated in Portage County, this location benefits from convenient access to major transportation routes, ensuring high traffic flow and excellent exposure for any new development. The single-tenancy potential allows for a focused and efficient development strategy. This is an ideal opportunity for developers seeking a prime location with significant potential for return on investment in a thriving market. The property's strategic location and flexible development options make it an attractive proposition for businesses seeking to establish a strong presence in Ravenna. Detailed site plans and zoning information are available upon request. Don't miss this chance to acquire a highly desirable commercial property in a rapidly developing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,164,000
      Market price range: $972k - $3.54M
      AI Estimate
      $1,730,000
      Market price range: $1.02M - $5.08M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,945,000
      Current use
      WAREHOUSE, STORAGE
      $1,740,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Ravenna
    County
    Portage
    State
    Ohio
    Longitude
    -81.2546
    Latitude
    41.1587
    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
    $27,536
    $129,640
    $312,660
    $442,300
    -
    $370,400
    $893,300
    $1,263,700

    Comparable in this City

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      1145 Main St

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    • Value Estimation by Request
      1,980 SF

      4471 State Rte 44

      CONVENIENCE STORE • 1,980 SF
      4471 State Rte 44, Ravenna, OH 44266-9500
      View Details
    • Value Estimation
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      56,937 SF

      228 Sycamore St

      GROCERY, SUPERMARKET • 56,937 SF
      228 Sycamore St, Ravenna, OH 44266-2924
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      1029 Main St

      CONVENIENCE STORE • 1,920 SF
      1029 Main St, Ravenna, OH 44266-2707
      View Details
    • Value Estimation by Request
      0.39 Acres

      1340 Main St

      GROCERY, SUPERMARKET • 0.39 Acres
      1340 Main St, Ravenna, OH 44266-3330
      View Details

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      1 SF

      Hard Corner Development Site Ravenna

      Development site in Ravenna's trade area near Kent State University.
      832 West Main St, Ravenna, OH 44266
      View Details
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    View Listing
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    Ravenna, OH 44266
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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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