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    Smt Summit Ravenna, OH 44266

    • Apartment buildings
    • 1.34 lot acres
    OFF-MARKET
    Value Estimations
    $245,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-3598363
    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

    • Apartment buildings

    Property Details for Smt Summit

    Lot size
    1.34 lot acres
    Property type
    Apartment buildings
    APN
    31-363-00-00-029
    APU
    313630000029

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Ravenna
    County
    Portage
    State
    Ohio
    Longitude
    -81.2463
    Latitude
    41.1406
    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
    $582
    $9,350
    $0.00
    $9,350
    -
    $26,700
    $0.00
    $26,700

    Comparable in this City

    • Value Estimation
      $245,000
      1.58 Acres

      742 Chestnut St

      APARTMENT HOUSE (5+ UNITS) • 1.58 Acres
      742 Chestnut St, Ravenna, OH 44266-3913
      View Details
    • Value Estimation
      $2,460,000
      41,507 SF

      171 Bryn Mawr St

      APARTMENT HOUSE (5+ UNITS) • 41,507 SF
      171 Bryn Mawr St, Ravenna, OH 44266-7730
      View Details
    • Value Estimation
      $215,000
      3,723 SF

      333 Chestnut St

      APARTMENT HOUSE (5+ UNITS) • 3,723 SF
      333 Chestnut St, Ravenna, OH 44266-2285
      View Details
    • Value Estimation
      $230,000
      3,752 SF

      149 Elm St

      APARTMENT HOUSE (5+ UNITS) • 3,752 SF
      149 Elm St, Ravenna, OH 44266-2352
      View Details
    • Value Estimation
      $105,000
      2,299 SF

      234 Highland Ave

      APARTMENT HOUSE (5+ UNITS) • 2,299 SF
      234 Highland Ave, Ravenna, OH 44266-2269
      View Details
    • Value Estimation
      $305,000
      1,989 SF

      760 Northgate Dr

      APARTMENT HOUSE (5+ UNITS) • 1,989 SF
      760 Northgate Dr, Ravenna, OH 44266-2586
      View Details

    Similar Nearby for Sale

    • $218,900
      3,286 SF

      Two-Unit Multifamily Home on Acreage

      Two-unit multifamily property with spacious units and wooded backyard.
      5601 Newton Falls Rd, Ravenna, OH 44266
      View Details
    • $250,000
      2,571 SF

      Ravenna Triplex: Investment Opportunity

      Fully occupied Ravenna triplex generating $2,400 monthly gross income.
      242 W Highland Ave, Ravenna, OH 44266
      View Details
    • New
      $269,900
      Pending

      Shalersville Duplex on Large Lot

      Well-maintained duplex on 1.51 acres, ideal for investors/owner-occupants.
      3562 Webb Rd, Ravenna, OH 44266
      View Details
    • Contact for pricing
      3.50 Acres

      Ravenna Business Park Land

      Prime 3.5-acre commercial lot, ideal for development.
      0 Enterprise Pkwy, Ravenna, OH 44266
      View Details
    • $409,900
      784,081 SF

      Ravenna Commercial Building For Sale

      Completely renovated, multi-use commercial space.
      817 W Main Street , Ravenna, OH 44266, Ravenna, OH 44266
      View Details
    • $424,900
      4,152 SF

      Rootstown Auto Service Garage

      Turn-key auto service operation with additional land site.
      4824 S Prospect St, Ravenna, OH 44266
      View Details

    Similar Nearby for Lease

    • $5 SF/Yr
      60,420 SF

      Ravenna Industrial Manufacturing Space

      60,420 SF Manufacturing Facility, Ohio
      785 Freedom St, Ravenna, OH 44266
      View Details
    • $9 SF/Yr
      6,600 SF

      Two-Story Building in Ravenna Center

      6,600 SF building in Ravenna, suitable for retail/office.
      101 E Main St, Ravenna, OH 44266
      View Details
    • $89,000
      3,016 SF

      Spacious Condo Suite Near Hospitals

      3,016 SF condo suite near University Hospitals Portage Medical Center.
      6693 N Chestnut St, Ravenna, OH 44266
      View Details
    • Contact for pricing

      Hard Corner Development Site

      1.5-acre development site in Ravenna's trade area.
      832 W Main St, Ravenna, OH 44266
      View Details
    • Contact for pricing
      26 SF

      26 Acres Commercial Land Available

      26.97 acres of land for lease near Kent State.
      2567 St, Ravenna, OH 44266
      View Details
    • $5 SF/Yr
      152,259 SF

      Ravenna Warehouse Space For Lease

      152,259 SF warehouse space available for lease in Ravenna, OH.
      150 Loomis Pkwy, Ravenna, OH 44266
      View Details
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    Smt Summit
    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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