2825 Ridge RdAshtabula, OH 44004

  • Retail properties
  • 51,416 SF
For Sale
$3,250,000 View listing

Property Details for 2825 Ridge Rd

Year built
2003
Construction
CONCRETE BLOCKS
Lot size
3.17 AC
Property size (Sq ft)
51,416 SF
Property type
Retail properties
Property subtype
Strip malls
APN
03-012-00-075-00
APU
30120007500

Description

Plaza East, a 47,615 square foot shopping center in Ashtabula, Ohio, is available for $3,250,000. Built in 2003, this multi-tenant property currently boasts 68% occupancy across 10 units. The property features several turnkey medical office suites, previously occupied by a surgery center and dermatology practice, making it ideal for medical office users or owner-users. Its tenant mix is largely service-based and food-related, providing resilience against online competition. Priced at $72 per square foot, it's significantly below replacement cost. The strong tenant synergy and prime location within Ashtabula's main retail corridor, shadowing Ashtabula Towne Square and near major retailers like Lowe's, Walmart, and Home Depot, ensures high visibility and foot traffic. The property offers significant value-add potential

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $13,597,109
    6.5%
    $12,551,178
    7%
    $11,654,665
  • Comparable approach

    Method
    Valuation
    Relative Method
    $12,119,821
    Geo Method
    $12,119,821
  • Alternative Use

    Use
    Valuation
    Residential
    $10,587,388
    Hospitality
    $9,697,991
    Educational
    $8,068,614
    Medical
    $8,346,106
    Retail
    $12,551,178
2825 Ridge Rd, Ashtabula, Ohio

Location Insight

City
Ashtabula
County
Ashtabula
State
Ohio
Latitude
41.8774
Longitude
-80.7589
CBSA code
11780
CBSA name
ASHTABULA, OH MICROPOLITAN 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
$45,122
$148,160
$433,340
$581,500
-
$423,300
$1,238,100
$1,661,400

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