240 Chestnut StRavenna, OH 44266

Property Details for 240 Chestnut St

Year built

1940

Lot size

0.12 AC

Property size (Sq ft)

2,700 SF

Property type

Office properties

Property subtype

Other office properties

APN

31-361-13-00-111

APU

313611300111

Description

This exceptional 2700 square foot office building presents a unique investment opportunity in the heart of Downtown Ravenna, Ohio. Strategically located directly behind the Portage County Courthouse, this property enjoys high visibility and convenient access to county services and the city center. The building comprises three individual office units, each featuring two to three private offices, providing flexibility for various business needs. On-site parking is available in a dedicated lot situated in front of the building, ensuring convenient access for tenants and clients. Constructed in 1940 and thoughtfully remodeled in 1994, the building blends historical charm with modern functionality. The 0.12-acre lot provides ample space for parking and potential future expansion. This property is ideal for a variety of uses, from established businesses seeking a prominent downtown location to entrepreneurs looking for a well-maintained space to launch their ventures. Its central location and convenient amenities make it an attractive option for a wide range of potential occupants. The asking price of $250,000 represents a compelling investment opportunity in a thriving Ohio community. Don't miss this chance to acquire a valuable commercial property in a high-demand area.

• CAP approach

  CAP return

  Valuation

  6%

  $513,478

  6.5%

  $473,980

  7%

  $440,124

• Comparable approach

  Method

  Valuation

  Relative Method

  $252,558

  Geo Method

  $252,558

• Alternative Use

  Use

  Valuation

  Residential

  $587,735

  Hospitality

  $538,362

  Educational

  $447,911

  Medical

  $463,315

  Retail

  $696,750

Location Insight

City

Ravenna

County

Portage

State

Ohio

Latitude

41.1562

Longitude

-81.2435

CBSA code

10420

CBSA name

AKRON, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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