263 Main StRavenna, OH 44266

Property Details for 263 Main St

Year built

1900

Lot size

0.12 AC

Property size (Sq ft)

5,788 SF

Property type

Office properties

Property subtype

Other office properties

APN

31-361-13-00-049

APU

313611300049

Description

This exceptional 5,788-square-foot office building is ideally situated in the heart of downtown Ravenna, Ohio. The property boasts three distinct suites, offering a versatile layout perfect for a variety of business needs. Two ground-level suites, each approximately 1,500 square feet, are currently leased. Suite C features a large open office area, a restroom, three private offices, and a kitchen/breakroom. Suite B includes a spacious reception/waiting area, a large office, two restrooms, four private offices, and a kitchenette. The upper level, Suite A, encompasses approximately 3,000 square feet and offers a generous reception area, a conference room, a large open office space, three restrooms, four private offices (one with its own restroom), a kitchenette, and ample storage. A full, unfinished basement provides additional potential for expansion or storage. The property also includes a small asphalt parking lot accommodating six vehicles, supplemented by convenient street parking on Main Street. This building presents a compelling investment opportunity in a thriving downtown location. The 0.12-acre lot provides a manageable footprint, while the existing rental income from two suites offers immediate return on investment. The property is priced at $249,900.

• CAP approach

  CAP return

  Valuation

  6%

  $1,100,745

  6.5%

  $1,016,072

  7%

  $943,496

• Comparable approach

  Method

  Valuation

  Relative Method

  $541,410

  Geo Method

  $541,410

• Alternative Use

  Use

  Valuation

  Residential

  $1,259,930

  Hospitality

  $1,154,089

  Educational

  $960,188

  Medical

  $993,211

  Retail

  $1,493,627

Location Insight

City

Ravenna

County

Portage

State

Ohio

Latitude

41.1575

Longitude

-81.2458

CBSA code

10420

CBSA name

AKRON, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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