817 Main StRavenna, OH 44266

Property Details for 817 Main St

Year built

1920

Construction

FRAME

Lot size

0.18 AC

Property size (Sq ft)

1,766 SF

Property type

Retail properties

Property subtype

Retail space

APN

31-305-10-00-005

APU

313051000005

Description

This completely renovated commercial building at 817 W Main Street, Ravenna, OH, presents a fantastic opportunity for a variety of businesses. Situated just west of downtown Ravenna, this property boasts a prime location with high visibility and easy access. The building itself has undergone a comprehensive renovation in 2023, including a new roof, exterior stone veneer, and a newly paved asphalt driveway. Significant upgrades also encompass the complete replacement of the electrical and plumbing systems, installation of a new HVAC system, a new water heater, and fresh interior paint throughout. Waterproofing has also been implemented to ensure the building's longevity. A substantial warehouse is attached to the rear of the building, offering ample storage or additional workspace. All appliances are included, making this a truly move-in ready property. The 0.18-acre lot provides convenient parking and outdoor space. Note that the square footage does not include the garage/warehouse area. Importantly, recent Ravenna city council approval allows for multi-use occupancy, expanding the potential uses for this versatile property. Priced at $409,900, this is an exceptional investment opportunity in a thriving community.

• CAP approach

  CAP return

  Valuation

  6%

  $493,704

  6.5%

  $455,726

  7%

  $423,175

• Comparable approach

  Method

  Valuation

  Relative Method

  $416,283

  Geo Method

  $416,283

• Alternative Use

  Use

  Valuation

  Residential

  $384,422

  Hospitality

  $352,129

  Educational

  $292,967

  Medical

  $303,043

  Retail

  $455,726

Location Insight

City

Ravenna

County

Portage

State

Ohio

Latitude

41.1578

Longitude

-81.2546

CBSA code

10420

CBSA name

AKRON, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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