Agricultural Land With
For Sale
$1,250,000
2182 Patterson Road SW, Pataskala, OH 43062
Land, Pataskala, OH
Property Size4,565 SF
Lot Size26.62 Acres
Price / SF$273.82
Days on Market19
Property Features for 2182 Patterson Road SW
General Information
Property type
Land
Property subtype
Other
Zoning description
Residential
Lot features
Sloped, Fenced Pasture, Wooded
Elementary school district
LICKING HEIGHTS LSD 4505 LIC CO.
Middle school district
LICKING HEIGHTS LSD 4505 LIC CO.
High school district
LICKING HEIGHTS LSD 4505 LIC CO.
Standard status
Active
APN
082-107130-00.000
Size
4,565 SF
Lot size
26.62 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6018
Utilities
Utilities
Electricity Available
Sewer type
Private Sewer
Building Details
Year built
1969
Listing Agency:
Keller Williams Capital Ptnrs · Keller Williams Realty
(614) 888-1000
Listed By:
Andrew Louis Notturniano
(614) 506-5775
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 30 at 10:06PM
MLS# 226030455
Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This agricultural land offering comprises 26.62+/- contiguous acres across two tax parcels in Jersey Township. The terrain is gently rolling, with a mix of open and wooded areas and approximately 993 feet of road frontage. Current zoning is Rural Residential under Licking County and Jersey Township regulations.
The property includes a 4,565-square-foot, two-story residence with 3BR/2.1BA, a detached garage, and an additional outbuilding. Dual HVAC systems and a whole-home generator are among the residence improvements. The home was built in 1969. AEP electric and Columbia gas are identified at the site, while the property also lists private sewer. The land is located near SR-161, the Intel Ohio One campus, and the New Albany International Business Park.
The property includes a 4,565-square-foot, two-story residence with 3BR/2.1BA, a detached garage, and an additional outbuilding. Dual HVAC systems and a whole-home generator are among the residence improvements. The home was built in 1969. AEP electric and Columbia gas are identified at the site, while the property also lists private sewer. The land is located near SR-161, the Intel Ohio One campus, and the New Albany International Business Park.
Key Highlights
- 26.62+/- contiguous acres across two tax parcels
- Approximately +/-993 feet of road frontage
- Gently rolling terrain with open and wooded areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,809
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$836,180
$836.2K
Cap Rate 7%
$597,271
$597.3K
Cap Rate 9%
$464,544
$464.5K
Market Conditions
NOI Build-Up for 4,565 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$79.4K $17.40/SF
− Vacancy
−$3.4K −$0.75/SF
EGI
$76.0K $16.65/SF
− OpEx
−$34.2K −$7.49/SF
NOI
$41.8K $9.16/SF
Area
Licking County, OH
Vacancy
4.30%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$836,180
Cap Rate 7%
$597,271
Cap Rate 9%
$464,544
Alternative Uses
Best Use
Apartment 5plus
$597.3K
$522.6K – $696.8K
NOI $41,809 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$3.67M
$3.21M – $4.28M
NOI $256,637 @ 7.0% cap · market cap 20.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 43062, OH
32,125
Population
11,979
Households
2.7
Avg Household Size
39
Median Age
32%
College-Educated
94%
High-School Grad
74.3 sq mi
ZIP Area
432
Density / Sq Mi
$100,450
Median Household Income
$53,329
Median Earnings
$1,334
Median Rent
$292,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Agricultural land / Farmland - Contiguous farmland combines rolling open and wooded areas, substantial road frontage, and an existing two-story residence.
Where is this agricultural land / farmland located?
The property is located at 2182 Patterson Road SW Pataskala, OH.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 26.62+/- contiguous acres across two tax parcels; Approximately +/-993 feet of road frontage; Gently rolling terrain with open and wooded areas
