Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers

    2241 Seminary Road SE Newark, OH 43056

    View on Map
    Claim this Listing
    For Sale
    Under Contract
    $3,625,000

    LAND - Newark, OH

    Lot size:
    77.39 Acres
    Added:
    Jun 23, 2022
    Days on Market:
    1413
    Last Refresh:
    May 5 at 8:06 pm

    Property Features for 2241 Seminary Road SE

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active Under Contract
    APN
    080-329358-00.000
    Lot size
    77.39 Acres

    Taxes and HOA fees

    Tax Year
    2021
    Tax Annual Amount
    1107

    We can help!

    Listing Contact
    Richard H Pinkerton
    Richard H Pinkerton

    Listing agent Richard H Pinkerton License #180316

    Listing office Pinkerton Real Estate Services 116 Broadway W, Granville, OH

    Listing date Jun 23, 2022

    MLS# 222022912 Listing URL

    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.

    Overview

    77+ Acre Development Opportunity

    This 77.387-acre property, confirmed by a new survey, presents a development opportunity. The land includes a 1,800 sq ft farm building suitable for equipment storage and two well-stocked ponds for recreational fishing. The property is fully fenced, making it suitable for horses or livestock. Numerous homesites offer picturesque views. Conveniently located near an interstate highway, Licking County airport, Metropolitan Columbus, and local and regional shopping centers, including Easton. The property is zoned A2 and benefits from CAUV tax credits. According to the listing agent, the site will be an excellent development site when Heath completes the construction of municipal utilities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Licking
    State
    Ohio
    Longitude
    -82.494341
    Latitude
    40.006095

    Nearby Similar for Sale

    • $129,900

      Downtown Newark Turn-Key Retail Business

      Profitable retail food business in a vibrant downtown location.
      4 N Park Place, Newark, OH 43055
      View Details
    • $315,000

      Renovated Newark Duplex For Sale

      Fully renovated, side-by-side duplex with separate utilities and garage spaces.
      114-116 Maholm Street, Newark, OH 43055
      View Details
    • $2,500,000
      44,000 SF

      Retail Strip Center Investment Opportunity

      44,000 SF retail strip center anchored by Family Dollar.
      1012 - 1066 Mount Vernon Road, Newark, OH 43055
      View Details
    • $345,000
      8,464 SF

      Versatile Industrial Space in Newark

      8,464 SF industrial space with additional below-grade area.
      355 W Main St, Newark, OH 43055
      View Details
    • $450,000

      Commercial Land on N 21st

      1.5 acre commercial vacant lot zoned General Business.
      Lot 1 N 21st Street, Newark, OH 43055
      View Details
    • $1,795,000
      30,692 SF

      Multi-Tenant Office Building Investment

      Fully leased office building with strong income and 8% CAP.
      195 Union Street, Newark, OH 43055
      View Details
    • $89,900

      Three Acre Wooded Residential Lot

      Scenic 3-acre wooded lot in Licking Valley School District.
      14040 Pinewood Trail Road NE, Newark, OH 43055
      View Details
    • $14

      Newark Office Space For Sale

      Customizable office space near Licking Memorial Hospital.
      336 North 40th Street, Newark, OH 43055
      View Details
    • $2,515,000
      10,242 SF

      CVS NNN Investment Opportunity

      Long-term CVS lease with corporate guaranty in Newark, OH.
      955 N 21st St, Newark, OH 43055
      View Details
    • $2,750,000

      Retail Center in Newark, Ohio

      Established retail center with development potential in a prime location.
      238 Deo Drive, Newark, OH 43055
      View Details
    • $585,000

      Newark Residential Portfolio Opportunity

      Residential portfolio in Newark with recent capital improvements.
      Newark, OH 43055
      View Details
    • $849,000
      10,650 SF

      Downtown Commercial Building with Parking

      10,650 SF commercial building with income and parking.
      55 W Church St, Newark, OH 43055
      View Details

    FAQs

    What type of property is this?
    Farm - Vacant land with development potential near highway and shopping.
    Where is this farm located?
    The property is located at 2241 Seminary Road SE Newark, OH.
    What is the asking price?
    The asking price for this property is $3,625,000.
    What are key features of this property?
    This property features: Large Acreage: 77.387 acres of vacant rolling farmland.; Excellent development site upon completion of municipal utilities.; Conveniently located near interstate highway, airport, Columbus, and shopping.
    (740) 973-0303
    We can help!
    Listing Contact
    Richard H Pinkerton
    Richard H Pinkerton
    Real Estate License ID: 180316
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2241 Seminary Road SE, Newark, OH 43056
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!