1164 Gibbard Ave & 876-906 N 19th St, Columbus, OH 43219

Building Details

Buildings 4 More

Tenancy Multi More

Listing Agency: Matthews

Listed By: Woody Walton · License #OH 2021003152

Source: Crexi

Added: Oct 27 Changed: Nov 8 Last Checked: Nov 8 at 5:22PM

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Investment Insights

Based on property information with market context.

The property comprises four industrial buildings with approximately 34,276 SF of leasable area. At closing, the owner plans to vacate its approximately 12,651 SF, leaving approximately 20,616 SF, or 62% of the leasable area, vacant. Two of the three tenants remaining have month-to-month leases, allowing for potential occupancy of up to approximately 86% of the space by an owner-user.

Located northeast of Downtown Columbus, the site is minutes from I-71, I-670, Downtown Columbus, and John Glenn Columbus International Airport. The combination of planned vacancy and month-to-month tenancy provides flexibility for occupancy and leasing decisions.

Key Highlights

• Four separate industrial buildings totaling approximately 34,276 SF
• Approximately 20,616 SF, or 62% of leasable area, vacant at closing
• Owner plans to vacate approximately 12,651 SF at closing

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$164,574

Cap Rate

7.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,291,480 $3.3M

Cap Rate 7%

$2,351,057 $2.4M

Cap Rate 9%

$1,828,600 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 34,276 SF

Gross rent

$209.8K $6.12/SF

− Vacancy

−$16.2K −$0.47/SF

EGI

$193.6K $5.65/SF

− OpEx

−$29.0K −$0.85/SF

NOI

$164.6K $4.80/SF

Area

Columbus, OH

Vacancy

7.70%

Lease Rate

$6.12 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,291,480

Cap Rate 7%

$2,351,057

Cap Rate 9%

$1,828,600

Alternative Uses

Best Use

Warehouse

$2.35M

$2.06M – $2.74M (±1% cap)

NOI $164,574 @ 7.0% cap · market cap 7.16%

Second Best

Industrial

$1.94M

$1.69M – $2.26M (±1% cap)

NOI $135,532 @ 7.0% cap · market cap 5.89%

Theoretical Best

Office A

$7.14M

$6.25M – $8.33M (±1% cap)

NOI $500,030 @ 7.0% cap · market cap 21.74%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Warehouses

Suggested Use

Top Pick Law Firm Real Estate Agency Hair Salon Spa & Massage Center Skin Care Clinic Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

527

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 43219, OH

30,457

Population

13,210

Households

2.3

Avg Household Size

33

Median Age

22%

College-Educated

82%

High-School Grad

16.0 sq mi

ZIP Area

1,904

Density / Sq Mi

$51,860

Median Household Income

$32,459

Median Earnings

$1,191

Median Rent

$173,600

Median Home Value

Market

Average Price Trend$/SF for Warehouses in Columbus, OH

$107 Jul

$148 Aug

$154 Sep

$160 Oct

Properties on Market for Warehouses in Columbus

Jul

Aug

Sep

Oct

Vacancy Rate% for Industrial in Columbus, OH

3.7% 2019

5% 2020

2.1% 2021

3.7% 2022

7.1% 2023

9% 2024

6.1% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - Four separate buildings offer a mix of occupied and vacant industrial space near Downtown Columbus.

Where is this warehouse located?

The property is located at 1164 Gibbard Ave & 876-906 N 19th St Columbus, OH.

What is the asking price?

The asking price for this property is $2,300,000.

What are key features of this property?

This property features: Four separate industrial buildings totaling approximately 34,276 SF; Approximately 20,616 SF, or 62% of leasable area, vacant at closing; Owner plans to vacate approximately 12,651 SF at closing