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    Grandview Heights Retail Center For Sale Title is generated by Realmo AI

    1664 W 1st Ave, Columbus, OH

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    Fully leased retail center in Columbus, Ohio's Grandview Heights.

    Type:RETAIL
    Property size:
    9,525 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $230/SF
    Added:
    Dec 27, 2024
    Days on Market:
    533
    Last Refresh:
    May 20 at 8:51 pm

    Property Features for 1664 W 1st Ave

    General Information

    Standard status
    Active
    Size
    9,525 SF
    Lot size
    0.24 Acres
    Property subtype
    RETAIL

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    Listing Contact
    Brad L Kitchen, SIOR

    Listing agent Brad L Kitchen, SIOR

    Listing office Alterra Real Estate Advisors

    Listing date Dec 27, 2024

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Alterra Real Estate Advisors

    HighLights

    • Fully leased 9,525 SF retail center in Grandview Heights.
    • Priced 20% below market average sales price.
    • Upside potential from below market rents.
    • Opportunity to self‑manage for increased return.
    • Tenants paid for their own improvements.
    • New roof.

    Overview

    This is a fully leased 9,525 square foot retail center located in Grandview Heights, Columbus, Ohio. The property is positioned in an infill location. The building has a new roof. Tenants have paid for their own improvements. There is potential upside from below market rents. The asking price is significantly below replacement cost and priced 20% below market average sales price. There is an opportunity to self-manage for increased return.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $171.5k $18.00
    − Vacancy −$14.6k −$1.53
    EGI $156.9k $16.47
    − OpEx −$47.1k −$4.94
    NOI $109.8k $11.53
    9,525 SF · lease $18.00/SF/yr · vacancy 8.50% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $1.57M
    $1.37M – $1.83M (±1% cap)
    NOI $109,814 @ 7.0% cap · market cap 5.00%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.99M
    $1.74M – $2.32M (±1% cap)
    NOI $138,954 @ 7.0% cap · market cap 6.33%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    La Tavola Restaurant The Culinary Table Vocational School

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

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

    Similar Places Nearby

    • Star Plaza — 1600 W 5th Ave, Columbus, OH 43212

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Delaware
    State
    Ohio
    Longitude
    -83.0494
    Latitude
    39.9823

    FAQs

    What type of property is this?
    Shopping center - Fully leased retail center in Columbus, Ohio's Grandview Heights.
    Where is this shopping center located?
    The property is located at 1664 W 1st Ave Columbus, OH.
    What is the asking price?
    The asking price for this property is $2,195,000.
    What are key features of this property?
    This property features: Fully leased 9,525 SF retail center in Grandview Heights.; Priced 20% below market average sales price.; Upside potential from below market rents.
    (614) 327-4366 Call to check price and availability
    More about this property
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