Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    121 Miller Ave New Albany, OH

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Corner lot in booming New Albany near Intel development.

    Type:LAND
    Lot size:
    1.25 Acres
    Added:
    Jan 31, 2022
    Days on Market:
    1550
    Last Refresh:
    Apr 5 at 10:25 pm

    Property Features for 121 Miller Ave

    General Information

    Standard status
    Active
    Lot size
    1.25 Acres
    Property subtype
    LAND

    Spaces For Lease

    at 121 Miller Ave Contact us

    We can help!

    Listing Contact
    Edward Fellows
    Edward Fellows

    Listing agent Edward Fellows

    Listing office Capitol Equities Realty

    Listing date Jan 31, 2022

    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 Capitol Equities Realty

    Overview

    High-Visibility Corner Lot for Rent

    This corner lot offers high visibility at the intersection of Main St (Rte 62) and Miller Ave. It is located in a prime location in the New Albany area, adjacent to the historic downtown district and the New Albany Schools Campus. Route 161 access is less than 0.4 miles from the site. The property is part of the booming New Albany market, which is experiencing exponential growth due to the $20 Billion Intel chip factory development. Tenant will pay any tenant-broker fees related to this deal.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Northtowne Heating & Cooling HVAC Service Speedy Tree Surgeon Landscaping

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Franklin
    State
    Ohio
    Longitude
    -82.8053
    Latitude
    40.0842

    Nearby Similar for Lease

    • $7,500/Mo

      Updated Office Space in New Albany

      Well-maintained office space with updates, ready for immediate occupancy.
      24 S High Street, New Albany, OH 43054
      View Details
    • $21 SF/Yr

      Class A Office Building

      Class A office building in New Albany's Hamilton Quarter.
      5950 Hamilton Road, New Albany, OH 43054
      View Details
    • $30 SF/Yr

      New Albany Medical/Professional Office

      Class-A office building in active commercial corridor, completion in 2026.
      Forest Dr, New Albany, OH
      View Details
    • $18 SF/Yr

      Medical Office Space in New Albany

      Medical office space connected to Mount Carmel Surgical Hospital.
      5040 Forest Drive, New Albany, OH, 43054
      View Details
    • Contact for pricing

      Modern Office and Warehouse Building

      High-end office and warehouse in New Albany Personal Care Park.
      8900 Smiths Mill Rd, New Albany, OH
      View Details
    • Contact for pricing

      Downtown Office Space Available

      Office space for rent in downtown New Albany.
      153 West Main Street, New Albany, OH, 43054
      View Details
    • $14 SF/Yr

      Office Space in New Albany

      Office space for rent in New Albany, Ohio.
      7795 Walton Pkwy, New Albany , OH
      View Details
    • Contact for pricing

      New Albany Warehouse Under Construction

      New warehouse space available for lease in New Albany, Ohio.
      9490 Innovation Campus Way, New Albany, OH, 43031
      View Details
    • Contact for pricing

      Class A Research Space Available

      35,000 Sq. Ft. Class A R&D space for lease.
      7800 Walton Parkway, New Albany, OH, 43054
      View Details
    • Contact for pricing

      Office Space Available For Rent

      Office space available for lease in New Albany, Ohio.
      5051 Forest Drive, New Albany, OH, 43054
      View Details
    • Contact for pricing

      Retail Center Anchored by Kroger

      Retail space for lease in a Kroger-anchored shopping center.
      Hmpstd Village Center Dr 5121-5211, New Albany, OH
      View Details
    • Contact for pricing

      New Albany Industrial Space Available

      215,280 SF Class A industrial space for lease.
      9490 Innovation Campus Way, New Albany, OH
      View Details

    FAQs

    What type of property is this?
    Land - Corner lot in booming New Albany near Intel development.
    Where is this land located?
    The property is located at 121 Miller Ave New Albany, OH.
    What is the lease rate?
    The lease rate is $13,750 /Mo.
    What are key features of this property?
    This property features: Prime corner lot location at the intersection of Main St (Rte 62) and Miller Ave with high visibility.; Proximity to the $20 Billion Intel chip factory development driving exponential growth in the New Albany market.; Excellent access to Route 161, less than 0.4 miles away.
    (614) 760-5660 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Edward Fellows
    Edward Fellows
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!