Building Details

Building Size 9,525 SF

Listing Agency: Alterra Real Estate Advisors

Listed By: Bradford Kitchen, SIOR Show Phone

Source: Alterrare

Added: Jun 25 Changed: Oct 7 Last Checked: Oct 12 at 6:46PM

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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

Investment Insights

Based on property information with market context.

This 9,525-square-foot shopping center comprises retail buildings that were fully remodeled in 2024. The work included new EPDM roofing systems backed by a 20-year warranty, exterior painting, and improvements to the parking area. Tenants recently renewed their leases and funded their own improvements, while the property remains fully leased.

The site includes a city-approved dumpster enclosure and exterior security cameras. The parking lot was resurfaced with new asphalt and received fresh striping, providing a recently updated setting for the center’s retail occupancy. The property is located at 1660-1664 W 1st Avenue in Columbus, Ohio, within Grandview Heights.

Key Highlights

• 9,525 SF fully leased retail center
• 2024 remodel included building and exterior improvements
• New EPDM roofing systems with a 20‑year warranty

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$109,814

Cap Rate

5.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,196,280 $2.2M

Cap Rate 7%

$1,568,771 $1.6M

Cap Rate 9%

$1,220,156 $1.2M

Market Conditions

NOI Build-Up for 9,525 SF

Gross rent

$171.5K $18.00/SF

− Vacancy

−$14.6K −$1.53/SF

EGI

$156.9K $16.47/SF

− OpEx

−$47.1K −$4.94/SF

NOI

$109.8K $11.53/SF

Area

Columbus, OH

Vacancy

8.50%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,196,280

Cap Rate 7%

$1,568,771

Cap Rate 9%

$1,220,156

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 authorities. How Realmo checks its estimates

Property Analytics

Current Use

Shopping centers

Suggested Use

Top Pick Electrical Service (Bike/Boat/Book/etc) Store Food Market Plumbing Service Nursing Home Grocery & Convenience Store

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

Location Intelligence

Trade Area within ½ mile

1,459

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 43212, OH

24,171

Population

13,506

Households

1.8

Avg Household Size

30

Median Age

78%

College-Educated

98%

High-School Grad

3.7 sq mi

ZIP Area

6,533

Density / Sq Mi

$74,952

Median Household Income

$59,037

Median Earnings

$1,382

Median Rent

$514,800

Median Home Value

Market

Vacancy Rate% for Retail in Columbus, OH

5.4% 2019

5.2% 2020

4% 2021

3.8% 2022

3.5% 2023

3.8% 2024

4.1% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this shopping centers located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Shopping center - Fully occupied shopping center with recent building, parking, and security improvements.

Where is this shopping center located?

The property is located at 1660-1664 W 1st Avenue 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: 9,525 SF fully leased retail center; 2024 remodel included building and exterior improvements; New EPDM roofing systems with a 20‑year warranty