Remodeled Leased Retail
For Sale
$2,195,000
1660-1664 W 1st Avenue, Columbus, OH 43212
Fully occupied shopping center with recent building, parking, and security improvements.
Property Size9,525 SF
Days on Market67
Property Features for 1660-1664 W 1st Avenue
General Information
Standard status
Active
Size
9,525 SF
Property subtype
Retail
Building Details
Building Size
9,525 SF
Listing Agency:
Alterra Real Estate Advisors
(614) 327-4366
Listed By:
Bradford Kitchen, SIOR
(614) 327-4366
Source:
Alterrare
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 2:32PM
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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$109,814
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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
NOI $138,954 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
