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1805 Columbus Rd, Granville, OH 43023
Adaptable property in a growing corridor, suited for various uses.
Property Size2,844 SF
Lot Size1.00 Acre
Price / SF$179.29
Days on Market192
Property Features for 1805 Columbus Rd
General Information
Standard status
Active
Size
2,844 SF
Lot size
1.00 Acre
Property subtype
Mixed Use, Retail
Building Details
Year Built
1938
Year Renovated
2024
Units
2
Listing Agency:
Keller Williams Greater Columbus Realty
(614) 314-5555
Listed By:
Martha Hunley · License #450518
Source:
Crexi
Added: Feb 10
Changed: Aug 8
Last Checked: Aug 8 at 6:36AM
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 Keller Williams Greater Columbus Realty
Investment Insights
Based on property information with market context.
Located on Columbus Road in Granville, this property offers over an acre of land and more than 2,500 square feet of space suitable for a variety of business or mixed-use needs. The interior features large rooms with large windows providing abundant light, hardwood flooring, and a decorative fireplace. The space is ideal for small business operations, workshops, or client-based services. The building is set up to accommodate two businesses, with utilities separated between A and B units, delineated by the door at the back of the main hallway. The property benefits from excellent road exposure and ample parking space, situated in a growing corridor, making it ready for its next chapter.
Key Highlights
- Over an acre of land in a growing corridor.
- More than 2,500 SF of adaptable space suited for business or mixed‑use.
- Set up for two separate businesses with separate utilities.
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
$46,274
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
9.08%
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%
$925,480
$925.5K
Cap Rate 7%
$661,057
$661.1K
Cap Rate 9%
$514,156
$514.2K
Market Conditions
NOI Build-Up for 2,844 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
$76.8K $27.00/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$74.0K $26.03/SF
− OpEx
−$27.8K −$9.76/SF
NOI
$46.3K $16.27/SF
Area
Licking County, OH
Vacancy
3.58%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
37.50%
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%
$925,480
Cap Rate 7%
$661,057
Cap Rate 9%
$514,156
Alternative Uses
Best Use
Mixed Use
$661.1K
$578.4K – $771.2K
NOI $46,274 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$2.28M
$2.00M – $2.66M
NOI $159,885 @ 7.0% cap · market cap 31.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Explore this area
Business Placement
Demographics for 43023, OH
14,462
Population
5,344
Households
2.7
Avg Household Size
36
Median Age
55%
College-Educated
98%
High-School Grad
49.9 sq mi
ZIP Area
290
Density / Sq Mi
$136,127
Median Household Income
$48,318
Median Earnings
$1,094
Median Rent
$428,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Adaptable property in a growing corridor, suited for various uses.
Where is this mixed-use property located?
The property is located at 1805 Columbus Rd Granville, OH.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: Over an acre of land in a growing corridor.; More than 2,500 SF of adaptable space suited for business or mixed‑use.; Set up for two separate businesses with separate utilities.
