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

    23 Huber Village Blvd Westerville, OH 43081

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Freestanding Bob Evans in Westerville, OH with long-term lease.

    Property size:
    5,891 SF
    Lot size:
    0.85 Acres

    Property Features for 23 Huber Village Blvd

    General Information

    Standard status
    Active
    Size
    5,891 SF
    Lot size
    0.85 Acres

    Building Details

    Year built
    1980

    We can help!

    Listing Contact
    Steven Schiavello
    Steven Schiavello
    Source: Crexi

    Listing Agency: Horvath & Tremblay Listing Agent: Steven Schiavello

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

    Learn more

    Overview

    Freestanding Bob Evans Investment Property

    The freestanding Bob Evans investment property is located at 23 Huber Village Boulevard in Westerville, Ohio. Bob Evans signed a new 20-year lease in 2017, demonstrating their commitment to the site and the market. The lease has 11+ years remaining on its absolute NNN terms, with six 5-year renewal options. The lease features 2% annual rent increases throughout the primary lease term and the renewal options. Bob Evans enjoys frontage and visibility at the signalized intersection of Huber Village Boulevard and S State Street (OH Route 3), a primary commercial and commuter corridor. The property is positioned just south of Downtown Westerville and has convenient access to area schools, national retailers and restaurants, and several office and industrial complexes. Additionally, the property is close to Westerville’s densely populated residential neighborhoods, Otterbein University, and Mount Carmel-St Ann’s Medical Center (Hospital). Westerville is in central Ohio, approximately 12 miles north of Columbus. The property size is 5891 square feet.
    Location Intelligence

    Current Use by Public Records

    Bob Evans Restaurant

    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
    Westerville
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9241999
    Latitude
    40.1051718

    Nearby Similar for Sale

    • $175,000
      1,100 SF

      Westerville Office Suite Investment Opportunity

      First-floor office suite near I-270 with immediate income potential.
      Westerville, OH 43081
      View Details
    • $390,000
      2,042 SF

      Westerville Medical Office Condo

      Medical office condo with exam rooms and ample parking.
      660 Cooper Rd, Westerville, OH 43081
      View Details
    • Contact for pricing

      Eastwind Professional Building Office Suites

      Single-story office building with suites available in Westerville, Ohio.
      863-885 Eastwind Dr, Westerville, OH 43081
      View Details
    • $2,473,000
      9,644 SF

      Westerville Office Building For Sale

      Two-story office building with studio room in Westerville, Ohio.
      116 County Line Rd West, Westerville, OH 43082
      View Details
    • Contact for pricing

      Westerville Office Building Near Hospital

      9,600 SF office building with suite available near St. Ann's.
      137-151 W Schrock Rd, Westerville, OH 43081
      View Details
    • Contact for pricing

      Class A Office Building

      Class A office building in Westerville/Polaris sub-market.
      579 Executive Campus Dr, Westerville, OH 43082
      View Details
    • $6,100,000
      36,000 SF

      Northgate Commercial Center

      Northgate Commercial Center
      7177-7233 Northgate Way, Westerville, OH 43082
      View Details
    • Contact for pricing

      Westerville Office and Flex Asset

      Three-story office and flex asset in Westerville, Ohio.
      579 Executive Campus Dr, Westerville, OH 43082
      View Details
    • Contact for pricing

      Westerville Office and Flex Asset

      Three-story office and flex asset in Westerville, Ohio.
      579 Executive Campus Dr, Westerville, OH 43082
      View Details
    • $2,700,000
      22,800 SF

      Westerville Office and Warehouse Space

      Office and warehouse spaces available for lease in Westerville, OH.
      8692-8724 Olde Worthington Rd, Westerville, OH 43082
      View Details
    • Contact for pricing

      Westerville Medical Office Building For Sale

      Three-story medical office building on Westerville's 'Medical Mile'.
      444 N Cleveland Ave, Westerville, OH 43082
      View Details
    • Contact for pricing
      2,693 SF

      Westerville Office/Retail Opportunity

      Prime location with high visibility and accessibility in Westerville.
      17 W Schrock Rd, Westerville, OH 43081
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Freestanding Bob Evans in Westerville, OH with long-term lease.
    Where is this conventional restaurant located?
    The property is located at 23 Huber Village Blvd Westerville, OH.
    What are key features of this property?
    This property features: - Absolute NNN lease with 11+ years remaining, providing a passive income stream.; - Attractive 2% annual rent increases throughout the primary lease term and renewal options.; - New 20-year lease signed in 2017 demonstrates Bob Evans' commitment.
    Request Owner's contact information
    23 Huber Village Blvd Westerville, OH 43081
    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.
    23 Huber Village Blvd
    Westerville, OH 43081
    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
    23 Huber Village Blvd Westerville, OH 43081
    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

    We can help!
    Listing Contact
    Steven Schiavello
    Steven Schiavello
    Real Estate License ID: 1327559
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!