Retail Building with Drive-In
For Sale
Contact for pricing
3080 Cleveland Ave, Columbus, OH 43224
Retail building on 1.40 acres with two drive-in doors, showroom space, and fenced rear equipment parking.
Property Size5,300 SF
Lot Size1.40 Acres
Price / SF$226.42
Days on Market161
Property Features for 3080 Cleveland Ave
General Information
Standard status
Active
Size
5,300 SF
Total Parking Spaces
30
Lot size
1.40 Acres
Property subtype
RETAIL
Zoning
UNG-1
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
13 ft
Drive-In Doors
2
Amenities
kitchen
restrooms
Listing Agency:
Phipps Realty Advisors
(614) 570-4221
Listed By:
Scott Behrmann · License #SAL.0000443123
(614) 352-4062
Source:
Moodyscre
Added: Apr 1
Changed: Aug 14
Last Checked: Jul 22 at 4:28PM
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 Phipps Realty Advisors
Investment Insights
Based on property information with market context.
This retail building offers approximately 5,300 SF on 1.40 acres, configured with showroom space and includes a kitchen and two restrooms. The building features two drive-in doors measuring 10' by 8' and a clear height range of 11'–13'. On-site power is supported by an electric remote-controlled gate for fenced rear equipment parking.
The property is zoned Mixed-Use, UNG-1 (City of Columbus) and is located on Cleveland Ave near E. North Broadway, with easy access to I-70 and SR-3. It also sits on COTA’s Bus Rapid Transit line C-MAX.
Parking includes 30 vehicle spaces in a front lot, plus a fenced rear lot for equipment parking. Two additional parcels to the south totaling 0.593 acres are vacant and ready for redevelopment.
The property is zoned Mixed-Use, UNG-1 (City of Columbus) and is located on Cleveland Ave near E. North Broadway, with easy access to I-70 and SR-3. It also sits on COTA’s Bus Rapid Transit line C-MAX.
Parking includes 30 vehicle spaces in a front lot, plus a fenced rear lot for equipment parking. Two additional parcels to the south totaling 0.593 acres are vacant and ready for redevelopment.
Key Highlights
- 5,300 SF retail building on 1.40 acres with mixed‑use zoning (UNG‑1, City of Columbus)
- Two 10' x 8' drive‑in doors and 11'-13' clear height
- Showroom space plus a kitchen and two restrooms (previous Auto Parts and Mattress retail)
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
$61,104
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
5.09%
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%
$1,222,080
$1.2M
Cap Rate 7%
$872,914
$872.9K
Cap Rate 9%
$678,933
$678.9K
Market Conditions
NOI Build-Up for 5,300 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
$95.4K $18.00/SF
− Vacancy
−$8.1K −$1.53/SF
EGI
$87.3K $16.47/SF
− OpEx
−$26.2K −$4.94/SF
NOI
$61.1K $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%
$1,222,080
Cap Rate 7%
$872,914
Cap Rate 9%
$678,933
Alternative Uses
Best Use
Retail
$872.9K
$763.8K – $1.02M
NOI $61,104 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$966.5K – $1.29M
NOI $77,318 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13 ft
Clear height
2
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
767
Businesses Nearby
Explore this area
Business Placement
Demographics for 43224, OH
43,544
Population
19,238
Households
2.3
Avg Household Size
34
Median Age
22%
College-Educated
79%
High-School Grad
8.3 sq mi
ZIP Area
5,246
Density / Sq Mi
$50,934
Median Household Income
$34,966
Median Earnings
$1,025
Median Rent
$159,800
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?
Retail space - Retail building on 1.40 acres with two drive-in doors, showroom space, and fenced rear equipment parking.
Where is this retail space located?
The property is located at 3080 Cleveland Ave Columbus, OH.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 5,300 SF retail building on 1.40 acres with mixed‑use zoning (UNG‑1, City of Columbus); Two 10' x 8' drive‑in doors and 11'-13' clear height; Showroom space plus a kitchen and two restrooms (previous Auto Parts and Mattress retail)
