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    Mixed-Use Development Land Lot Title is generated by Realmo AI

    498 W Town Street, Columbus, OH 43215

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    Claim this Listing
    New
    For Sale
    $224,900

    LAND - Columbus, OH

    Lot size:
    0.05 Acres
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 3:06 am

    Property Features for 498 W Town Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    010-023696
    Lot size
    0.05 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    228

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Emily Groza Yoko
    Emily Groza Yoko

    Listing agent Emily Groza Yoko

    Listing office The Brokerage House 2041 RIVERSIDE DR, Columbus, OH

    Listing date Jun 5, 2026

    MLS# 226020452 Listing URL

    Copyright © 2026 Columbus and Central Ohio Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Lot qualifies for 15‑year tax abatement and is located in an opportunity zone.
    • Zoned for residential, restaurant commercial, and retail use (mixed‑use development flexibility).
    • Public utilities available: water and public sewer.
    • Seller has plans available for an approved single‑family home on the lot.
    • May be sold with neighboring lot at 494 W Town Street; package deal available.
    • 493 and 497 W Chapel are also available individually or as package deals.

    Overview

    498 W Town Street is a for-sale commercial land lot in Columbus, OH. The offering includes information indicating the seller has made plans available for a single-family home that has been approved for the lot, providing an established starting point for a residential build. The property is also described as qualifying for a 15-year tax abatement and being located in an opportunity zone, which may be relevant to certain financing and development structures.

    The remarks further indicate the lot is zoned for residential, restaurant commercial, and retail use. The seller notes the possibility of acquiring adjacent and related parcels for a broader assembly, including 494 W Town Street as a neighboring lot option, as well as 493 & 497 W Chapel available individually or as part of a package.

    This parcel is best suited for developers or owner-builders looking for zoning flexibility across residential and certain commercial retail concepts, with an approved single-family home plan already referenced for convenience. Prospective buyers may also want to review the opportunity zone and 15-year tax abatement details as part of their feasibility and structuring for the intended use. For larger layouts, the availability of neighboring lots may support an expansion strategy based on the buyer’s development needs.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Delaware
    State
    Ohio
    Longitude
    -83.013389
    Latitude
    39.957505

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    FAQs

    What type of property is this?
    Residential land & home lot - Small-town lot in an opportunity zone with approved plans for a single-family home option.
    Where is this residential land & home lot located?
    The property is located at 498 W Town Street Columbus, OH.
    What is the asking price?
    The asking price for this property is $224,900.
    What are key features of this property?
    This property features: Lot qualifies for 15‑year tax abatement and is located in an opportunity zone.; Zoned for residential, restaurant commercial, and retail use (mixed‑use development flexibility).; Public utilities available: water and public sewer.
    (614) 403-8444
    We can help!
    Listing Contact
    Emily Groza Yoko
    Emily Groza Yoko
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    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.

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