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

    6515 S High St Lockbourne, OH 43137

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    12.841+/- acres with road frontage on Rt. 23.

    Type:Land
    Lot size:
    12.84 Acres
    Added:
    Jul 17, 2023
    Days on Market:
    1011
    Last Refresh:
    Mar 17 at 1:24 pm

    Property Features for 6515 S High St

    General Information

    Standard status
    Active
    Lot size
    12.84 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Randy Best

    Listing agent Randy Best License #311236

    Listing office Best Corporate Real Estate

    Listing date Jul 17, 2023

    Source Crexi

    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 Best Corporate Real Estate

    Overview

    12.841 Acres on High Street

    This property features 12.841+/- acres with approximately 836 feet of road frontage on Rt. 23. It consists of three parcels within Hamilton Township and has multiple buildings on site. Utilities are available. The location provides access to Rte. 665 and Rte. 317, situated south of Scioto Downs in the Rickenbacker Area. The property has great potential for semi-truck parking, lot storage, and retail out lots.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Lockbourne
    County
    Warren
    State
    Ohio
    Longitude
    -82.9817
    Latitude
    39.8121

    Nearby Similar for Sale

    • $700,000
      1,943 SF

      Restaurant Space on High Street

      1,943 SF restaurant on 1.52 acres with high visibility.
      6251 S High Street, Lockbourne, OH 43137
      View Details
    • $700,000
      1,943 SF

      Restaurant Space on High Street

      1,943 SF restaurant on 1.52 acres with high traffic.
      6251 S High Street, Lockbourne, OH 43137
      View Details
    • Contact for pricing
      182 SF

      182.5 Acres in Lockbourne, Ohio

      182.5 acre land site in Lockbourne, Ohio.
      7620 Jackson Pike, Lockbourne, OH, 43137
      View Details
    • Contact for pricing
      387 SF

      387-Acre Land Near Airport

      Rare 387-acre property suitable for quarry operations and specialized land uses.
      7420 Morehead Rd, Lockbourne, OH 43137
      View Details
    • $1,815,000

      Industrial Land Near Airport

      12.1 acres of industrial land near Rickenbacker Airport.
      6445 S High St, Lockbourne, OH 43137
      View Details
    • $119,900
      3,154 SF

      Lockbourne Church or Commercial Building

      Church or commercial building near Rickenbacker Airport in Lockbourne, OH.
      160 Commerce Street, Lockbourne, OH 43137
      View Details
    • $700,000
      1,943 SF

      Restaurant Space on High Street

      1,943 SF restaurant on 1.52 acres, high-traffic location.
      6251 S High St, Lockbourne, OH 43137
      View Details
    • $1,000,000

      Development Opportunity in Lockbourne, OH

      Land for development in a future industrial/commercial area.
      2716 W Old Duvall Court, Lockbourne, OH 43137
      View Details

    FAQs

    What type of property is this?
    Commercial land - 12.841+/- acres with road frontage on Rt. 23.
    Where is this commercial land located?
    The property is located at 6515 S High St Lockbourne, OH.
    What is the asking price?
    The asking price for this property is $3,995,000.
    What are key features of this property?
    This property features: 12.841+/- Acres with **836 Ft of Road Frontage on Rt. 23**; Multiple Uses for the 3 Parcels Within the Hamilton Township; Utilities Available
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Randy Best
    Real Estate License ID: 311236
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!