Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Westerville Shovel-Ready Development Site Title is generated by Realmo AI

    656 Africa Rd, Westerville, OH

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Premier business district land for office, flex, and commercial uses.

    Type:LAND
    Lot size:
    9.49 Acres
    Added:
    Apr 22, 2025
    Days on Market:
    410
    Last Refresh:
    May 20 at 9:00 pm

    Property Features for 656 Africa Rd

    General Information

    Standard status
    Active
    Lot size
    9.49 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    David Morgan

    Listing agent David Morgan

    Listing office CBRE | Columbus

    Listing date Apr 22, 2025

    Source Moodyscre

    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 CBRE | Columbus

    HighLights

    • Shovel‑ready sites with utilities in place or by Q3 2026, including municipal electric, fiber, and water.
    • Located in Westerville's premier business district with competitive economic incentives and streamlined approval process.
    • Access to a highly skilled regional workforce and proximity to walkable amenities in the established Westar Place business district.
    • $30+ million in funding for roads and utilities, connecting to the regional transportation network, with construction beginning in early 2025.
    • Regional stormwater retention ponds planned as outdoor amenities connected by a regional path system, saving individual sites from on‑site retention.
    • Intended for office, flex/technology, and commercial uses that expand the character and economic vitality of the Westar business district.

    Overview

    Located in Westerville's premier business district, this shovel-ready site is intended for office, flex/technology, and commercial uses that expand the character and economic vitality of the Westar business district. Sites range from 2.3 to 16.8 acres. The City of Westerville offers competitive economic incentives and prides itself on a streamlined approval process. The area is amenity-rich and home to local and global companies, with access to a highly skilled regional workforce. Utilities are either in place or will be by Q3 2026, including Westerville’s municipal electric, fiber, and water utilities. Regional stormwater retention ponds have been planned as outdoor amenities connected by a regional path system, saving individual sites from providing their own on-site retention. The City of Westerville’s East of Africa business district consists of 88 acres across five sites, and neighbors the established and thriving Westar Place business district, which offers a wide range of walkable amenities and proximity to a talented workforce. The City is in the final stages of the design phase of infrastructure planning and expects to advance $30+ million in funding for all roads and utilities through the site, connecting to the regional transportation network, with construction to begin in early 2025. Upon completion, five shovel-ready parcels will be available for development, with the potential for private site construction to run concurrent with the infrastructure construction through 2025.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9388
    Latitude
    40.1433

    Nearby Similar for Sale

    • $350,000

      Westerville Homesite Near Hoover Reservoir

      Two-acre homesite near Hoover Reservoir, zoned for single-family residential.
      Big Walnut Road, Westerville, OH 43082
      View Details
    • $274,900

      Residential Lot in Westerville, OH

      2-acre lot zoned for single-family residential use.
      Paul Road, Westerville, OH 43082
      View Details
    • $2,700,000
      16,800 SF

      Westerville Office and Warehouse Space

      Office and warehouse spaces available for lease in Westerville, OH.
      8692-8724 Olde Worthington, Westerville, OH
      View Details
    • $649,900

      Westerville Land For Sale

      0.57 acre lot in high-traffic Westerville location.
      480 S State Street, 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 Road West, Westerville, OH, 43082
      View Details
    • $225,000

      Residential Lot in Westerville, OH

      Residential lot near Uptown Westerville, build your dream home!
      334 Myrtle Drive lot: 7, Westerville, OH 43081
      View Details
    • $220,000

      Residential Lot in Westerville, OH

      Residential lot near Uptown Westerville, build your dream home.
      342 Myrtle Drive lot: 8, Westerville, OH 43081
      View Details
    • $220,000

      Residential Lot in Westerville, OH

      Residential lot near Uptown Westerville, build your dream home!
      337 Myrtle Drive lot: 2, Westerville, OH 43081
      View Details
    • $215,000

      Residential Lot in Westerville, OH

      Residential lot near Uptown Westerville, build your dream home.
      344 Myrtle Drive lot: 9, Westerville, OH 43081
      View Details
    • $265,000

      Residential Lot in Westerville, OH

      Residential lot in desirable Westerville location near Uptown.
      328 Myrtle Drive lot: 5, Westerville, OH 43081
      View Details
    • $220,000

      Residential Lot in Westerville, OH

      Residential lot near Uptown Westerville, build your dream home.
      348 Myrtle Drive lot: 10, Westerville, OH 43081
      View Details
    • Contact for pricing
      109,755 SF

      Westerville Office and Flex Asset

      Three-story office and flex asset in Westerville, Ohio.
      579 Executive Campus Drive, Westerville, OH 43082
      View Details

    FAQs

    What type of property is this?
    Land - Premier business district land for office, flex, and commercial uses.
    Where is this land located?
    The property is located at 656 Africa Rd Westerville, OH.
    What is the asking price?
    The asking price for this property is $2,372,500.
    What are key features of this property?
    This property features: Shovel‑ready sites with utilities in place or by Q3 2026, including municipal electric, fiber, and water.; Located in Westerville's premier business district with competitive economic incentives and streamlined approval process.; Access to a highly skilled regional workforce and proximity to walkable amenities in the established Westar Place business district.
    (614) 397-5430 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    David Morgan
    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

    Thank You for Inquiry
    656 Africa Rd, Westerville, OH
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!