Two-Unit Neighborhood Shopping
New
For Sale
$895,000
853865 853-865 N Nelson Rd, Columbus, OH 43219
Includes an occupied chapel tenancy alongside seller-used flex space with closing occupancy negotiable.
Property Size8,950 SF
Lot Size0.58 Acres
Price / SF$100
Days on Market2
Property Features for 853865 853-865 N Nelson Rd
General Information
Standard status
Active
Size
8,950 SF
Lot size
0.58 Acres
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Year Built
1955
Building Size
8,950 SF
Tenancy
Multi
Listing Agency:
Best Corporate Real Estate
Listed By:
Randy J Best · License #311236
(614) 559-3350
Source:
Thelorilynngroup
Added: Sep 5
Last Checked: Sep 5 at 3:30PM
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
Investment Insights
Based on property information with market context.
This two-unit neighborhood shopping center contains approximately 8,950 square feet on a 0.5768-acre site. One unit, approximately 3,000 SF, is leased to Affinity Memorial Chapel for use as a funeral home. The remaining flex space is occupied by the Seller, with occupancy negotiable at closing. Existing chapel tenancy provides in-place income, while the balance of the building remains available for future leasing or continued seller occupancy.
The property is located on the near east side of Columbus at 853-865 N Nelson Road, with access to I-670 and the broader Columbus area. The cell tower lease associated with unit 859 has been sold and will not transfer with the real estate. Ownership has held the property since 1985.
The property is located on the near east side of Columbus at 853-865 N Nelson Road, with access to I-670 and the broader Columbus area. The cell tower lease associated with unit 859 has been sold and will not transfer with the real estate. Ownership has held the property since 1985.
Key Highlights
- Two‑unit neighborhood retail center totaling approximately 8,950 square feet
- Situated on a 0.5768‑acre site at 853‑865 N Nelson Road
- Approximately 3,000 SF leased to Affinity Memorial Chapel
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
$35,389
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
3.95%
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%
$707,780
$707.8K
Cap Rate 7%
$505,557
$505.6K
Cap Rate 9%
$393,211
$393.2K
Market Conditions
NOI Build-Up for 8,950 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
$54.8K $6.12/SF
− Vacancy
−$4.2K −$0.47/SF
EGI
$50.6K $5.65/SF
− OpEx
−$15.2K −$1.69/SF
NOI
$35.4K $3.95/SF
Area
Columbus, OH
Vacancy
7.70%
Lease Rate
$6.12 /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%
$707,780
Cap Rate 7%
$505,557
Cap Rate 9%
$393,211
Alternative Uses
Best Use
Retail
$1.47M
$1.29M – $1.72M
NOI $103,185 @ 7.0% cap · market cap 11.53%
Second Best
Flex RnD
$1.27M
$1.11M – $1.48M
NOI $88,938 @ 7.0% cap · market cap 9.94%
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,566 @ 7.0% cap · market cap 14.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43219, OH
30,457
Population
13,210
Households
2.3
Avg Household Size
33
Median Age
22%
College-Educated
82%
High-School Grad
16.0 sq mi
ZIP Area
1,904
Density / Sq Mi
$51,860
Median Household Income
$32,459
Median Earnings
$1,191
Median Rent
$173,600
Median Home Value
Market
Vacancy Rate% for Industrial in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Includes an occupied chapel tenancy alongside seller-used flex space with closing occupancy negotiable.
Where is this shopping center located?
The property is located at 853865 853-865 N Nelson Rd Columbus, OH.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two‑unit neighborhood retail center totaling approximately 8,950 square feet; Situated on a 0.5768‑acre site at 853‑865 N Nelson Road; Approximately 3,000 SF leased to Affinity Memorial Chapel
