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    13155 Us Highway 23 Ashville, OH 43103

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    For Sale
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    Prime Ohio land, multiple buildings, high potential.

    Property size:
    25,000 SF

    Property Features for 13155 Us Highway 23

    General Information

    Property type
    Multifamily properties
    Square Feet
    25,000 SF
    Class
    C
    Lot Size
    14,549,040 SF

    Building Details

    Year Built
    2007
    Buildings
    11
    Stories
    2
    Units
    11

    We can help!

    Listing Contact
    Chad Boggs
    Chad Boggs

    Listing Agent: Chad Boggs

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 334-acre property in Ashville, Ohio, presents a unique investment opportunity. Located at 13155 US-23, Pickaway County, this mixed-use land boasts significant road frontage on US-23 and approximately 6,300 feet of Scioto River frontage. The property includes approximately 25,038 square feet of improvements, encompassing eleven buildings constructed in 2007. This includes three residential buildings, a small office building, and six industrial spaces. Currently, the property has an 80% occupancy rate with four residential tenants and agricultural land leased to a farmer. The property is zoned (101) A - CASH GRAIN OR GENERAL FARM, Commercial, offering flexibility for various uses. Approximately 200 acres are situated outside the floodplain, making it highly attractive for development. The property's strategic location, just north of South Bloomfield and 25 minutes south of downtown Columbus, offers easy access to a growing residential market and strong labor pool. Additional benefits include proximity to a new Ohio Department of Transportation rest stop and sewer access nearby. This expansive property presents tremendous retail potential and is ideally suited for a multitude of uses, capitalizing on its size, location, and existing infrastructure. The asking price is $14,000,000. The property's APN is D140001018200, D1400010018100. The zip code is 43103.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Building Supply Auto Parts Store Storage Facility Garden Center Wine and Liquor Store Parking Lot & Garage

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

    Location Insight

    • Map
    • Local Demand
    City
    Ashville
    County
    Pickaway
    State
    Ohio
    Longitude
    -82.9286428
    Latitude
    39.704442

    FAQs

    What type of property is this?
    Multifamily property - Prime Ohio land, multiple buildings, high potential.
    Where is this multifamily property located?
    The property is located at 13155 Us Highway 23 Ashville, OH.
    What is the asking price?
    The asking price for this property is $14,000,000.
    What are key features of this property?
    This property features: 334-acre site in South Bloomfield.; 25,038 SF of existing buildings.; Excellent retail development potential.
    (614) 629-5261 Call to check price and availability
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    13155 Us Highway 23 Ashville, OH 43103
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    Ashville, OH 43103
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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.

    More about this property
    13155 Us Highway 23 Ashville, OH 43103
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Chad Boggs
    Chad Boggs
    Real Estate License ID: #2023003870
    (614) 629-5261 (614) 595-2752 (614) 224-2400
    Learn more
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