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    815 Michigan Ave Columbus, OH 43215

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    For Sale
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    1.725 Acres, 7-Story Approved

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 1.725-acre development site at 815 Michigan Ave, Columbus, OH 43215, presents a unique opportunity in the highly desirable Harrison West neighborhood. Situated in Franklin County, this property boasts prime visibility from State Route 315 and Interstate 670, offering stunning downtown views. Already rezoned AR-1 in 2016 for residential use, the site is primed for a seven-story development. Past improvements have been demolished, creating a blank canvas for a high-density project. The location is incredibly walkable, with easy access to amenities like CVS, Lucky's Market, The Short North Arts District, and the Arena District, all while enjoying proximity to the Olentangy River Path. The area's robust demographics, including median home values and household incomes significantly exceeding national averages, and a limited supply pipeline, ensure strong market demand. Redfin data indicates Harrison West single-family homes frequently sell above list price. Furthermore, the site's location within Columbus city limits qualifies for a 15-year, 100% tax abatement on improvements for residential projects. Extensive due diligence has already been conducted, providing confidence in redevelopment feasibility. The City of Columbus and The Harrison West Society have expressed support for higher-density development and potential rezoning. This is one of the last large-scale development opportunities in this thriving urban core submarket.

    Property Features for 815 Michigan Ave

    General Information

    Property type
    Land
    Lot Size
    75,141 SF
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -83.0175404
    Latitude
    39.9773261

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    FAQs

    What type of property is this?
    Land - 1.725 Acres, 7-Story Approved
    Where is this land located?
    The property is located at 815 Michigan Ave Columbus, OH.
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    Realmo Value Estimation

    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.

    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.

    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
    815 Michigan Ave Columbus, OH 43215
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