Prieto Building in
For Sale
Contact for pricing
68 Mc Dowell St, Columbus, OH 43215
Historic building in Columbus' creative district, ideal for diverse ventures.
Property Size4,760 SF
Price / SF$162.82
Days on Market888
Property Features for 68 Mc Dowell St
General Information
Standard status
Active
Size
4,760 SF
Property subtype
Retail
Investment Type
Owner/User
Building Details
Year Built
1925
Year Renovated
2023
Stories
2
Listing Agency:
Roth Real Estate Group
(614) 451-8500
Listed By:
William Roth · License #OH 2001005010
Source:
Crexi
Added: Mar 4, 2024
Changed: Aug 8
Last Checked: May 12 at 9:22PM
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 Roth Real Estate Group
Investment Insights
Based on property information with market context.
Located in Franklinton, Columbus, the Prieto Building at 68 McDowell St offers an investment opportunity within the city's creative district. Constructed in 1925 and renovated in 2022, this two-story building with a full basement provides 4,648 square feet of adaptable space, with each floor offering 2,324 SF. The property is suitable for various business ventures, including office spaces, retail outlets, or dining concepts. Situated within the Gravity Phase II development, the property benefits from its location within Ohio's conscious community, potentially providing a consistent audience for tenants. The building is adjacent to a 900-space parking garage. The surrounding neighborhood is home to galleries, studios, and creative spaces, contributing to the area's appeal and foot traffic. Franklinton is becoming a destination for creatives, entrepreneurs, and young professionals, featuring dining and entertainment options. The area's demographic trends include an influx of young professionals and college-educated residents. The property is part of a business community and cultural hub.
Key Highlights
- Prime location within Gravity Phase II, Ohio's largest conscious community.
- Versatile 4,648 SF space with two stories plus a full basement, adaptable for retail, office, or restaurant use.
- Located in Franklinton, Columbus' rapidly growing creative district.
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
$54,878
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
7.08%
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%
$1,097,560
$1.1M
Cap Rate 7%
$783,971
$784.0K
Cap Rate 9%
$609,756
$609.8K
Market Conditions
NOI Build-Up for 4,760 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
$85.7K $18.00/SF
− Vacancy
−$7.3K −$1.53/SF
EGI
$78.4K $16.47/SF
− OpEx
−$23.5K −$4.94/SF
NOI
$54.9K $11.53/SF
Area
Columbus, OH
Vacancy
8.50%
Lease Rate
$18.00 /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%
$1,097,560
Cap Rate 7%
$783,971
Cap Rate 9%
$609,756
Alternative Uses
Best Use
Retail
$784.0K
$686.0K – $914.6K
NOI $54,878 @ 7.0% cap · market cap 7.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$992.0K
$868.0K – $1.16M
NOI $69,441 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,538
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43215, OH
20,761
Population
13,428
Households
1.5
Avg Household Size
32
Median Age
71%
College-Educated
97%
High-School Grad
5.1 sq mi
ZIP Area
4,071
Density / Sq Mi
$74,469
Median Household Income
$59,521
Median Earnings
$1,487
Median Rent
$508,300
Median Home Value
Market
Vacancy Rate% for Retail in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Historic building in Columbus' creative district, ideal for diverse ventures.
Where is this storefront property located?
The property is located at 68 Mc Dowell St Columbus, OH.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Prime location within Gravity Phase II, Ohio's largest conscious community.; Versatile 4,648 SF space with two stories plus a full basement, adaptable for retail, office, or restaurant use.; Located in Franklinton, Columbus' rapidly growing creative district.
