Building Details

Year Built 1935

Year Renovated 2021

Stories 2

Listing Agency: Keller Williams Greater Cols

Listed By: Cathy Everitt · License #255618 Show Phone

Source: Crexi

Added: Apr 24, 2024 Changed: Oct 15 Last Checked: Oct 23 at 5:04AM

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Investment Insights

Based on property information with market context.

This updated 1,403-square-foot home is located on the commercial strip in the Village of Buckeye Lake. Currently used as an Airbnb with bookings for the summer of 2024, the property features a coastal design. The main level includes two bedrooms, a bathroom, a kitchen, a dining room, a living room, and a bar area. The upper level offers two sleeping areas, a full bath, and an entertainment room. Outside, there is a large yard, a concrete patio, a storage shed, and ample parking. The property is being sold fully furnished, including dishes and linens, making it a turnkey investment. It is situated steps away from The Buckeye Lake Brewery/Chef Shack, The Boatyard Tavern and Grill, and The Buckeye Lake Yacht Club. The property is located close to I-70, Granville, Lancaster, and Zanesville, and is 30 minutes from downtown Columbus. This property offers great investment potential.

Key Highlights

• Turnkey Airbnb with existing summer 2024 bookings
• Prime location in the heart of Buckeye Lake, steps from popular establishments
• Fully furnished, including dishes and linens

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,849

Cap Rate

3.67%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$256,980 $257.0K

Cap Rate 7%

$183,557 $183.6K

Cap Rate 9%

$142,767 $142.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,403 SF

Gross rent

$24.4K $17.40/SF

− Vacancy

−$1.0K −$0.75/SF

EGI

$23.4K $16.65/SF

− OpEx

−$10.5K −$7.49/SF

NOI

$12.8K $9.16/SF

Area

Licking County, OH

Vacancy

4.30%

Lease Rate

$17.40 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$256,980

Cap Rate 7%

$183,557

Cap Rate 9%

$142,767

Alternative Uses

Best Use

Apartment 5plus

$183.6K

$160.6K – $214.2K (±1% cap)

NOI $12,849 @ 7.0% cap · market cap 3.67%

Second Best

—

—

no second resolved use

Theoretical Best

Flex RnD

$1.13M

$985.9K – $1.31M (±1% cap)

NOI $78,875 @ 7.0% cap · market cap 22.54%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Location Intelligence

Trade Area within ½ mile

167

Businesses Nearby

Explore this area Business Placement

Demographics for 43008, OH

2,378

Population

1,331

Households

1.8

Avg Household Size

46

Median Age

13%

College-Educated

82%

High-School Grad

1.5 sq mi

ZIP Area

1,585

Density / Sq Mi

$82,750

Median Household Income

$50,179

Median Earnings

$920

Median Rent

$157,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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$587,000

2,374 SF

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Three-Unit Residential Property

231 Lakeview Drive, Buckeye Lake, OH 43008

$649,000

0.13 Acres

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Frequently Asked Questions

What type of property is this?

Short term rental property - Updated home near Buckeye Lake, currently operating as an Airbnb.

Where is this short term rental property located?

The property is located at 5138 Walnut Road Buckeye Lake, OH.

What is the asking price?

The asking price for this property is $349,900.

What are key features of this property?

This property features: Turnkey Airbnb with existing summer 2024 bookings; Prime location in the heart of Buckeye Lake, steps from popular establishments; Fully furnished, including dishes and linens