Versatile Retail Space in
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156 S Ohio Ave, Columbus, OH 43205
5,624 SF retail space in Old Town East.
Property Size5,624 SF
Price / SF$195.59
Days on Market780
Property Features for 156 S Ohio Ave
General Information
Standard status
Active
Size
5,624 SF
Class
C
Property subtype
Retail, Industrial
Zoning
CPD-H-60
Building Details
Year Built
1946
Listing Agency:
NAI Ohio Equities, LLC
(614) 629-5254
Listed By:
John Mally · License #2013004679
Source:
Crexi
Added: Jun 21, 2024
Changed: Aug 8
Last Checked: May 12 at 10:44PM
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 NAI Ohio Equities, LLC
Investment Insights
Based on property information with market context.
This commercial property, situated in Old Town East, provides 5,624 square feet of adaptable retail space in a prominent location. It is connected to the new Gemma Apartment building. The space features high ceilings and is designed to accommodate a restaurant, grocery store, food-related business, or mercantile establishment. Zoned CPD and in shell condition, it offers the opportunity for customization to meet specific business requirements. The corner location is surrounded by new multi-family developments and is near the Trolley Barn.
Key Highlights
- Prime corner location in Old Town East, adjacent to the Gemma Apartment building and near Trolley Barn.
- 5,624 SF of versatile retail space** suitable for restaurant, grocery, food uses, or mercantile.
- High ceilings and shell condition allow for customized build‑out.
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
$64,839
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
5.89%
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%
$1,296,780
$1.3M
Cap Rate 7%
$926,271
$926.3K
Cap Rate 9%
$720,433
$720.4K
Market Conditions
NOI Build-Up for 5,624 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
$101.2K $18.00/SF
− Vacancy
−$8.6K −$1.53/SF
EGI
$92.6K $16.47/SF
− OpEx
−$27.8K −$4.94/SF
NOI
$64.8K $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%
$1,296,780
Cap Rate 7%
$926,271
Cap Rate 9%
$720,433
Alternative Uses
Best Use
Retail
$926.3K
$810.5K – $1.08M
NOI $64,839 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,045 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,834
Businesses Nearby
Explore this area
Business Placement
Demographics for 43205, OH
12,044
Population
7,303
Households
1.6
Avg Household Size
35
Median Age
41%
College-Educated
89%
High-School Grad
2.4 sq mi
ZIP Area
5,018
Density / Sq Mi
$54,214
Median Household Income
$41,219
Median Earnings
$1,050
Median Rent
$290,800
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?
Retail space - 5,624 SF retail space in Old Town East.
Where is this retail space located?
The property is located at 156 S Ohio Ave Columbus, OH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Prime corner location in Old Town East, adjacent to the Gemma Apartment building and near Trolley Barn.; 5,624 SF of versatile retail space** suitable for restaurant, grocery, food uses, or mercantile.; High ceilings and shell condition allow for customized build‑out.
