High-Visibility Automotive Garage on
For Sale
Contact for pricing
1550 Cleveland Avenue, Columbus, OH 43211
Automotive garage on high-traffic corridor, minutes from downtown.
Property Size3,917 SF
Price / SF$151.54
Days on Market888
Property Features for 1550 Cleveland Avenue
General Information
Standard status
Active
Size
3,917 SF
Property subtype
Retail
Building Details
Year Built
1946
Listing Agency:
Anchor Real Estate Group
(614) 338-8701
Listed By:
Denise Pace · License #444298
Source:
Crexi
Added: Mar 20, 2024
Changed: Aug 14
Last Checked: Aug 24 at 8:58AM
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 Anchor Real Estate Group
Investment Insights
Based on property information with market context.
This automotive garage presents an opportunity for owner-operators or investors. Located on a heavily trafficked corridor in Columbus, it is situated minutes from major freeways and downtown. The property offers street presence along Cleveland Avenue, suitable for automotive services, tire shops, detailing, or light industrial uses. The garage features solid block construction with multiple service bays, high overhead doors, an office/reception area, and ample parking. Utilities in place include water, gas, electric, and air lines. The lot allows for ingress and egress, and the layout supports drive-through service or future expansion. The property has a strong daily traffic count for business exposure. The property contains 3,917 square feet. The property is being sold as-is.
Key Highlights
- High‑visibility location on heavily trafficked Cleveland Avenue.
- Multiple service bays and high overhead doors suitable for various automotive or light industrial uses.
- Ample parking for customers and inventory.
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
$45,159
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
7.61%
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%
$903,180
$903.2K
Cap Rate 7%
$645,129
$645.1K
Cap Rate 9%
$501,767
$501.8K
Market Conditions
NOI Build-Up for 3,917 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
$70.5K $18.00/SF
− Vacancy
−$6.0K −$1.53/SF
EGI
$64.5K $16.47/SF
− OpEx
−$19.4K −$4.94/SF
NOI
$45.2K $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%
$903,180
Cap Rate 7%
$645,129
Cap Rate 9%
$501,767
Alternative Uses
Best Use
Retail
$645.1K
$564.5K – $752.7K
NOI $45,159 @ 7.0% cap · market cap 7.61%
Second Best
Industrial
$221.3K
$193.6K – $258.1K
NOI $15,488 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$816.3K
$714.3K – $952.4K
NOI $57,143 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43211, OH
23,160
Population
9,956
Households
2.3
Avg Household Size
32
Median Age
11%
College-Educated
77%
High-School Grad
4.7 sq mi
ZIP Area
4,928
Density / Sq Mi
$38,715
Median Household Income
$28,601
Median Earnings
$1,057
Median Rent
$91,600
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?
Auto shop - Automotive garage on high-traffic corridor, minutes from downtown.
Where is this auto shop located?
The property is located at 1550 Cleveland Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $593,600.
What are key features of this property?
This property features: High‑visibility location on heavily trafficked Cleveland Avenue.; Multiple service bays and high overhead doors suitable for various automotive or light industrial uses.; Ample parking for customers and inventory.
