Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Africa Rd Westerville, OH

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Premier business district land for office, flex, and commercial uses.

    Type:LAND
    Lot size:
    6.14 Acres
    Added:
    Apr 22, 2025
    Days on Market:
    374
    Last Refresh:
    Apr 5 at 11:00 pm

    Property Features for Africa Rd

    General Information

    Standard status
    Active
    Lot size
    6.14 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    David Morgan

    Listing agent David Morgan

    Listing office CBRE | Columbus

    Listing date Apr 22, 2025

    Source Moodyscre

    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 CBRE | Columbus

    Overview

    Westerville Shovel-Ready Development Site

    This shovel-ready site is located in Westerville's premier business district. The City of Westerville offers competitive economic incentives and a streamlined approval process. The amenity-rich area is home to local and global companies with access to a highly skilled regional workforce. Sites range from 2.3 to 16.8 acres, intended for office, flex/technology, and commercial uses that expand the character and economic vitality of the Westar business district. Each site has, or will have by Q3 2026, utilities in place, including Westerville’s municipal electric, fiber, and water utilities. Regional stormwater retention ponds have been planned as outdoor amenities connected by a regional path system, while saving individual sites from having to provide their own on-site retention. The City of Westerville’s East of Africa business district consists of 88 acres across five sites, and neighbors the established and thriving Westar Place business district, which offers a wide range of walkable amenities and proximity to a talented workforce. The City is in the final stages of the design phase of infrastructure planning, and expects to advance $30+ million in funding for all roads and utilities through the site, connecting to the regional transportation network, with construction to begin in early 2025. Upon completion, five shovel-ready parcels will be available for development, with the potential for private site construction to run concurrent with the infrastructure construction through 2025.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Westerville
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9386
    Latitude
    40.1434

    Nearby Similar for Sale

    • $399,900

      Westerville Duplex: Income Opportunity

      Fully occupied Westerville duplex, updated with modern amenities.
      914-916 Tradewind Drive, Westerville, OH 43081
      View Details
    • $350,000

      Westerville Homesite Near Hoover Reservoir

      Two-acre homesite near Hoover Reservoir, zoned for single-family residential.
      Big Walnut Road, Westerville, OH 43082
      View Details
    • $274,900

      Residential Lot in Westerville, OH

      2-acre lot zoned for single-family residential use.
      Paul Road, Westerville, OH 43082
      View Details
    • $175,000
      1,100 SF

      Westerville Office Suite Investment Opportunity

      First-floor office suite near I-270 with immediate income potential.
      Westerville, OH 43081
      View Details
    • $649,900

      Westerville Land For Sale

      0.57 acre lot in high-traffic Westerville location.
      480 S State Street, Westerville, OH 43081
      View Details
    • $16
      13,122 SF

      Eastwind Professional Building Office Suites

      Single-story office building with suites available in Westerville, Ohio.
      863-885 Eastwind Drive, Westerville, OH 43081
      View Details
    • $18
      9,600 SF

      Westerville Office Building Near Hospital

      9,600 SF office building with suite available near St. Ann's.
      137-151 W Schrock Rd, Westerville, OH 43081
      View Details
    • $1,500,000

      Secluded Acreage in Genoa Township

      9.51 acres in Westerville, build your dream estate!
      S Old 3C Highway, Westerville, OH 43082
      View Details
    • $215,000

      Residential Lot in Westerville, OH

      Residential lot in desirable Westerville location near Uptown.
      344 Myrtle Drive lot: 9, Westerville, OH 43081
      View Details
    • $220,000

      Residential Lot in Westerville, OH

      Residential lot in desirable Westerville location near Uptown and Otterbein.
      342 Myrtle Drive lot: 8, Westerville, OH 43081
      View Details
    • $225,000

      Residential Lot in Westerville, OH

      Residential lot in desirable Westerville location near Uptown.
      334 Myrtle Drive lot: 7, Westerville, OH 43081
      View Details
    • $220,000

      Residential Lot in Westerville, OH

      Residential lot in desirable Westerville location near Uptown.
      348 Myrtle Drive lot: 10, Westerville, OH 43081
      View Details

    FAQs

    What type of property is this?
    Land - Premier business district land for office, flex, and commercial uses.
    Where is this land located?
    The property is located at Africa Rd Westerville, OH.
    What is the asking price?
    The asking price for this property is $1,535,000.
    What are key features of this property?
    This property features: Shovel‑ready site with utilities in place by Q3 2026, including municipal electric, fiber, and water.; Located in Westerville's premier business district with competitive economic incentives and a streamlined approval process.; $30+ million in funding allocated for roads and utilities, with construction beginning in early 2025.
    (614) 397-5430 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    David Morgan
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!