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    City Grove City Rd Grove City, OH 43123

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    City Grove City Rd Grove City, OH 43123

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    • Land

    Property Details for City Grove City Rd

    Property type
    Land

    Description

    This exceptional 850,000 USD commercial land parcel presents a unique investment opportunity in the thriving Grove City, Ohio market. Situated at the intersection of Hoover Road and Southwest Boulevard, this property boasts unparalleled visibility and accessibility, making it ideal for a wide range of commercial developments. The 4-way intersection ensures high traffic counts and significant exposure to potential customers. Located in Franklin County, Ohio, with a zip code of 43123, this corner lot offers a strategic advantage for businesses seeking a prominent location. The property's precise address is 0, Grove City, Ohio, and its coordinates are 39.8762258 latitude and -83.0576156 longitude. This is a blank canvas for your vision, allowing for the construction of a building tailored to your specific needs. The property is classified as commercial land, providing flexibility in terms of permitted uses. The asking price is 850,000 USD, representing a compelling investment in a high-growth area. Don't miss this chance to secure a prime piece of real estate in a dynamic and rapidly developing community. The property's location offers easy access to major transportation routes, further enhancing its appeal to businesses and investors alike. This is a rare opportunity to acquire a highly visible and strategically located commercial land parcel in a desirable Ohio market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Grove City
    County
    Franklin
    State
    Ohio
    Longitude
    -83.0576
    Latitude
    39.8762

    Comparable in this City

    • Value Estimation by Request
      1.50 Acres

      6205 Hoover Rd

      Land • 1.50 Acres
      6205 Hoover Rd, Grove City, OH 43123
      View Details
    • Value Estimation by Request
      1.00 Acre

      Farm Bank Way

      Individual retail properties • 1.00 Acre
      0 Farm Bank Way, Grove City, OH 43123
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    • Value Estimation by Request
      3.00 Acres

      Southwest Blvd

      Land • 3.00 Acres
      0 Southwest Blvd, Grove City, OH 43123
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    • Value Estimation by Request
      16.00 Acres

      1209 Stringtown Rd

      Land • 16.00 Acres
      1209 Stringtown Rd, Grove City, OH 43123
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    • Value Estimation by Request
      2.09 Acres

      Stringtown Rd

      Land • 2.09 Acres
      0 Stringtown Rd, Grove City, OH 43123
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    • Value Estimation by Request
      1.45 Acres

      3019 Turnberry Ct

      Land • 1.45 Acres
      3019 Turnberry Ct, Grove City, OH 43123
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Development Land on Alkire Road

      5.26 acres of development land with road frontage.
      3711 Alkire Rd, Grove City, OH 43123
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    • $182,000
      Pending

      Land For Sale

      Land available in Grove City, Ohio.
      2120 Edwards Rd, Grove City, OH 43123
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    • $1,375,000
      2.50 Acres

      Hoover Road Development Site

      Grove City, OH: 2.5-acre prime land
      0 Hoover Rd, Grove City, OH 43123
      View Details
    • New
      $169,000
      0.51 Acres

      Grove City Land with Garages

      Half-acre lot with well, septic, and two garages.
      2782 Sandusky St, Grove City, OH 43123
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    • Contact for pricing

      Land For Sale

      Land available for sale in Grove City, Ohio.
      4671 Harrisburg Pike, Grove City, OH 43123
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      Industrial Development Site Available

      61+ acre industrial development site in Grove City, Ohio.
      1335 Thrailkill Rd, Grove City, OH 43123
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    Similar Nearby for Lease

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      Land For Rent Grove City

      Land available for rent in Grove City, Ohio.
      4046 Knapp Dr, Grove City, OH 43123
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      Land For Lease

      Land available for lease.
      1548 Stringtown Rd, Grove City, OH 43123
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    • Contact for pricing

      Grove City Corner Commercial Lot

      Prime corner lot with high visibility and flexible C-2 zoning.
      Hoover Rd, Grove City, OH 43123
      View Details
    • Contact for pricing

      Commercial Pad Site For Lease

      Commercial land available for ground lease in Grove City, Ohio.
      1548 Stringtown Rd, Grove City, OH 43123
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    • Contact for pricing

      Office Pads Ready For Construction

      Two office pads available, approved for construction up to 4,000 sqft.
      3417 Farm Bank Way, Grove City, OH 43123
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    • Contact for pricing

      Prime Retail Lot For Rent

      0.6± acre retail lot at a busy intersection.
      3586 Broadway, Grove City, OH 43123
      View Details
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    Grove City, OH 43123
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    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
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