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    3349-3561 Cleveland Ave Columbus, OH 43224

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    3349-3561 Cleveland Ave Columbus, OH 43224

    View on Map
    • Community centers
    • 360,471 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Onsite Finest Store / Department Store

    Property Details for 3349-3561 Cleveland Ave

    Property size
    360,471 SF
    Property type
    Community centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional retail property, known as Northern Lights, is strategically located at 3349-3561 Cleveland Ave in Columbus, Ohio, within Franklin County (zip code 43224). The property offers a total of 360,471 square feet of commercial and community retail space, divided into nine individual suites. Multiple tenancy options are available, with a minimum divisible space of 750 square feet and a maximum contiguous space of 16,434 square feet. Currently, 41,727 square feet of space is vacant, presenting a significant opportunity for expansion or new tenancy. The property boasts ample parking with 1,759 spaces available for customers and employees. This prime location offers excellent visibility and accessibility, making it an ideal choice for businesses seeking a thriving retail environment in Columbus. The property's size and layout provide flexibility for a variety of retail concepts, from small boutiques to larger-scale operations. Interested parties are encouraged to inquire about available suite sizes and lease terms. This is a rare opportunity to secure a prominent retail presence in a high-demand area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9618
    Latitude
    40.04

    Comparable in this City

    • Value Estimation
      $790,000
      5,160 SF

      3431 Cleveland Ave

      MINI-MALL • 5,160 SF
      3431 Cleveland Ave, Columbus, OH 43224-2920
      View Details
    • Value Estimation
      $9,555,000
      75,224 SF

      3487 Cleveland Ave, Unit 3551

      MINI-MALL • 75,224 SF
      3487 Cleveland Ave, Columbus, OH 43224-2906
      View Details
    • Value Estimation
      $4,030,000
      36,160 SF

      3350 Cleveland Ave

      MINI-MALL • 36,160 SF
      3350 Cleveland Ave, Columbus, OH 43224-3677
      View Details
    • Value Estimation
      $9,925,000
      108,708 SF

      3418 Cleveland Ave, Unit 3510

      MINI-MALL • 108,708 SF
      3418 Cleveland Ave, Columbus, OH 43224-2907
      View Details
    • Value Estimation
      $835,000
      4,331 SF

      3475 Cleveland Ave

      MINI-MALL • 4,331 SF
      3475 Cleveland Ave, Columbus, OH 43224-2906
      View Details
    • Value Estimation by Request
      4.50 Acres

      2878 Innis Rd

      NURSERY, GREENHOUSE, FLORIST • 4.50 Acres
      2878 Innis Rd, Columbus, OH 43224-3738
      View Details

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    Similar Nearby for Lease

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      Freestanding Retail Building For Lease

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      Retail Space Available For Lease

      Retail spaces available for lease in Columbus, OH.
      3349-3561 Cleveland Ave, Columbus, OH 43224
      View Details
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    Columbus, OH 43224
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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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    3349-3561 Cleveland Ave, Columbus, OH, 43224

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