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    2244 Hamilton Rd Columbus, OH 43232

    • Office Properties & Spaces
    • 38,976 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • ASUR Supported Living Services / Home Health Care Service
    • N & H Services / Home Health Care Service
    • Tomika Gordon / Addiction Treatment Center / Assisted Living Facility
    • Parks & Associates / Insurance Agency

    Property Details for 2244 Hamilton Rd

    Year built
    1974
    Property size
    38,976 SF
    Property type
    Office Properties & Spaces

    Description

    This Columbus, Ohio office property, located at 2244 S Hamilton Rd, offers 38,976 square feet of traditional office space across three, two-story buildings. The property, built in 1974, is classified as Class C and features 6 total suites, with 769 square feet currently vacant. Individual suites range from a minimum of 35 square feet to a maximum contiguous space of 216 square feet, making it suitable for a variety of business needs. The property boasts 120 total parking spaces for tenant and visitor convenience. Note that there are no elevators. Ceiling heights are 12 feet, and the space features keyless entry, LVP flooring, and LED lighting. The property is conveniently located near public transportation and major highways, offering easy access to downtown Columbus and John Glenn Columbus International Airport. The cross street is Groves Rd, and the zip code is 43232. This is a multi-tenant building.

    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
    -82.8777
    Latitude
    39.9286

    Comparable in this City

    • Value Estimation
      $195,000
      2,290 SF

      3045 Noe Bixby Rd

      CONDOMINIUM OFFICES • 2,290 SF
      3045 Noe Bixby Rd, Columbus, OH 43232-5851
      View Details
    • Value Estimation by Request
      38,976 SF

      2238 Hamilton Rd

      Office Properties & Spaces • 38,976 SF
      2238 Hamilton Rd, Columbus, OH 43232
      View Details
    • Value Estimation by Request
      19,488 SF

      2105 Hamilton Rd

      Office Properties & Spaces • 19,488 SF
      2105 Hamilton Rd, Columbus, OH 43232
      View Details
    • Value Estimation by Request
      38,976 SF

      2105 Hamilton Rd

      Office Properties & Spaces • 38,976 SF
      2105 Hamilton Rd, Columbus, OH 43232
      View Details
    • Value Estimation by Request
      5,000 SF

      4100 Truro Sta Rd

      Distribution properties • 5,000 SF
      4100 Truro Sta Rd, Columbus, OH 43232
      View Details
    • Value Estimation
      $190,000
      3,483 SF

      3025 Noe Bixby Rd

      CONDOMINIUM OFFICES • 3,483 SF
      3025 Noe Bixby Rd, Columbus, OH 43232-5851
      View Details

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    Similar Nearby for Lease

    • $12 SF/Yr
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      Hamilton Road Office Suites

      Columbus Office Space: 720-2260 sq ft
      2101 Hamilton Rd, Columbus, OH 43232
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    • $16 SF/Yr
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      Prime Columbus Office Space

      1,084 SF - Hamilton Rd Office Suite
      2238 Hamilton Rd, Columbus, OH 43232
      View Details
    • $350 /Mo
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      Columbus Office Space Available

      Well-connected office space near downtown and the airport.
      2244 S Hamilton Rd, Columbus, OH 43232
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    • $950 /Mo
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      Office Space Near I-70

      Office space with recent updates and utilities included.
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    • $200 SF/Yr
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      Columbus Office Space For Rent

      Well-connected office space near downtown and the airport.
      2244 S Hamilton Rd, Columbus, OH 43232
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    • $934 /Mo
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      Columbus Office Space For Rent

      Office space with open floor plan, close to downtown.
      2101 S Hamilton Rd, Columbus, OH 43232
      View Details
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    2244 Hamilton Rd
    Columbus, OH 43232
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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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