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    1900 Ikea Way Columbus, OH 43240

    • Land
    • 4.20 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 1900 Ikea Way

    Lot size
    4.20 lot acres
    Property type
    Land

    Description

    This exceptional 4.2-acre commercial land parcel presents a unique investment opportunity in Columbus, Ohio. Strategically located at 1900 IKEA Way, this property boasts a prime position just off I-71, directly in front of the IKEA store and situated between two signalized intersections. The site benefits from high visibility along the Gemini Place/IKEA Way corridor, a key east-west connector for the area, experiencing less congestion than the Polaris Parkway to the south. Daily traffic counts exceed 31,000 vehicles, ensuring significant exposure for any development. The property is zoned for commercial use, offering flexibility for a variety of projects. Its proximity to Polaris Fashion Place, a major super-regional mall encompassing over 2 million square feet of retail space and attracting affluent shoppers, further enhances its appeal. The surrounding area features over 4.6 million square feet of retail gross leasable area (GLA), indicating a thriving commercial environment. This land parcel represents a rare chance to acquire a well-located site within a continuously developing corridor, offering substantial potential for future growth and return on investment. The property is located in Delaware County, Ohio, with a zip code of 43240.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9655
    Latitude
    40.1481

    Comparable in this City

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      1.26 Acres

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      1.23 Acres

      Gemini Pl

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    • Value Estimation by Request
      4.94 Acres

      480 Lazelle Rd

      VACANT COMMERCIAL LAND • 4.94 Acres
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    Similar Nearby for Sale

    • Contact for pricing
      4.20 Acres

      Columbus Commercial Land Opportunity

      4.2-acre commercial lot near IKEA.
      1900 Ikea Way, Columbus, OH 43240
      View Details
    • $1,790,000

      Prime Corner Lot Near Polaris

      1.62-acre corner lot in high-traffic commercial hub.
      Polaris Pkwy, Columbus, OH 43240
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    • $900,000
      1 SF

      Polaris Fashion Place Retail Pad

      Prime 1.62-acre retail lot near Polaris Fashion Place.
      1292 Polaris Pkwy, Columbus, OH 43240
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    • $6,995,000

      7.76± Acres Prime Land

      Land for sale near I-71 and Polaris Parkway.
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    • Contact for pricing
      4,051 SF

      Retail Space on Sancus Blvd

      Retail space available on Sancus Blvd in Columbus, OH.
      8787 Sancus Blvd, Columbus, OH 43240
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    • $3,300,000
      12,000 SF

      Retail Building Near Polaris Development

      12,000 sq ft building in the Polaris area.
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      Polaris Parkway Land Opportunity

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      2054 Polaris Pkwy, Columbus, OH 43240
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      8420 Lyra Dr, Columbus, OH 43240
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      Land Available For Lease

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      8440 Lyra Dr, Columbus, OH 43240
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      Land for Lease

      Land available for lease in Columbus, OH.
      886 Polaris Pkwy, Columbus, OH 43240
      View Details
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    1900 Ikea Way
    Columbus, OH 43240
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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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