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    1209 Stringtown Rd Grove City, OH 43123

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    1209 Stringtown Rd Grove City, OH 43123

    View on Map
    • Commercial real estate
    • 16.00 lot acres
    Off-Market
    Property ID
    US66-2766805
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1209 Stringtown Rd

    Lot size
    16.00 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 16-acre property in Grove City, Ohio (Franklin County, zip code 43123, located at 1209 Stringtown Rd) presents a unique investment opportunity. The primary 10-acre site, with approximately 9 developable acres, is ideally suited for a mixed-use development. Currently zoned residential and commercial, Grove City actively supports annexation from Jackson Township and rezoning as a Planned Urban District (PUD). The city's plan includes a medical office component on approximately 3 acres, addressing the significant demand fueled by a less than 1% vacancy rate and the proximity to the OhioHealth Hospital (completed 2018). In return for this medical space, the city will permit a five-story apartment, condominium, or senior housing project, capitalizing on Grove City's rapid growth as a Columbus suburb. The strong residential demand is driven by Columbus's status as one of the nation's fastest-growing cities and the Midwest's fastest-growing MSA. An additional 6 acres adjacent to the site are available for purchase, allowing for immediate expansion or future development. The asking price for this exceptional opportunity is $6,600,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Grove City
    County
    Franklin
    State
    Ohio
    Longitude
    -83.029839
    Latitude
    39.8741812

    Comparable in this City

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      Residential Land in Grove City

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      Prime Retail Lot in Grove

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      Development Land on Alkire Road

      5.26 acres of development land with road frontage.
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      5875 Haughn Road, Grove City, OH 43123

      Industrial land
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      Land Adjacent to CVS Pharmacy

      Land available near London Groveport Road and Hoover Road.
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    Similar Nearby for Sale

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      Industrial Development Site Available

      61+ acre industrial development site in Grove City, Ohio.
      1335 Thrailkill Rd, Grove City, OH 43123
      View Details
    • $210,000
      2.02 Acres

      Residential Land in Grove City

      Two acres of residential land for building a dream home.
      5 Norton Rd, Grove City, OH 43123
      View Details
    • Contact for pricing

      Prime Retail Lot in Grove

      0.6± acre shovel-ready retail lot in Grove City.
      3586 Broadway, Grove City, OH 43123
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      Development Land on Alkire Road

      5.26 acres of development land with road frontage.
      3711 Alkire Rd, Grove City, OH 43123
      View Details
    • Contact for pricing

      5875 Haughn Road, Grove City, OH 43123

      Industrial land
      5875 Haughn Rd, Grove City, OH 43123
      View Details
    • Contact for pricing

      Land Adjacent to CVS Pharmacy

      Land available near London Groveport Road and Hoover Road.
      6205 Hoover Rd, Grove City, OH 43123
      View Details

    Similar Nearby for Lease

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      Grove City Corner Commercial Lot

      Prime corner lot with high visibility and flexible C-2 zoning.
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      Land For Rent Grove City

      Land available for rent in Grove City, Ohio.
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      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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      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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      Prime Retail Lot For Rent

      0.6± acre retail lot at a busy intersection.
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      Land with Development Opportunities

      Land with flexible zoning and build to suit options.
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    1209 Stringtown Rd
    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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