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    Property profile & analytics

    127 Central Ave Columbus, OH 43222-1009

    • Retail space
    • 3,590 SF
    • 0.10 lot acres
    OFF-MARKET
    Last Sale
    May 04, 2022
    $199,900
    Value Estimations
    $180,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2014607
    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.

    Current Use by Public Records

    • God's Glory Temple Church / Church

    Property Details for 127 Central Ave

    Year built
    1950
    Construction
    WOOD
    Lot size
    0.10 lot acres
    Property size
    3,590 SF
    Property type
    Retail space
    APN
    010-011828
    APU
    10011828

    Description

    This 3,590 square foot freestanding commercial building in Columbus, Ohio's vibrant Franklinton neighborhood offers a unique leasing opportunity. Situated at 127 N Central Ave, this two-story building features a full basement and ample parking (20+ spaces) with a newly repaved lot and freshly painted exterior. The property is undergoing renovations, including a complete overhaul of the three half-bathrooms. Landlord is open to negotiating tenant improvements to customize the space to your needs. Enjoy convenient access to major roadways, including I-70 (approximately 3 minutes) and I-670 (approximately 4 minutes), placing your business within easy reach of Downtown Columbus and other key areas. The location benefits from proximity to the Columbus Metro Library, Short North Arts District, COSI, Gravity, and numerous new developments. Furthermore, the property is only three blocks from W Broad St, a bustling retail corridor with a mix of local and national businesses, including Tim Horton's, McDonald's, Taco Bell, Arby's, Subway, and Popeye's. This prime location offers excellent visibility and accessibility for a variety of retail businesses. The single-tenant occupancy ensures a focused and efficient business environment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $180,000
      ML approach
      $155,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $224,000
      Market price range: $186k - $620k
      AI Estimate
      $183,000
      Market price range: $156k - $491k

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -83.039
    Latitude
    39.9603
    CBSA code
    18140
    CBSA name
    COLUMBUS, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,869
    $7,390
    $45,570
    $52,960
    -
    $21,100
    $130,200
    $151,300

    Comparable in this City

    • Value Estimation
      $275,000
      0.12 Acres

      991 Broad St, Unit 999

      RETAIL STORES (PERSONAL SERVICES) • 0.12 Acres
      991 Broad St, Columbus, OH 43222-1448
      View Details
    • Value Estimation
      $255,000
      0.32 Acres

      11159 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 0.32 Acres
      11159 Broad St, Columbus, OH 43222
      View Details
    • Value Estimation
      $270,000
      2,087 SF

      30 Yale Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,087 SF
      30 Yale Ave, Columbus, OH 43222
      View Details
    • Value Estimation
      $270,000
      0.13 Acres

      1017 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 0.13 Acres
      1017 Broad St, Columbus, OH 43222-1448
      View Details
    • Value Estimation
      $185,000
      1,259 SF

      1267 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 1,259 SF
      1267 Broad St, Columbus, OH 43222-1359
      View Details
    • Value Estimation
      $300,000
      7,228 SF

      1245-1247 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 7,228 SF
      1245-1247 Broad St, Columbus, OH 43222
      View Details

    Similar Nearby for Sale

    • $795,000
      8,000 SF

      Franklinton Commercial Gem

      8,000 SF Office/Retail Space, Vacant
      1022 Broad St, Columbus, OH 43222
      View Details
    • $497,000
      4,400 SF

      Freestanding Building on West Broad

      Two-story, 4,400 SF building near Downtown Columbus.
      941 West Broad St, Columbus, OH 43222
      View Details
    • $795,000
      8,000 SF

      Franklinton Two-Story Building For Sale

      8,000 SF two-story building in shell condition on 0.35 acres.
      1020-1022 W Broad St, Columbus, OH 43222
      View Details
    • $699,000
      4,240 SF

      Retail with Apartments Opportunity Zone

      Two-story building with retail and apartments in opportunity zone.
      1009-1011 West Broad St, Columbus, OH 43222
      View Details
    • $299,000

      Franklinton Retail and Apartment Building

      Retail space with unfinished apartments in booming Franklinton.
      1338-1350 W Broad St, Columbus, OH 43222
      View Details
    • $525,000
      2,322 SF

      Revitalized Franklinton Corner Lot Retail

      Mixed-use commercial property in revitalized Franklinton neighborhood, minutes from downtown.
      1069 W Broad St, Columbus, OH 43222
      View Details

    Similar Nearby for Lease

    • $349,000
      2,981 SF

      Retail/Industrial Space in Franklinton

      2,981 SF retail/industrial space for sale or lease.
      1328 West Broad St, Columbus, OH 43222
      View Details
    • Contact for pricing
      4,500 SF

      Retail Space on Glenwood Avenue

      Retail space available for lease in Columbus, Ohio.
      72 N Glenwood Ave, Columbus, OH 43222
      View Details
    • $2,000 /Mo

      Fenced and Paved Lot

      Approximately 0.5-acre fenced and paved lot for rent.
      1000 Mckinley Ave, Columbus, OH 43222
      View Details
    • Contact for pricing
      8,000 SF

      Franklinton Commercial Building

      8,000 SF, High-Visibility Location
      1022 Broad St, Columbus, OH 43222
      View Details
    • $0.01 SF/Yr
      11,583 SF

      Columbus Warehouse - Broad Street

      11,583 SF Warehouse, I-70 Access
      1268 Broad St, Columbus, OH 43222
      View Details
    • $0.01 SF/Yr
      9,239 SF

      Warehouse Space - West Broad Street

      Prime Columbus Warehouse: 9,239 sq ft
      960 Broad St, Columbus, OH 43222
      View Details
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    127 Central Ave
    Columbus, OH 43222-1009
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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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