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    Property profile & analytics

    1275 Houk Rd Delaware, OH 43015-3880

    • Office buildings
    • 120,000 SF
    • 8.47 lot acres
    OFF-MARKET
    Last Sale
    Aug 09, 2023
    $7,500,000
    Value Estimations
    $6,610,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-6165771
    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

    • Vertical Heating and Cooling / Hvac Contractor / Air Conditioning Repair Service

    Property Details for 1275 Houk Rd

    Year built
    2000
    Lot size
    8.47 lot acres
    Property size
    120,000 SF
    Property type
    Office buildings
    APN
    419-220-01-018-002
    APU
    41922001018002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,600,000
      ML approach
      $7,990,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,302,000
      Market price range: $9.30M - $21.0M
      AI Estimate
      $4,257,000
      Market price range: $2.89M - $12.9M

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

    Location Insight

    • Map
    • Local Demand
    City
    Delaware
    County
    Delaware
    State
    Ohio
    Longitude
    -83.1126
    Latitude
    40.2842
    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
    $126,530
    $160,020
    $2,116,870
    $2,276,890
    -
    $457,200
    $6,048,200
    $6,505,400

    Comparable in this City

    • Value Estimation
      $210,000
      0.05 Acres

      11 Central Ave

      OFFICE BUILDING (MULTI-STORY) • 0.05 Acres
      11 Central Ave, Delaware, OH 43015-1944
      View Details
    • Value Estimation by Request
      4,324 SF

      1 Kerry Park Cir

      OFFICE BUILDING • 4,324 SF
      1 Kerry Park Cir, Delaware, OH 43015-4128
      View Details
    • Value Estimation
      $115,000
      4,400 SF

      55 Sandusky St

      OFFICE BUILDING • 4,400 SF
      55 Sandusky St, Delaware, OH 43015-1954
      View Details
    • Value Estimation by Request
      376,140 SF

      2332 Us Hwy 42nd S

      OFFICE BUILDING • 376,140 SF
      2332 Us Hwy 42nd S, Delaware, OH 43015-9502
      View Details
    • Value Estimation
      $260,000
      4,800 SF

      13 Sandusky St

      OFFICE BUILDING • 4,800 SF
      13 Sandusky St, Delaware, OH 43015-1901
      View Details
    • Value Estimation
      $460,000
      25,637 SF

      4993 State Rte 521

      OFFICE BUILDING • 25,637 SF
      4993 State Rte 521, Delaware, OH 43015-8766
      View Details

    Similar Nearby for Sale

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      Renovated Office Building on Sandusky

      Stand-alone office building in booming Delaware city community.
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    • $1,315,000
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      Delaware Office Building For Sale

      6,575 SF office building available in Delaware, Ohio.
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    • $499,950
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      Historic Building in Downtown Delaware

      10,000 SF historic building suitable for office or residential use.
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    • $475,000
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      Historic Office Building in Delaware

      Two-story office building built in 1821 with ample parking.
      15 N Franklin St, Delaware, OH 43015
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    • $499,950
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      Historic Delaware Office Building

      10,000 SF Executive Office, $499,950
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    • $4,600,000
      2,261 SF

      Delaware Office Space For Sale

      Office spaces available near Ohio Health Grady Memorial Hospital.
      454-460 W Central Ave, Delaware, OH 43015
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      6,339 SF

      Delaware Two-Story Office Building

      Two-story office building in Delaware near OhioHealth Grady Hospital.
      3769 Columbus Pike, Delaware, OH 43015
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    • $1,325 /Mo
      918 SF

      Delaware Office Space For Rent

      Second floor office space with private balcony and open floorplan.
      23-25 W Winter St, Delaware, OH 43015
      View Details
    • $5 SF/Yr
      6,035 SF

      Delaware Office Space for Lease

      Flexible Workspace Solutions in Ohio
      1 Winter St, Delaware, OH 43015
      View Details
    • $13 SF/Yr
      10,924 SF

      Downtown Delaware Executive Office Space

      Modern office suite, 2,737 sq ft, prime location.
      92 Sandusky St, Delaware, OH 43015
      View Details
    • $14 SF/Yr
      915 SF

      Downtown Office Space with Balcony

      Move-in ready office space with balcony and downtown views.
      92-94 N Sandusky St, Delaware, OH 43015
      View Details
    • $16 SF/Yr
      10,000 SF

      Downtown Delaware Office Space Available

      Renovated office space in downtown Delaware, available April 1, 2020.
      5 N Sandusky St, Delaware, OH 43015
      View Details
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    1275 Houk Rd
    Delaware, OH 43015-3880
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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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