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    151 Central Ave Delaware, OH 43015

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    151 Central Ave Delaware, OH 43015

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    • Small apartment buildings
    Off-Market
    Property ID
    US66-5566016
    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

    • Small apartment buildings

    Property Details for 151 Central Ave

    Year built
    1901
    Property type
    Small apartment buildings

    Description

    This well-located Delaware, Ohio duplex presents a fantastic investment opportunity at $249,900. Built in 1901, this property boasts two units, each featuring two bedrooms and one bathroom. The units are currently leased on a month-to-month basis. Situated on a generous 5,662.8 square foot lot, the property offers ample parking in the rear. A large country porch adds to the charm. The convenient location allows for easy access to downtown Delaware, local parks, and the Olentangy River. The property features a shared driveway. The price per square foot is $122.26. This multifamily property is classified as an apartment building and is a duplex/triplex/quadruplex. Please note that tenants should not be disturbed. The property address is 151 E Central Avenue, Delaware, OH 43015.

    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
    Delaware
    County
    Delaware
    State
    Ohio
    Longitude
    -83.0605867
    Latitude
    40.3013427

    Comparable in this City

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      Redevelopment Opportunity Near OWU

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      Land For Redevelopment Opportunity

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      Land Available for Sale

      Land available for sale on State Route 37 E.
      State Route 37 E, Delaware, OH 43015
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      1,300 SF

      Freestanding Retail Building on Corridor

      Rare 1,300 SF building on major retail corridor.
      140 S Sandusky St, Delaware, OH 43015
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    Similar Nearby for Sale

    • Contact for pricing
      3,525 SF

      Renovated Multifamily Property in Delaware

      Turnkey, fully occupied 7-unit building in a high-growth market.
      229 N Sandusky St, Delaware, OH 43015
      View Details
    • $799,900
      0.48 Acres

      Redevelopment Opportunity Near OWU

      Multi-use building with redevelopment potential in a high-demand area.
      28 S Franklin St, Delaware, OH 43015
      View Details
    • $499,950

      Historic Building in Downtown Delaware

      10,000 SF historic building suitable for office or residential use.
      45 Lake St, Delaware, OH 43015
      View Details
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      Land For Redevelopment Opportunity

      5.072 acres available for mixed-use development.
      1853 W William St, Delaware, OH 43015
      View Details
    • $3,600,000

      Land Available for Sale

      Land available for sale on State Route 37 E.
      State Route 37 E, Delaware, OH 43015
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    • Contact for pricing
      1,300 SF

      Freestanding Retail Building on Corridor

      Rare 1,300 SF building on major retail corridor.
      140 S Sandusky St, Delaware, OH 43015
      View Details

    Similar Nearby for Lease

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      Downtown Delaware Office Space Available

      Turn of the Century office space in Downtown Delaware.
      92 N Sandusky St, Delaware, OH 43015
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      Versatile Workspace Solutions Available

      Flexible office spaces, coworking, meeting rooms, and virtual office options.
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      Commercial Space Available For Lease

      Commercial property available for lease.
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      Land for Lease Delaware, OH

      Land available for lease in Delaware, Ohio.
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      Retail Development Opportunity in Delaware

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      4,839 SF

      Delaware Two-Story Office Building

      Two-story office building in Delaware near OhioHealth Grady Hospital.
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    151 Central Ave
    Delaware, OH 43015
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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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    151 Central Ave, Delaware, OH, 43015

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