Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1550 Lewis Center Rd Lewis Center, OH 43035

    • Investment properties
    • 7,325 SF
    • 0.40 lot acres
    For Sale
    View listing
    $1,325,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2063295
    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

    • Paul Marchio Farmers Insurance Agent / Insurance Agency / Auto Insurance Agency
    • Farmers Insurance - Paul Marchio / Insurance Agency / Auto Insurance Agency
    • Myron Byrd, Jr. Master Barber / Barber Shop
    • Lynn Ann Bodie, LMT / Massage Therapist
    • Revolutions Per Minute, Inc. / Information Services / Business Development Service

    Property Details for 1550 Lewis Center Rd

    Year built
    1850
    Lot size
    0.40 lot acres
    Property size
    7,325 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    318-213-07-002-000
    APU
    31821307002000

    Description

    This exceptional mixed-use property at 1550 Lewis Center Road, Lewis Center, OH 43035, presents a compelling investment opportunity. The 7,325 square foot building, constructed in 1850 with significant renovations in 1998, 1999, 2020, and 2023, sits on a 0.4-acre lot boasting 150 feet of frontage on Lewis Center Road. Currently housing nine tenants across eleven units, the property enjoys a 90% occupancy rate, generating a net operating income (NOI) of $82,807. Pro forma NOI is projected at $118,428, reflecting a pro forma cap rate of 8.94%. The asking price is $1,325,000, representing a current cap rate of 6.25%. The property features 30 parking spaces and is zoned for dwelling use as retail. A 1,200 square foot vacant space on the second floor, previously used as an office, includes a kitchen, utility room, and full bathroom, offering immediate potential for increased revenue or owner-occupancy. The property benefits from a large, recently added gravel sitting area. Significant development is underway in the surrounding area, including the Evans Farm community and Jennings Sports Park, along with road improvements, promising continued growth and increased property value. Delaware County's robust economic growth and high median household income further enhance this investment's appeal. This Class B, multi-tenant property offers a blend of retail and office space, making it an ideal investment for both seasoned and emerging investors.

    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
    Lewis Center
    County
    Delaware
    State
    Ohio
    Longitude
    -83.0088
    Latitude
    40.199
    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
    $7,052
    $15,860
    $75,530
    $91,390
    -
    $45,300
    $215,800
    $261,100

    Comparable in this City

    • Value Estimation by Request
      2,013 SF

      6081 Columbus Pike

      OFFICE/RESIDENTIAL (MIXED USE) • 2,013 SF
      6081 Columbus Pike, Lewis Center, OH 43035-9008
      View Details
    • Value Estimation by Request
      1,108 SF

      77 Orangewick N Dr

      OFFICE/RESIDENTIAL (MIXED USE) • 1,108 SF
      77 Orangewick N Dr, Lewis Center, OH 43035-9060
      View Details
    • Value Estimation by Request
      2,714 SF

      6019 Columbus Pike

      OFFICE/RESIDENTIAL (MIXED USE) • 2,714 SF
      6019 Columbus Pike, Lewis Center, OH 43035-9006
      View Details
    • Value Estimation by Request
      1,518 SF

      6011 Columbus Pike

      OFFICE/RESIDENTIAL (MIXED USE) • 1,518 SF
      6011 Columbus Pike, Lewis Center, OH 43035-8494
      View Details
    • Value Estimation by Request
      2,028 SF

      3773 Powell Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,028 SF
      3773 Powell Rd, Lewis Center, OH 43035-9531
      View Details
    • Value Estimation by Request
      1,952 SF

      8814 Old State Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,952 SF
      8814 Old State Rd, Lewis Center, OH 43035-9491
      View Details

    Similar Nearby for Sale

    • $275,000
      58.37 Acres

      Columbus Pike Commercial Land

      58 Acres, High-Traffic Location, Ohio
      6871 Columbus Pike, Lewis Center, OH 43035
      View Details
    • $398,000

      Prime Lewis Center Land Parcel

      Build Your Dream Home - 151K+ SF Lot
      3440 Powell Rd, Lewis Center, OH 43035
      View Details
    • Contact for pricing
      11.80 Acres

      Prime Lewis Center Commercial Land

      11.8 Acres, Outparcel Options Available
      23 And Orangepoint Dr, Lewis Center, OH 43035
      View Details
    • $3,235,000
      5,167 SF

      New Retail Property For Sale

      New construction retail property with long-term lease and drive-thru.
      55 Meadow Park Ave, Lewis Center, OH 43035
      View Details
    • $1,325,000
      8,569 SF

      Mixed-Use Commercial Building Investment

      Income-producing mixed-use building in developing downtown Lewis Center.
      1550 Lewis Center Rd, Lewis Center, OH 43035
      View Details
    • $1,500,000
      9,480 SF

      Daycare Facility For Sale

      Well-located daycare facility licensed for 94 children for sale.
      7810 Graphics Way, Lewis Center, OH 43035
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      BJ's Anchored Pad Sites

      Leaseable pad sites near BJ's with high traffic volume.
      8425 Orange Center Dr, Lewis Center, OH 43035
      View Details
    • $15 SF/Yr
      41,818 SF

      Office and Flex Space Available

      Two-story office building with flex space in Lewis Center.
      171 Green Meadows Dr South, Lewis Center, OH 43035
      View Details
    • $204 SF/Yr
      4,770 SF

      Lewis Center Commercial Space

      Flexible Office, Warehouse, & Flex Units
      7500 Green Meadows Dr, Lewis Center, OH 43035
      View Details
    • $5,625 /Mo
      201,970 SF

      Retail Space in Prime Location

      Move-in ready retail space in high-traffic Lewis Center, OH.
      9015 Columbus Pike, Lewis Center, OH 43035
      View Details
    • Contact for pricing
      30,000 SF

      Climate Controlled Warehouse Near I-71

      30,000 SF climate-controlled warehouse with ample parking and new roof.
      7603-7611 Green Meadows Dr, Lewis Center, OH 43035
      View Details
    • Contact for pricing

      Open Strip Shopping Center

      Open strip shopping center with frontage on US-23.
      118 Meadow Park Ave, Lewis Center, OH 43035
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1550 Lewis Center Rd
    Lewis Center, OH 43035
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.