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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1604 Lancaster Ave, Unit 1614 Reynoldsburg, OH 43068-2639

    • Office buildings
    • 7,698 SF
    • 3.14 lot acres
    OFF-MARKET
    Last Sale
    Sep 19, 2023
    Value Estimations
    $1,350,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1646677
    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

    • Richard West Law Office / Law Firm / Financial Advisor
    • Blacklick Office Park / Corporate Office
    • Hunter Firm / Law Firm

    Property Details for 1604 Lancaster Ave

    Year built
    1989
    Construction
    WOOD
    Lot size
    3.14 lot acres
    Property size
    7,698 SF
    Property type
    Office buildings
    APN
    060-001260
    APU
    60001260

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,685,000
      6.5%
      $1,555,000
      7%
      $1,445,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,091,000
      Market price range: $548k - $1.09M
      AI Estimate
      $1,397,000
      Market price range: $567k - $1.40M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $825,000
      Current use
      RESTAURANT
      $2,240,000
      Change: +172% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,270,000
      Change: +54% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,265,000
      Change: +53% Conversion: Difficult
      MEDICAL BUILDING
      $1,160,000
      Change: +41% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,115,000
      Change: +36% Conversion: Easy
      RETAIL STORES
      $1,030,000
      Change: +25% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Reynoldsburg
    County
    Franklin
    State
    Ohio
    Longitude
    -82.7984
    Latitude
    39.9507
    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
    $43,386
    $104,020
    $447,020
    $551,040
    -
    $297,200
    $1,277,200
    $1,574,400

    Comparable in this City

    • Value Estimation by Request
      5,000 SF

      6720 Tussing Rd, Unit 6760

      OFFICE BUILDING • 5,000 SF
      6720 Tussing Rd, Reynoldsburg, OH 43068-4006
      View Details
    • Value Estimation by Request
      1,678 SF

      1639 Brice Rd

      OFFICE BUILDING • 1,678 SF
      1639 Brice Rd, Reynoldsburg, OH 43068-2701
      View Details
    • Value Estimation
      $775,000
      4,858 SF

      6500 Taylor SW Rd

      OFFICE BUILDING • 4,858 SF
      6500 Taylor SW Rd, Reynoldsburg, OH 43068-9633
      View Details
    • Value Estimation by Request
      2,478 SF

      6501 Tussing Rd

      OFFICE BUILDING • 2,478 SF
      6501 Tussing Rd, Reynoldsburg, OH 43068-3990
      View Details
    • Value Estimation by Request
      5,160 SF

      7320 Tussing Rd

      OFFICE BUILDING (MULTI-STORY) • 5,160 SF
      7320 Tussing Rd, Reynoldsburg, OH 43068-4111
      View Details
    • Value Estimation
      $555,000
      9,016 SF

      7300 Tussing Rd

      OFFICE BUILDING (MULTI-STORY) • 9,016 SF
      7300 Tussing Rd, Reynoldsburg, OH 43068-4111
      View Details

    Similar Nearby for Sale

    • $650,000
      4,960 SF

      East Columbus Multi-Use Commercial Building

      Two-story, 4,960 SF building suitable for office or religious use.
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    • $340,000
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      East Main Street Office Building

      Well-preserved office building in Reynoldsburg's historic district.
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      East Main Street Office Building

      Well-preserved office building in Reynoldsburg's historic district.
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      12,000 SF

      New Mixed-Use Development For Sale

      Two-story building in Olde Reynoldsburg, ideal for medical, retail, office.
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      12,000 SF

      New Mixed-Use Development For Sale

      Two-story mixed-use building in Olde Reynoldsburg Commercial District.
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    • $149,900
      0.86 Acres

      Prime Reynoldsburg Farm Land

      0.86-acre farm, buildable, $149,900
      0 Main St, Reynoldsburg, OH 43068
      View Details

    Similar Nearby for Lease

    • $1,975 /Mo
      7,841 SF

      Versatile Office Space For Lease

      Contemporary office space with kitchen, conference room, and parking.
      1496 Brice Rd, Reynoldsburg, OH 43068
      View Details
    • $25 SF/Yr
      1,350 SF

      Freestanding Office Building on Main

      Professional office space in Reynoldsburg's historic district with excellent visibility.
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      View Details
    • Contact for pricing
      3,678 SF

      Freestanding Restaurant with Drive-Thru

      3,679 SF restaurant with drive-thru in Reynoldsburg, OH.
      6999 E Main St, Reynoldsburg, OH 43068
      View Details
    • Contact for pricing
      1,950 SF

      Industrial Building on US 40

      Multi-tenant industrial building near I-270 available for rent.
      7492-7508 E Main St, Reynoldsburg, OH 43068
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    • $12 SF/Yr
      11,008 SF

      Versatile Industrial Space Available

      11,008 SF industrial space for lease in East Columbus.
      3051 Delta Marine Dr, Reynoldsburg, OH 43068
      View Details
    • Contact for pricing
      50,435 SF

      Brice Road Retail Spaces Available

      Reynoldsburg, OH: Prime Retail Opportunity
      2640 Brice Rd, Reynoldsburg, OH 43068
      View Details
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    Reynoldsburg, OH 43068-2639
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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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