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

    1621 1st Ave Grandview, OH 43212-3393

    • Office buildings
    • 5,376 SF
    • 0.26 lot acres
    OFF-MARKET
    Last Sale
    Feb 10, 2022
    Value Estimations
    $435,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0845576
    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

    • Office buildings

    Property Details for 1621 1st Ave

    Year built
    1960
    Lot size
    0.26 lot acres
    Property size
    5,376 SF
    Property type
    Office buildings
    APN
    030-000277
    APU
    30000277

    Description

    This exceptional 5,376 square foot office building in Columbus, Ohio's desirable Grandview Heights neighborhood presents a unique leasing opportunity. Located at 1621 W 1st Ave, this single-story, 1960-built structure sits on a 0.25-acre lot and is zoned C-1 Limited Commercial District (APN: 030-000277-00). The property offers flexible lease terms, accommodating tenants seeking either the entire building or a minimum of 1,500 contiguous square feet. Currently, the entire 5,376 square feet is vacant and ready for immediate occupancy. The building features a mix of open space, private offices, a conference room, and private bathrooms. A significant advantage is the inclusion of a large basement area, ideal for storage or common space, at no additional cost. Ample free parking is available on-site. All utilities, landlord insurance, real estate taxes, maintenance, and parking are included in the listed rate. The property enjoys convenient access to major freeways, Grandview Yard, and Downtown Columbus. Some existing office furniture may be available. This is a rare opportunity to secure a fully-equipped, well-located office space in a thriving community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $405,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $464,000
      Market price range: $279k - $711k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $670,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Grandview
    County
    Franklin
    State
    Ohio
    Longitude
    -83.0485
    Latitude
    39.9817
    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
    $18,320
    $78,750
    $137,620
    $216,370
    -
    $225,000
    $393,200
    $618,200

    Comparable in this City

    • Value Estimation
      $1,215,000
      365,440 SF

      1000 Yard St

      OFFICE BUILDING (MULTI-STORY) • 365,440 SF
      1000 Yard St, Columbus, OH 43212-3905
      View Details
    • Value Estimation
      $910,000
      134,124 SF

      1st Ave

      OFFICE BUILDING (MULTI-STORY) • 134,124 SF
      1st Ave, Columbus, OH 43212
      View Details
    • Value Estimation
      $265,000
      0.14 Acres

      3rd Ave

      OFFICE BUILDING (MULTI-STORY) • 0.14 Acres
      3rd Ave, Columbus, OH 43212
      View Details
    • Value Estimation
      $400,000
      5,250 SF

      1523 Chesapeake Ave

      OFFICE BUILDING • 5,250 SF
      1523 Chesapeake Ave, Columbus, OH 43212-2179
      View Details
    • Value Estimation
      $500,000
      2,860 SF

      786 Nwnw Blvd

      OFFICE BUILDING • 2,860 SF
      786 Nwnw Blvd, Grandview, OH 43212-3832
      View Details
    • Value Estimation
      $405,000
      6,162 SF

      1820 Nwnw Blvd

      OFFICE BUILDING • 6,162 SF
      1820 Nwnw Blvd, Columbus, OH 43212-1677
      View Details

    Similar Nearby for Sale

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      King Avenue Corner Office Building

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    • Contact for pricing
      11,880 SF

      Office/Warehouse Suite in Grandview Area

      Functional office and warehouse space near Grandview and OSU.
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    • $369,000
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      Charming Condo in Marble Cliff

      Two-story condo with modern amenities, close to downtown and OSU.
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    • $470,000
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      Grandview Area Two-Family Opportunity

      Two-unit property in Grandview area with month-to-month tenants.
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    • New
      $715,000
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      Columbus Multi-Family Investment Opportunity

      Multi-unit property near Ohio State University with income potential.
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    Similar Nearby for Lease

    • $180 SF/Yr
      10,100 SF

      Grandview Office Space Available

      Columbus office building, flexible suites.
      1550 5Th Ave, Columbus, OH 43212
      View Details
    • $13 SF/Yr
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      Grandview Restaurant & Office Space

      Restaurant and office space in central Grandview location.
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      View Details
    • Contact for pricing
      25,000 SF

      Grace's Bend II Retail Space

      Columbus, OH retail & office opportunity. High-traffic location.
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      View Details
    • Contact for pricing
      8,200 SF

      Columbus Freestanding Building For Lease

      8,200 SF building near Grandview Yard, suitable for various uses.
      1385-1387 Goodale Blvd, Columbus, OH 43212
      View Details
    • Contact for pricing
      24,568 SF

      Grandview Heights Office Space

      Modern office suites, prime location.
      827 Goodale Blvd, Grandview Heights, OH 43212
      View Details
    • $975 /Mo
      14,000 SF

      Grandview Yards Office Suites

      Private office suites in Grandview Yards with shared amenities.
      781 Northwest Blvd, Columbus, OH 43212
      View Details
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    1621 1st Ave
    Grandview, OH 43212-3393
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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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