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    Property profile & analytics

    2081 Morse Rd Columbus, OH 43229

    • Drive through restaurants
    • 1,961 SF
    • 0.62 lot acres
    For Lease
    View listing
    Last Sale
    Sep 25, 2023
    $738,900
    Value Estimations
    $760,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2619875
    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

    • Drive through restaurants

    Property Details for 2081 Morse Rd

    Year built
    1991
    Lot size
    0.62 lot acres
    Property size
    1,961 SF
    Property type
    Drive through restaurants
    APN
    010-150340
    APU
    10150340

    Description

    This exceptional 2,537 square foot retail property, located at 2081 Morse Road in Columbus, Ohio, presents a unique investment opportunity. Situated on a 0.63-acre lot in the Northeast Columbus submarket of Franklin County, this former fast-food restaurant boasts a highly desirable drive-thru and ample parking. Built in 1991, the entire building (2,537 square feet) is currently vacant, offering a blank canvas for a new tenant or a complete redevelopment. The property benefits from its location on Morse Road, a major east-west thoroughfare in Columbus, ensuring high visibility and significant traffic exposure. Over 34,000 vehicles pass by daily, providing excellent potential for customer reach. The surrounding area is a dense retail hub, anchored by established businesses such as Kroger, Rose's Discount Store, and Aldi, creating a strong commercial environment and attracting a substantial customer base. This location offers immediate access to a high-traffic area with a proven track record of retail success, making it an ideal site for a variety of fast-food or quick-service restaurant concepts. The property's existing infrastructure, including the drive-thru, significantly reduces the initial investment required for a new business. This is a rare opportunity to acquire a well-positioned retail property in a thriving Columbus commercial corridor. The 43229 zip code ensures easy access to a large and diverse population.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $760,000
      ML approach
      $725,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $718,000
      Market price range: $215k - $719k

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9636
    Latitude
    40.0595
    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
    $23,491
    $118,860
    $189,280
    $308,140
    -
    $339,600
    $540,800
    $880,400

    Comparable in this City

    • Value Estimation
      $280,000
      1,258 SF

      2455 Schrock Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,258 SF
      2455 Schrock Rd, Columbus, OH 43229-1549
      View Details
    • Value Estimation
      $280,000
      950 SF

      2110 Morse Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 950 SF
      2110 Morse Rd, Columbus, OH 43229
      View Details
    • Value Estimation
      $700,000
      3,041 SF

      6030 Busch Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,041 SF
      6030 Busch Blvd, Columbus, OH 43229-2506
      View Details
    • Value Estimation
      $515,000
      4,725 SF

      Morse Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,725 SF
      Morse Rd, Columbus, OH 43229
      View Details
    • Value Estimation
      $375,000
      2,751 SF

      2130 Morse Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,751 SF
      2130 Morse Rd, Columbus, OH 43229-6665
      View Details
    • Value Estimation
      $365,000
      2,364 SF

      1717 Morse Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,364 SF
      1717 Morse Rd, Columbus, OH 43229-6501
      View Details

    Similar Nearby for Sale

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    • $1,900,000
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      Net-leased retail property with redevelopment potential in a high-traffic location.
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    Similar Nearby for Lease

    • Contact for pricing
      2,537 SF

      Morse Road Retail Opportunity

      Prime Columbus Fast Food Site, Drive-Thru
      2081 Morse Rd, Columbus, OH 43229
      View Details
    • $1,350 /Mo
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      Renovated Office & Retail Suites

      Versatile suites in a renovated four-story commercial building.
      1110 Morse Rd, Columbus, OH 43229
      View Details
    • Contact for pricing
      8,650 SF

      Retail Space Near Aldi Store

      Retail space available in a densely populated area.
      2260-2296 Morse Rd, Columbus, OH 43229
      View Details
    • Contact for pricing
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      Retail Space on Morse Road

      Retail space available in a densely populated area.
      2100 Morse Rd, Columbus, OH 43229
      View Details
    • $815 /Mo
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      Renovated Office & Retail Suites

      Flexible office and retail suites available for lease.
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      View Details
    • $15 SF/Yr
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      Columbus Executive Office Space

      Prime 3,500 sq ft Office in Columbus, OH
      5760 Maple Canyon Ave, Columbus, OH 43229
      View Details
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    Columbus, OH 43229
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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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