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

    220 State St Westerville, OH 43081-2233

    • Specialty properties
    • 3,122 SF
    • 0.01 lot acres
    OFF-MARKET
    Value Estimations
    $245,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2750541
    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

    • Hill Funeral Home / Funeral Home
    • Distinctive Discount Urns / Florist

    Property Details for 220 State St

    Year built
    1920
    Lot size
    0.01 lot acres
    Property size
    3,122 SF
    Property type
    Specialty properties
    APN
    080-000533
    APU
    80000533

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

    • Alternative Use

      Use
      Estimation
      CEMETERY, FUNERAL HOME, MORTUARY (COMMERCIAL)
      $230,000
      Current use
      AUTO REPAIR, GARAGE
      $355,000
      Change: +52% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $270,000
      Change: +16% Conversion: Difficult
      RETAIL STORES
      $260,000
      Change: +13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9287
    Latitude
    40.1202
    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
    $30
    $360
    $0.00
    $360
    -
    $1,000
    $0.00
    $1,000

    Comparable in this City

    • Value Estimation
      $420,000
      10,388 SF

      55 Schrock Rd

      FUNERAL HOME • 10,388 SF
      55 Schrock Rd, Westerville, OH 43081-2914
      View Details
    • Value Estimation
      $240,000
      0.17 Acres

      220 State St

      FUNERAL HOME • 0.17 Acres
      220 State St, Westerville, OH 43081-2233
      View Details
    • Value Estimation
      $245,000
      0.64 Acres

      220 State St

      FUNERAL HOME • 0.64 Acres
      220 State St, Westerville, OH 43081-2233
      View Details
    • Value Estimation
      $465,000
      16,578 SF

      130 State St

      PROFESSIONAL CLUBS/ASSOCIATIONS • 16,578 SF
      130 State St, Westerville, OH 43081-2058
      View Details
    • Value Estimation
      $330,000
      15,276 SF

      220 State St

      FUNERAL HOME • 15,276 SF
      220 State St, Westerville, OH 43081-2233
      View Details
    • Value Estimation
      $345,000
      9,152 SF

      220 State St

      FUNERAL HOME • 9,152 SF
      220 State St, Westerville, OH 43081-2233
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      Land for sale at 0 Cooper Rd, Westerville, OH
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    • $189,900
      1,216 SF

      Townhouse with Courtyard and Patio

      Two-bedroom townhouse with basement, courtyard, and community amenities.
      106 E Ticonderoga Dr, Westerville, OH 43081
      View Details
    • $220,000
      0.23 Acres

      Residential Lot in Westerville, OH

      Residential lot near Uptown Westerville for custom home building.
      337 Myrtle Dr, Westerville, OH 43081
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    • $215,000
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      Residential Lot in Westerville, OH

      Residential lot in desirable Westerville location near Uptown.
      344 Myrtle Dr, Westerville, OH 43081
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    • Contact for pricing
      134,621 SF

      Spectrum Commerce Center Portfolio

      Two multi-tenant light industrial buildings in Westerville, Ohio.
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    • $379,999
      1,100 SF

      Westerville Duplex with Park View

      Ranch-style duplex in Westerville with updated features and park views.
      5792 Stormcroft Ave, Westerville, OH 43081
      View Details

    Similar Nearby for Lease

    • $3,190 /Mo
      2,000 SF

      Westerville Office Space For Rent

      Class B office space with easy access to major roadways.
      5441 Westerville Rd, Westerville, OH 43081
      View Details
    • Contact for pricing
      216,957 SF

      West Park Plaza Retail Center

      Westerville Shopping Center: Spaces Available
      111 Huber Village Blvd, Westerville, OH 43081
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space in Westerville, OH

      Retail spaces available near Cleveland Ave and I-270.
      556-640 W Schrock Rd, Westerville, OH 43081
      View Details
    • $12 SF/Yr
      15,873 SF

      Westerville Office Space For Rent

      Office space with excellent highway access and signage opportunities.
      259-291 Schrock Rd, Westerville, OH 43081
      View Details
    • $10 SF/Yr
      33,444 SF

      Westerville Warehouse Space with Dock

      5,856 SF warehouse with dock in Westerville, Ohio.
      735 Ceramic Pl, Westerville, OH 43081
      View Details
    • $8 SF/Yr
      10,005 SF

      Spectrum Commerce Center: Westerville Office/Warehouse

      Westerville Office & Warehouse Space Available
      921-929 Eastwind Dr, Westerville, OH 43081
      View Details
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    220 State St
    Westerville, OH 43081-2233
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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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