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    Property profile & analytics

    2332 Stringtown Rd Grove City, OH 43123

    • Strip malls
    • 40,634 SF
    • 4.83 lot acres
    OFF-MARKET
    Last Sale
    Jul 21, 2022
    $5,200,000
    Value Estimations
    $5,135,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-6279235
    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

    • Weethee's Used Cars / Car Dealership

    Property Details for 2332 Stringtown Rd

    Year built
    2004
    Construction
    WOOD
    Lot size
    4.83 lot acres
    Property size
    40,634 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    040-004289
    APU
    40004289

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,430,000
      ML approach
      $5,745,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,108,000
      Market price range: $2.45M - $11.8M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $6,665,000
      Current use
      AUTO REPAIR, GARAGE
      $6,700,000
      Change: +1% Conversion: Difficult
      MEDICAL BUILDING
      $6,110,000
      Change: -8% Conversion: Difficult
      OFFICE BUILDING
      $6,080,000
      Change: -9% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $5,890,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Grove City
    County
    Franklin
    State
    Ohio
    Longitude
    -83.0641
    Latitude
    39.8804
    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
    $103,915
    $365,050
    $1,018,400
    $1,383,450
    -
    $1,043,000
    $2,909,700
    $3,952,700

    Comparable in this City

    • Value Estimation
      $13,060,000
      97,123 SF

      2167 Stringtown Rd, Unit 2209

      SHOPPING CENTER, STRIP CENTER • 97,123 SF
      2167 Stringtown Rd, Grove City, OH 43123-2989
      View Details
    • Value Estimation
      $1,705,000
      17,750 SF

      4048 Parkmead Dr

      SHOPPING CENTER, STRIP CENTER • 17,750 SF
      4048 Parkmead Dr, Grove City, OH 43123-3901
      View Details
    • Value Estimation by Request
      1.19 Acres

      2342 Stringtown Rd, Unit 2362

      SHOPPING CENTER, STRIP CENTER • 1.19 Acres
      2342 Stringtown Rd, Grove City, OH 43123-2927
      View Details
    • Value Estimation
      $1,095,000
      7,896 SF

      3457 Broadway, Unit 3467

      SHOPPING CENTER, STRIP CENTER • 7,896 SF
      3457 Broadway, Grove City, OH 43123-1939
      View Details
    • Value Estimation
      $1,605,000
      12,600 SF

      3041-3043 Turnberry Ct

      SHOPPING CENTER, STRIP CENTER • 12,600 SF
      3041-3043 Turnberry Ct, Grove City, OH 43123
      View Details
    • Value Estimation
      $1,465,000
      10,400 SF

      4108 Buckeye Pkwy, Unit 4120

      SHOPPING CENTER, STRIP CENTER • 10,400 SF
      4108 Buckeye Pkwy, Grove City, OH 43123-8175
      View Details

    Similar Nearby for Sale

    • $1,100,000
      2,552 SF

      Prime Retail Building in Grove City

      Retail building for sale or lease on a busy intersection.
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    • $140,000
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      Grove City Office Pads - Prime Location

      Two build-ready pads, 4,000 sqft potential each.
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      Grove City Retail Space - High Traffic

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      Grove City Retail Opportunity

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      10,972 SF

      Luxury Pet Resort For Sale

      New 10,972 SF luxury pet resort with long-term lease.
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      View Details
    • Contact for pricing
      3,027 SF

      New Freddy's Build-to-Suit Restaurant

      New 20-year NNN lease Freddy's restaurant for sale.
      4264 Buckeye Pkwy, Grove City, OH 43123
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      29,229 SF

      Village at the Groves Retail Center

      Prime Grove City retail space, 15 suites.
      2740 London Groveport Rd, Grove City, OH 43123
      View Details
    • $16 SF/Yr
      45,746 SF

      Grove City Retail Space Available

      Prime retail space, move-in ready.
      3939 Hoover Rd, Grove City, OH 43123
      View Details
    • Contact for pricing
      2,090 SF

      Meijer In-Store Retail Space

      Grove City, OH: Prime Retail Opportunity
      2811 London Groveport Rd, Grove City, OH 43123
      View Details
    • $32 SF/Yr
      4,252 SF

      New Retail Space Available

      Brand new retail suites available within Beulah Park redevelopment.
      3621 Southwest Blvd, Grove City, OH 43123
      View Details
    • $17 SF/Yr
      7,200 SF

      Retail Space in Grove City

      Retail space available for lease in Grove City, Ohio.
      2534-2540 Dartmoor Rd, Grove City, OH 43123
      View Details
    • $32 SF/Yr
      2,552 SF

      Grove City Retail Opportunity

      Prime freestanding retail, 2,552 SF
      3586 Broadway, Grove City, OH 43123
      View Details
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    Grove City, OH 43123
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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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