Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    240 Market St New Albany, OH 43054-7095

    • Office buildings
    • 6,489 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $1,115,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-3121182
    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

    • David A Kageorge MD / Pediatrician / Physician
    • Joel C Wood MD / Pediatrician / Physician
    • Mary Jo P Welker MD / Medical Clinic
    • Ohio State Primary Care New Albany / Medical Clinic
    • Mary Jo Welker / Pediatrician / Physician

    Property Details for 240 Market St

    Year built
    2002
    Lot size
    0.26 lot acres
    Property size
    6,489 SF
    Property type
    Office buildings
    APN
    222-004482
    APU
    222004482

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,420,000
      6.5%
      $1,310,000
      7%
      $1,215,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,145,000
      Market price range: $484k - $1.37M
      AI Estimate
      $892,000
      Market price range: $327k - $975k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $890,000
      Current use
      AUTO REPAIR, GARAGE
      $1,070,000
      Change: +20% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,065,000
      Change: +19% Conversion: Difficult
      MEDICAL BUILDING
      $975,000
      Change: +9% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $940,000
      Change: +5% Conversion: Easy
      RETAIL STORES
      $810,000
      Change: -9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Franklin
    State
    Ohio
    Longitude
    -82.8149
    Latitude
    40.081
    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
    $47,233
    $66,680
    $522,480
    $589,160
    -
    $190,500
    $1,492,800
    $1,683,300

    Comparable in this City

    • Value Estimation
      $11,335,000
      106,080 SF

      7795 Walton Pkwy

      OFFICE BUILDING (MULTI-STORY) • 106,080 SF
      7795 Walton Pkwy, New Albany, OH 43054-0001
      View Details
    • Value Estimation
      $6,385,000
      56,384 SF

      8100 Walton Pkwy

      OFFICE BUILDING • 56,384 SF
      8100 Walton Pkwy, New Albany, OH 43054-7564
      View Details
    • Value Estimation by Request
      1,700 SF

      34 High St

      OFFICE BUILDING • 1,700 SF
      34 High St, New Albany, OH 43054-8507
      View Details
    • Value Estimation
      $11,480,000
      115,937 SF

      5500 New Albany Rd

      OFFICE BUILDING (MULTI-STORY) • 115,937 SF
      5500 New Albany Rd, New Albany, OH 43054-8703
      View Details
    • Value Estimation by Request
      1,440 SF

      3 High St

      OFFICE BUILDING • 1,440 SF
      3 High St, New Albany, OH 43054-9582
      View Details
    • Value Estimation by Request
      2,432 SF

      24 High St

      OFFICE BUILDING • 2,432 SF
      24 High St, New Albany, OH 43054-9528
      View Details

    Similar Nearby for Sale

    • $6,200,000
      55,000 SF

      Modern Office and Warehouse Building

      High-end office and warehouse in New Albany Personal Care Park.
      8900 Smiths Mill Rd, New Albany, OH 43054
      View Details
    • Contact for pricing
      48,594 SF

      Downtown New Albany Office/Medical Space

      Office or medical space for lease in downtown New Albany.
      20 3Rd St, New Albany, OH 43054
      View Details
    • $1,250,000

      10087 Johnstown Road

      Office Properties & Spaces
      10087 Johnstown Rd, New Albany, OH 43054
      View Details
    • Contact for pricing
      48,594 SF

      Downtown New Albany Office/Medical Space

      Office or medical space for lease in downtown New Albany.
      20 3Rd St, New Albany, OH 43054
      View Details
    • $1,250,000

      New Albany Wooded Lot - $1.25M

      Private 5.48 acre lot, build your dream home.
      0 Babbitt Rd, New Albany, OH 43054
      View Details
    • $225,000

      New Albany Land: Build Your Dream Home

      Prime 12,197 sq ft lot in desirable location.
      7615 Steeplechase Ln, Westerville, OH 43054
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      45,000 SF

      Class A Office Building

      Class A office building in New Albany's Hamilton Quarter.
      5950 Hamilton Rd, New Albany, OH 43054
      View Details
    • $11 SF/Yr
      3,697 SF

      New Albany Office Building For Rent

      Three-story office building in New Albany with on-site management.
      6530 W Campus Oval, New Albany, OH 43054
      View Details
    • $21 SF/Yr
      5,418 SF

      Renovated Class A Office Space

      Class A office space for lease in New Albany, Ohio.
      6525 W Campus Oval, New Albany, OH 43054
      View Details
    • $30 SF/Yr
      10,640 SF

      New Albany Medical/Professional Office

      Class-A office building in active commercial corridor, completion in 2026.
      Forest Dr, New Albany, OH 43054
      View Details
    • $11 SF/Yr
      206,894 SF

      Gahanna Office Space For Lease

      Modern Office Suites, Abundant Parking
      7400 Campus Rd, New Albany, OH 43054
      View Details
    • Contact for pricing
      19,090 SF

      New Class A Office Space

      Class A office space for lease in New Albany, OH.
      6455 W Campus Oval, New Albany, OH 43054
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    240 Market St
    New Albany, OH 43054-7095
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.