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    Property profile & analytics

    2656 N Columbus St Lancaster, OH 43130

    • Medical offices
    • 19,800 SF
    • 1.83 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Last Sale
    Dec 31, 2020
    $500,000
    Value Estimations
    $505,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0228353
    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

    • Jason B. Lichten, MD, FACS / Plastic Surgeon / Doctor
    • D'Onofrio Mark M MD / Doctor / Orthopedic Surgeon
    • Ohio Orthopaedic Center / Physical Therapy Clinic / Sports Medicine Clinic
    • Priano Steven V MD / Orthopedic Surgeon
    • Mr. Kevin Bates / Physician Assistant

    Property Details for 2656 N Columbus St

    Year built
    2021
    Lot size
    1.83 lot acres
    Property size
    19,800 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    053-20036.61
    APU
    532003661

    Description

    This exceptional single-tenant medical office building, completed in 2022, offers 4,100 square feet of versatile space in Lancaster's thriving business corridor. Ideally situated near major retail, restaurants, auto dealerships, other medical facilities, and FMC hospital, this property boasts unparalleled convenience and accessibility. The building sits on a 1.83-acre lot and provides ample parking with 71 spaces. On-site management ensures seamless operations. Flexible lease options are available, with build-to-suit capabilities catering to specific tenant requirements. Current spaces range from 240 to 3,000 square feet. The rental rate is $14.00 per square foot, plus a common area maintenance (CAM) fee of $2.50 per square foot. Utilities are separately metered and paid by the tenant. The property's APN is 05-32003-661, located in Fairfield County, and its address is 2656 N Columbus Street, with a cross street of Ety Road. This prime location and modern amenities make this an exceptional opportunity for medical professionals seeking a high-quality, well-situated office space. The building consists of one suite, offering a cohesive and efficient workspace. The build-to-suit option allows for complete customization to meet the unique needs of the tenant. The combination of convenient location, ample parking, and flexible lease terms makes this property a highly desirable investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $440,000
      ML approach
      $575,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Fairfield
    State
    Ohio
    Longitude
    -82.6405
    Latitude
    39.7444
    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
    $85,039
    $118,020
    $820,600
    $938,620
    -
    $337,200
    $2,344,560
    $2,681,760

    Comparable in this City

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      1638 Memorial Dr

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      1532 Wesley Way

      MEDICAL BUILDING • 7,480 SF
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    • Value Estimation by Request
      2,682 SF

      850 Columbus St

      MEDICAL BUILDING • 2,682 SF
      850 Columbus St, Lancaster, OH 43130-2548
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    • Value Estimation by Request
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      121 Ewing St

      MEDICAL BUILDING • 9,751 SF
      121 Ewing St, Lancaster, OH 43130-3364
      View Details
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      2,462 SF

      110 Ewing St

      MEDICAL BUILDING • 2,462 SF
      110 Ewing St, Lancaster, OH 43130-3307
      View Details

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    Similar Nearby for Lease

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      Medical Office Building For Lease

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    • Contact for pricing
      30,000 SF

      Lancaster Office Space Available

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    • $8 SF/Yr
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      Downtown Lancaster Second-Floor Office Space

      Second-floor office space for lease in downtown Lancaster, Ohio.
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    Lancaster, OH 43130
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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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