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    Property profile & analytics

    2901 Airport Dr Columbus, OH 43219-2299

    • Hotels
    • 87,297 SF
    • 3.23 lot acres
    OFF-MARKET
    Last Sale
    Oct 15, 2024
    $7,000,000
    Value Estimations
    $6,640,000
    Show details
    Cap Rate Potential
    3.1%
    Hotels
    Location Intelligence
    Property ID
    US66-6245246
    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

    • The Blessed Church / Church
    • 2901 Airport Drive Parking / Parking Lot & Garage
    • Courtyard Columbus Airport / Hotel & Motel

    Property Details for 2901 Airport Dr

    Year built
    1996
    Lot size
    3.23 lot acres
    Property size
    87,297 SF
    Property type
    Hotels
    APN
    010-233777
    APU
    10233777

    Description

    This fee-simple, 150-key Courtyard by Marriott in Columbus, Ohio, presents a compelling investment opportunity. Boasting 87,297 square feet on a 3.226-acre lot, this three-story hotel underwent a comprehensive renovation in 2021, enhancing its appeal to guests. Currently operating at 70% occupancy, the hotel features a Bistro Restaurant and Lounge, 1,226 square feet of meeting space, a fitness center, guest laundry, business center, sundry shop, and an outdoor fire pit. Its prime location near John Glenn International Airport (CMH), undergoing a $2 billion expansion, and Ohio State University (OSU), with its 65,000+ student population, ensures consistent demand. Further bolstering its potential is the proximity to major corporations like Intel, Amazon, Honda, and LG, which are significantly investing in the Columbus area, driving substantial economic growth and increased passenger traffic at CMH (projected to rise from 8,375,000 to 13,000,000 annually). The hotel's proximity to the Greater Columbus Convention Center, a large facility with extensive meeting and exhibit space, adds another layer of consistent revenue generation. Built in 1997, this stabilized investment offers operational upside in an expanding market, making it an attractive acquisition for discerning investors. The asking price is $15,500,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $8,760,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,465,000
      6.5%
      $6,890,000
      7%
      $6,400,000

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $10,100,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $9,435,000
      Change: -7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9316
    Latitude
    39.999
    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
    $329,841
    $531,300
    $3,984,090
    $4,515,390
    -
    $1,518,000
    $11,383,100
    $12,901,100

    Comparable in this City

    • Value Estimation
      $3,330,000
      54,168 SF

      1521 Cassady Ave

      HOTEL • 54,168 SF
      1521 Cassady Ave, Columbus, OH 43219-1529
      View Details
    • Value Estimation
      $4,625,000
      59,764 SF

      4280 International Gtwy

      HOTEL • 59,764 SF
      4280 International Gtwy, Columbus, OH 43219-1747
      View Details
    • Value Estimation
      $8,260,000
      69,082 SF

      2890 Airport Dr

      HOTEL • 69,082 SF
      2890 Airport Dr, Columbus, OH 43219-2240
      View Details
    • Value Estimation
      $3,380,000
      42,058 SF

      1450 Airpointe Dr

      HOTEL • 42,058 SF
      1450 Airpointe Dr, Columbus, OH 43219-1501
      View Details
    • Value Estimation
      $11,980,000
      153,276 SF

      3900 Chagrin Dr

      HOTEL • 153,276 SF
      3900 Chagrin Dr, Columbus, OH 43219-7100
      View Details
    • Value Estimation
      $6,020,000
      78,324 SF

      3900 Morse Xing

      HOTEL • 78,324 SF
      3900 Morse Xing, Columbus, OH 43219-6081
      View Details

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    • Contact for pricing
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      Two-story office building in Easton area, furniture negotiable.
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      Land For Sale, Columbus, OH

      Land available for building a home in Columbus, OH.
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    Similar Nearby for Lease

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      7,671 SF

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      Former restaurant space for lease near Easton Town Center.
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      View Details
    • $26 SF/Yr
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      Airport Drive Office Space

      Modern Office Suites, Flexible Options
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      View Details
    • Contact for pricing
      2,780 SF

      Loft Office in Opportunity Zone

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      View Details
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    Columbus, OH 43219-2299
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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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