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Property profile & analytics
FOR LEASE
Community centers
3240 Highland Ave Cincinnati, OH 45213
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US66-0339213
For Lease
1 / 16
$10 SF/Yr
3240 Highland Ave, Cincinnati, OH 45213
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Property summary
AI-generated overview
Ridge Plaza, located at 3240 Highland Ave, Cincinnati, OH 45213, offers 27,330 square feet of flexible commercial space across three buildings on a 4.24-acre lot. Built in 1973 and renovated in 1992, this multi-tenant property is suitable for a variety of uses, including retail, warehouse, distribution, R&D, and office space. The minimum divisible space is 1,371 square feet, with a maximum contiguous space of 7,945 square feet. The property boasts 14 loading docks, providing ample access for efficient operations. A retail storefront with convenient front parking is also available. The property benefits from a high-traffic location, with Highland Avenue seeing 21,200 vehicles per day and Interstate 71 boasting 123,300 vehicles per day. This prime location and versatile space make Ridge Plaza an excellent investment opportunity. The cross street is Ridge Avenue.
Property profile
Verified
Property type
Community centers
Use group
MINI-MALL
Year built
1975
Lot
28.07 ac (1,222,686 SF)
APN
520-0270-0011-00
UPID
US66-0339213
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
HomeBuys - Highland Ave Cincinnati Home Decor Store Department Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Waffle House INC · 2 yrs held
Waffle House INC
since 2024
Last sale
$275,000
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Cincinnati submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Cincinnati submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$328,822
Tax year 2023
Assessed value
$3,556,983
Assessed 2023
Previous assessed
$2,613,934
+36.1% YoY
Effective rate
9.24%
On assessed value
Assessed land
$2,791,792
Assessed improvement
$765,191
Land market value
$7,976,550
Improvement market value
$2,186,260
Total market value
$10,162,810
Applied tax rate
5.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Community centers
Use group
MINI-MALL
Status
For Lease
Year built
1975
Heating
YES
Stories
1
Lot
28.07 ac (1,222,686 SF)
APN
520-0270-0011-00
UPID
US66-0339213
Jurisdiction
HAMILTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1975
Heating
YES
Stories
1
Lot
28.07 ac
Current owner
From public records · entity-resolved
Waffle House INC
Entity
Mailing address
121 E 4TH ST, COVINGTON, KY 41011-1752
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 26, 2024
$275,000
Waffle House INC
Ridgewater Commerce LLC
Warranty Deed
—
Mar 10, 2022
$10,180,000
Ridgewater Commerce LLC
Frayer Enterprises LLC
Limited Warranty Deed
$9,040,000 · Civista Bank
Jan 29, 2016
$9,911,694
Frayer Ents LLC
Garrison Ctrl II Ridgewater Pl
Grant Deed
$7,875,000 · Goldman Sachs Bk USA
Feb 5, 2014
—
Ctrl Pl Garrison II
Garrison Ctrl II Ridgewater Pl
Quit Claim Deed
—
Jan 8, 2013
$20,500
Central Garrison II
Gc Acquisition Corp A Delaware
Grant Deed
—
Nov 18, 1999
$7,700,000
Acquisition Corp
Bay Stret Number Five Ltd
Grant Deed
—
—
—
Frayer Ents LLC
—
Deed Of Trust
related
$6,025,000 · Bank Of The West
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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