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    3246 Olentangy Riv Rd Columbus, OH 43202-1519
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    Property profile & analytics

    3246 Olentangy Riv Rd, Columbus, OH 43202-1519

    View on Map
    • Motels
    • 18,828 SF
    • 2.30 lot acres
    Off-Market
    Last Sale Feb 1, 2022
    $4,350,000
    Property ID
    US66-6250847
    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.
    Value Estimations
    $4,545,000
    Show details
    Cap Rate Potential
    2.1%
    Motels
    Location Intelligence

    Current Use by Public Records

    • Motel 6 Columbus, OH - OSU / Hotel & Motel

    Property Details for 3246 Olentangy Riv Rd

    Year built
    1984
    Construction
    WOOD
    Lot size
    2.30 lot acres
    Zone code
    3246
    Property type
    Motels
    APN
    010-007744
    APU
    10007744

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 1, 2022 $4,350,000 Kt Hotels LLC Mk USA Corporation Warranty Deed $3.7M · Us Metro Bank
    Mar 9, 2021 — Mk USA Corporation — Deed · related —
    Aug 20, 2019 $3,397,500 Mk USA Corp Hreet Hospitality LLC Warranty Deed $3.5M · Telhio Cu
    Mar 31, 2017 — Hreet Hospitality LLC — Deed · related $1M · Hcdc INC
    Sep 23, 2005 — University Core Hotel LLC Downtown Clark LLC Grant Deed $2.5M · Fahey Banking Co
    Apr 27, 2005 — Downtown Clark LLC — Trustees Deed · related $250k · National City Bank
    Dec 31, 2003 $1,524,200 Downtown Clark LLC Cci Management INC Grant Deed —
    Sep 11, 2003 $1,270,000 Holding Corp Of Ohio Cross Country Inns LLC Grant Deed —
    Aug 28, 1998 — Cross Country Inns LLC Donald R Kenney Trustee Grant Deed · related —
    — — University Core Hotel LLC — Deed Of Trust · related $200k · Fahey Banking Co
    — — University Core Hotel LLC — Deed Of Trust · related $2.8M · Fahey Banking Co
    — — Hreet Hospitality LLC — Deed Of Trust · related $1M · Hcdc INC

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,585,000
      ML approach
      $4,895,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,119,000
      Market price range: $1.63M - $3.12M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $4,295,000
      AUTO REPAIR, GARAGE
      $2,985,000
      APARTMENT HOUSE (5+ UNITS)
      $2,730,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -83.0253
    Latitude
    40.027
    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
    $99,085
    $525,320
    $831,120
    $1,356,440
    -
    $1,500,900
    $2,374,600
    $3,875,500

    Comparable in this City

    • Value Estimation by Request
      0.17 Acres

      Olentangy Riv Rd

      MOTEL
      Olentangy Riv Rd, Columbus, OH 43202
      View Details
    • Value Estimation
      $3,020,000
      36,426 SF

      3100 Olentangy Riv Rd

      HOTEL
      3100 Olentangy Riv Rd, Columbus, OH 43202-1517
      View Details
    • Value Estimation
      $7,320,000
      103,796 SF

      3160 Olentangy Riv Rd

      HOTEL
      3160 Olentangy Riv Rd, Columbus, OH 43202-1517
      View Details
    • Value Estimation
      $4,440,000
      67,934 SF

      3045 Olentangy Riv Rd

      HOTEL
      3045 Olentangy Riv Rd, Columbus, OH 43202-1516
      View Details
    • Value Estimation
      $4,265,000
      69,643 SF

      3121 Olentangy Riv Rd

      HOTEL
      3121 Olentangy Riv Rd, Columbus, OH 43202-1518
      View Details
    • Value Estimation
      $6,210,000
      87,816 SF

      3232 Olentangy Riv Rd

      HOTEL
      3232 Olentangy Riv Rd, Columbus, OH 43202-1519
      View Details

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      Retail Space Near Ohio State

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    Similar Nearby for Lease

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      Retail Space Near Ohio State

      Retail space near Ohio State University with high traffic volume.
      3025 Olentangy River Rd, Columbus, OH 43202
      View Details
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      4,482 SF

      Retail Space Near Ohio State

      Retail space in underserved market near Ohio State University.
      2875 Olentangy River Rd, Columbus, OH 43202
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      Prime Retail Space in Columbus

      Premier retail location in Clintonville neighborhood with high visibility.
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      Retail Space Near OSU Campus

      Retail space near public transportation and OSU main campus.
      2465-2477 North High St, Columbus, OH 43202
      View Details
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    Columbus, OH 43202-1519
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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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