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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3487 Cleveland Ave, Unit 3551 Columbus, OH 43224-2906

    • Community centers
    • 75,224 SF
    • 14.69 lot acres
    OFF-MARKET
    Value Estimations
    $9,555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0735777
    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

    • Simply 10 / Clothing & Fashion Store

    Property Details for 3487 Cleveland Ave

    Year built
    1963
    Lot size
    14.69 lot acres
    Property size
    75,224 SF
    Zone code
    3355
    Property type
    Community centers
    APN
    130-011856
    APU
    130011856

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $8,130,000
      Current use
      AUTO REPAIR, GARAGE
      $11,930,000
      Change: +47% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $10,905,000
      Change: +34% Conversion: Difficult
      OFFICE BUILDING
      $10,735,000
      Change: +32% Conversion: Moderate
      MEDICAL BUILDING
      $10,155,000
      Change: +25% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $7,305,000
      Change: -10% Conversion: Easy
      RETAIL STORES
      $6,575,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9638
    Latitude
    40.0396
    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
    $257,424
    $589,160
    $2,175,290
    $2,764,450
    -
    $1,683,300
    $6,215,100
    $7,898,400

    Comparable in this City

    • Value Estimation
      $790,000
      5,160 SF

      3431 Cleveland Ave

      MINI-MALL • 5,160 SF
      3431 Cleveland Ave, Columbus, OH 43224-2920
      View Details
    • Value Estimation by Request
      360,471 SF

      3349-3561 Cleveland Ave

      Community centers • 360,471 SF
      3349-3561 Cleveland Ave, Columbus, OH 43224
      View Details
    • Value Estimation
      $4,030,000
      36,160 SF

      3350 Cleveland Ave

      MINI-MALL • 36,160 SF
      3350 Cleveland Ave, Columbus, OH 43224-3677
      View Details
    • Value Estimation
      $9,925,000
      108,708 SF

      3418 Cleveland Ave, Unit 3510

      MINI-MALL • 108,708 SF
      3418 Cleveland Ave, Columbus, OH 43224-2907
      View Details
    • Value Estimation
      $835,000
      4,331 SF

      3475 Cleveland Ave

      MINI-MALL • 4,331 SF
      3475 Cleveland Ave, Columbus, OH 43224-2906
      View Details
    • Value Estimation by Request
      1,392 SF

      890 Oakland Park Ave

      SHOPPING CENTER, STRIP CENTER • 1,392 SF
      890 Oakland Park Ave, Columbus, OH 43224-3258
      View Details

    Similar Nearby for Sale

    • $1,700,000
      6,835 SF

      Fully Leased Multi-Tenant Retail Property

      Fully leased retail property with diverse tenant mix.
      3708-3710 Cleveland Ave, Columbus, OH 43224
      View Details
    • $1,500,000
      2.84 Acres

      High-Traffic Commercial Property For Sale

      Fully occupied commercial property with diverse revenue streams in Columbus.
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      18 SF

      Paved Parking Lot For Sale

      3-acre paved, fenced parking lot with M2 zoning.
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    • $900,000
      6,240 SF

      North Linden Multifamily Investment Property

      Well-maintained 8-unit building with strong rents in prime location.
      1501 Oakland Park Ave, Columbus, OH 43224
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    • $220,000
      0.17 Acres

      Updated Duplex in Growing Neighborhood

      Well-maintained duplex near amenities, offering stable cash flow.
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    • $900,000
      6,240 SF

      North Linden Multifamily Investment Opportunity

      Well-maintained 8-unit apartment building with strong rental income in Columbus.
      1501 Oakland Park Ave, Columbus, OH 43224
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    Similar Nearby for Lease

    • Contact for pricing
      360,471 SF

      Columbus Retail Center - Prime Location

      High-traffic retail space, multiple suites available.
      3349-3561 Cleveland Ave, Columbus, OH 43224
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space in High-Traffic Area

      Retail space with national tenants and high visibility.
      3531-3553 Cleveland Ave, Columbus, OH 43224
      View Details
    • Contact for pricing
      2,438 SF

      Retail Space Near Saraga Grocery

      Retail space anchored by Saraga International Grocery Store.
      3349-3409 Cleveland Ave, Columbus, OH 43224
      View Details
    • $9 SF/Yr
      6,528 SF

      Versatile Commercial Space in Columbus

      6,528 sqft flex space with office and warehouse components.
      3620 Brandon St, Columbus, OH 43224
      View Details
    • Contact for pricing
      7,330 SF

      Columbus Retail Space - 7,330 SF

      High-traffic Columbus retail space, fully vacant.
      4401 Cleveland Ave, Columbus, OH 43224
      View Details
    • $1,150 /Mo
      726 SF

      Renovated Multifamily Unit For Rent

      Newly renovated two-bedroom unit with modern amenities and parking.
      2885 Atwood Ter, Columbus, OH 43224
      View Details
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    3487 Cleveland Ave, Unit 3551
    Columbus, OH 43224-2906
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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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