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

    3940 Lyman Dr Hilliard, OH 43026-1210

    • Retail space
    • 23,687 SF
    • 2.92 lot acres
    OFF-MARKET
    Last Sale
    Dec 08, 2023
    $2,800,000
    Value Estimations
    $2,815,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1482912
    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

    • Abbott Management Group / Investment Service
    • LifeWise Academy / Religious Organization

    Property Details for 3940 Lyman Dr

    Year built
    2006
    Lot size
    2.92 lot acres
    Property size
    23,687 SF
    Property type
    Retail space
    APN
    050-003485
    APU
    50003485

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,415,000
      ML approach
      $2,565,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,007,000
      Market price range: $1.32M - $4.60M
      AI Estimate
      $2,149,000
      Market price range: $743k - $2.68M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,960,000
      Current use
      AUTO REPAIR, GARAGE
      $3,905,000
      Change: +32% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,885,000
      Change: +31% Conversion: Moderate
      MEDICAL BUILDING
      $3,565,000
      Change: +20% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,435,000
      Change: +16% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,380,000
      Change: -20% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hilliard
    County
    Franklin
    State
    Ohio
    Longitude
    -83.1275
    Latitude
    40.0335
    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
    $120,173
    $244,930
    $1,224,480
    $1,469,410
    -
    $699,800
    $3,498,500
    $4,198,300

    Comparable in this City

    • Value Estimation
      $345,000
      7,089 SF

      4580 Cemetery Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,089 SF
      4580 Cemetery Rd, Hilliard, OH 43026-1170
      View Details
    • Value Estimation
      $330,000
      2,212 SF

      4081-4085 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,212 SF
      4081-4085 Main St, Hilliard, OH 43026
      View Details
    • Value Estimation
      $455,000
      2,412 SF

      3987 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,412 SF
      3987 Main St, Hilliard, OH 43026-1449
      View Details
    • Value Estimation
      $2,980,000
      12,928 SF

      4643 Trueman Blvd

      RETAIL STORES (PERSONAL SERVICES) • 12,928 SF
      4643 Trueman Blvd, Hilliard, OH 43026-2485
      View Details
    • Value Estimation
      $275,000
      4,510 SF

      1725 Hilliard Rome Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,510 SF
      1725 Hilliard Rome Rd, Hilliard, OH 43026-9469
      View Details
    • Value Estimation
      $240,000
      0.28 Acres

      Main St

      RETAIL STORES (PERSONAL SERVICES) • 0.28 Acres
      Main St, Hilliard, OH 43026
      View Details

    Similar Nearby for Sale

    • $3,000,000
      17,319 SF

      Retail Property on Fishinger Boulevard

      Retail property available for sale in Hilliard, Ohio.
      3610 Fishinger Blvd, Hilliard, OH 43026
      View Details
    • $319,000
      1,500 SF

      Hilliard Retail Land - $319K

      Prime .71-acre pad site, vacant, build-to-suit.
      4097 Trueman Blvd, Hilliard, OH 43026
      View Details
    • $249,000

      Turnkey Auto Shop for Sale

      Operating auto shop with equipment, low rent, immediate revenue.
      4529 Scioto Darby Rd, Hilliard, OH 43026
      View Details
    • $480,000
      1.28 Acres

      Hilliard Retail Land: 1.28 Acres

      Prime Hilliard location, 1.28 acres, excellent access.
      0 Clara Cir, Hilliard, OH 43026
      View Details
    • Contact for pricing
      508 SF

      New Dual Drive-Thru 7 Brew

      Brand new 7 Brew Coffee with dual drive-thru.
      4266 Cemetery Rd, Hilliard, OH 43026
      View Details
    • $2,846,000
      2,900 SF

      New Freddy's Restaurant For Sale

      New 20-year NNN lease Freddy's restaurant, opening January 2025.
      1719 Hilliard Rome Rd, Hilliard, OH 43026
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      3,861 SF

      Retail Space Near High-Traffic Starbucks

      Retail space with high visibility and ample parking.
      3582-3600 Fishinger Blvd, Hilliard, OH 43026
      View Details
    • $36 SF/Yr
      26,912 SF

      New Retail Spaces For Lease

      New commercial spaces in mixed-use building, delivery Spring 2026.
      Avery Rd, Hilliard, OH 43026
      View Details
    • $24 SF/Yr
      1,800 SF

      Hilliard Retail Space Available

      Retail space available for lease in Hilliard, Ohio.
      2447-2575 Hilliard Rome Rd, Hilliard, OH 43026
      View Details
    • Contact for pricing
      20,052 SF

      Available Retail Space Near I-270

      20,052 SF retail space with truck dock, available Fall 2024.
      3931-3939 Trueman Blvd, Hilliard, OH 43026
      View Details
    • Contact for pricing
      2,000 SF

      Retail Outparcel with Drive-Thru Lane

      2,000 SF outparcel with drive-thru on Roberts Rd.
      5419 Roberts Rd, Hilliard, OH 43026
      View Details
    • $5,200 /Mo
      3,367 SF

      Hilliard Commercial Flex Space Available

      Freestanding office/warehouse with prime corner location and flexible zoning.
      4974 Cemetery Rd, Hilliard, OH 43026
      View Details
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    Hilliard, OH 43026-1210
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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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