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    Property profile & analytics

    3985 Gramercy St Columbus, OH 43219

    • Super regional malls
    • 523,103 SF
    • 60.76 lot acres
    For Lease
    View listing
    $25 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2346914
    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

    • Amazon Style / Clothing Store / Fashion Accessories Store

    Property Details for 3985 Gramercy St

    Year built
    1998
    Lot size
    60.76 lot acres
    Property size
    523,103 SF
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    010-247208
    APU
    10247208

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $56,535,000
      Current use
      COMMERCIAL (GENERAL)
      $96,550,000
      Change: +71% Conversion: Easy
      AUTO REPAIR, GARAGE
      $82,955,000
      Change: +47% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $75,830,000
      Change: +34% Conversion: Difficult
      OFFICE BUILDING
      $74,660,000
      Change: +32% Conversion: Moderate
      MEDICAL BUILDING
      $70,635,000
      Change: +25% Conversion: Difficult
      RETAIL STORES
      $56,145,000
      Change: -1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9154
    Latitude
    40.0516
    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
    $10,331,555
    $23,157,160
    $118,277,850
    $141,435,010
    -
    $66,163,300
    $337,936,700
    $404,100,000

    Comparable in this City

    • Value Estimation
      $3,465,000
      27,527 SF

      4004 Fenlon St, Unit 4042

      REGIONAL SHOPPING CENTER, MALL • 27,527 SF
      4004 Fenlon St, Columbus, OH 43219-6135
      View Details
    • Value Estimation by Request
      137,018 SF

      3695 Easton Market, Unit 3749

      REGIONAL SHOPPING CENTER, MALL • 137,018 SF
      3695 Easton Market, Columbus, OH 43219-6033
      View Details
    • Value Estimation
      $5,410,000
      43,218 SF

      4120 Worth Ave

      REGIONAL SHOPPING CENTER, MALL • 43,218 SF
      4120 Worth Ave, Columbus, OH 43219-6281
      View Details
    • Value Estimation by Request
      0.09 Acres

      2762 5th Ave, Unit 2776

      SHOPPING CENTER, STRIP CENTER • 0.09 Acres
      2762 5th Ave, Columbus, OH 43219-2832
      View Details
    • Value Estimation by Request
      4,224 SF

      4038 Morse Rd

      SHOPPING CENTER, STRIP CENTER • 4,224 SF
      4038 Morse Rd, Columbus, OH 43219-3018
      View Details
    • Value Estimation
      $1,435,000
      10,945 SF

      4155 Morse Xing

      SHOPPING CENTER, STRIP CENTER • 10,945 SF
      4155 Morse Xing, Columbus, OH 43219-6015
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,671 SF

      Freestanding Restaurant Space Near Easton

      Former restaurant space for lease near Easton Town Center.
      4175 Morse Xing, Columbus, OH 43219
      View Details
    • $450,000
      0.36 Acres

      Columbus Church and Land Available

      Church building and vacant land for sale in Columbus, Ohio.
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      Columbus Land: Stelzer Road Opportunity

      High-Visibility Land Near Airport
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    • $1,800,000

      Redevelopment Land Near Airport

      5.73 acres near I-670/I-270 and Ohio Dominican University.
      2500 Airport Dr, Columbus, OH 43219
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      51,950 SF

      Easton Square Retail Opportunity

      Retail space in dynamic central Ohio shopping center.
      3840-3864 Morse Rd, Columbus, OH 43219
      View Details
    • Contact for pricing
      16,651 SF

      Columbus Retail Space For Lease

      552,280 square foot retail property in Columbus, Ohio.
      3695-3737 Easton Market, Columbus, OH 43219
      View Details
    • Contact for pricing
      552,280 SF

      Easton Market Retail Space Available

      Prime Columbus retail space, multiple units.
      3740 Easton Market, Columbus, OH 43219
      View Details
    • Contact for pricing
      2,313 SF

      Retail Space Near Easton Center

      White-box retail space adjacent to Easton Town Center.
      4030-4038 Morse Rd, Columbus, OH 43219
      View Details
    • $4,000 /Mo
      3,580 SF

      Renovated Flex Space on Rose Avenue

      Move-in ready retail/flex space near downtown Columbus with high visibility.
      818 Rose Ave, Columbus, OH 43219
      View Details
    • Contact for pricing
      7,272 SF

      Easton Restaurant - For Lease

      Prime Easton location, 7,272 SF restaurant.
      3977 Morse Xing, Columbus, OH 43219
      View Details
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    3985 Gramercy St
    Columbus, OH 43219
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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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