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

    406 Morrison Rd, Unit 420 Columbus, OH 43213-1435

    • Warehouses
    • 16,800 SF
    • 3.08 lot acres
    OFF-MARKET
    Last Sale
    Mar 17, 2021
    $3,650,000
    Value Estimations
    $2,895,000
    Show details
    Cap Rate Potential
    5.2%
    Warehouses
    Location Intelligence
    Property ID
    US66-2246770
    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

    • Ideal Garage Floor Coatings / Floor Refinishing Service / Flooring Contractor

    Property Details for 406 Morrison Rd

    Year built
    1987
    Lot size
    3.08 lot acres
    Property size
    16,800 SF
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    010-208204
    APU
    10208204

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,330,000
      ML approach
      $3,215,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,875,000
      6.5%
      $2,655,000
      7%
      $2,465,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,081,000
      Market price range: $684k - $2.36M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,830,000
      AUTO REPAIR, GARAGE
      $2,665,000
      APARTMENT HOUSE (5+ UNITS)
      $2,435,000
      OFFICE BUILDING
      $2,295,000
      MEDICAL BUILDING
      $2,270,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.8556
    Latitude
    39.9863
    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
    $50,722
    $124,810
    $569,560
    $694,370
    -
    $356,600
    $1,627,300
    $1,983,900

    Comparable in this City

    • Value Estimation
      $625,000
      1,800 SF

      4060 Main St

      MINI-WAREHOUSE, STORAGE • 1,800 SF
      4060 Main St, Columbus, OH 43213-2950
      View Details
    • Value Estimation
      $355,000
      6,000 SF

      111 Schofield Dr

      MINI-WAREHOUSE, STORAGE • 6,000 SF
      111 Schofield Dr, Whitehall, OH 43213-3804
      View Details
    • Value Estimation
      $435,000
      11,700 SF

      4647 Poth Rd

      MINI-WAREHOUSE, STORAGE • 11,700 SF
      4647 Poth Rd, Columbus, OH 43213-1396
      View Details
    • Value Estimation
      $625,000
      37,550 SF

      6460 Broad St

      MINI-WAREHOUSE, STORAGE • 37,550 SF
      6460 Broad St, Columbus, OH 43213-1508
      View Details
    • Value Estimation
      $535,000
      20,000 SF

      200 Schofield Dr

      MINI-WAREHOUSE, STORAGE • 20,000 SF
      200 Schofield Dr, Columbus, OH 43213-3803
      View Details
    • Value Estimation
      $570,000
      1,860 SF

      6294 Main St

      MINI-WAREHOUSE, STORAGE • 1,860 SF
      6294 Main St, Columbus, OH 43213-3359
      View Details

    Similar Nearby for Sale

    • $810,000

      Service Station and Warehouse Buildings

      Two buildings on a high-traffic corner lot.
      3143 E Main St, Columbus, OH 43213
      View Details
    • Contact for pricing
      259,800 SF

      Infill Distribution Site with Abatement

      Infill distribution site with tax abatement, near major transportation.
      4712-4760 Poth Rd, Whitehall, OH 43213
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    • $1,850,000
      20,520 SF

      Hamilton Road Industrial Investment

      Columbus flex warehouse, high cap rate, prime location.
      28 Hamilton Rd, Columbus, OH 43213
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      7,400 SF

      Columbus Warehouse with Fenced Truck Lot

      Warehouse with office space, fenced lot, and ample parking.
      175 Outerbelt St, Columbus, OH 43213
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    • $1,850,000
      20,520 SF

      Columbus Flex Space Investment Opportunity

      Flex space near I-70 and I-270 with investment potential.
      28 Hamilton Rd, Columbus, OH 43213
      View Details
    • $280,000
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      Eastmoor Multifamily Redevelopment Opportunity

      Value-add multifamily property with redevelopment potential in high-traffic location.
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    Similar Nearby for Lease

    • $12 SF/Yr
      67,200 SF

      Hamilton Road Industrial Flex Space

      Columbus, Ohio flex warehouse space available.
      101 Hamilton Rd, Columbus, OH 43213
      View Details
    • $2,250 /Mo
      2,400 SF

      Columbus Warehouse with Overhead Doors

      Multi-tenant industrial building with flexible suites for lease.
      171 N Hamilton Rd, Whitehall, OH 43213
      View Details
    • Contact for pricing
      18,255 SF

      Modern Class A Industrial Space

      Class A industrial space available for sublease in Columbus, OH.
      392-488 Outerbelt St, Columbus, OH 43213
      View Details
    • Contact for pricing
      64,445 SF

      Infill Location Warehouse with Abatement

      Prominent end cap with 32' ceilings and real estate tax abatement.
      4712-4760 Poth Rd, Whitehall, OH 43213
      View Details
    • Contact for pricing
      25,000 SF

      25,000 SF Flex Warehouse

      25,000 SF Class A flex space available for lease.
      310 Yearling Rd, Columbus, OH 43213
      View Details
    • $10 SF/Yr
      3,500 SF

      Warehouse/Office Suite Near Gahanna

      Move-in ready warehouse/office suite with convenient highway access.
      372-376 Morrison Rd, Columbus, OH 43213
      View Details
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    406 Morrison Rd, Unit 420
    Columbus, OH 43213-1435
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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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