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Property profile & analytics
FOR LEASE
Retail space
45 2nd St, New Albany, OH 43054-9784
Entity Owned
Free & Clear
Property ID
US66-1131265
For Lease
1 / 41
$3,500/Mo
45 2nd St, New Albany, OH 43054-9784
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Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1945
Total area
5,160 SF
Lot
0.23 ac (9,888 SF)
APN
222-000050
UPID
US66-1131265
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
DJ Vince K Nightclub Music Venue
-
DJ Josh Staley Nightclub Music Venue
-
Plain Twp Hall City Hall
-
Sunup Studios Photography Service (Bike/Boat/Book/etc) Store
-
Josh Staley Productions Nightclub Music Venue
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$522k
Blend (final)
Blend
$565k
Owner & transaction history
PLAIN TOWNSHIP BD OF TR
PLAIN TOWNSHIP BD OF TR
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$850,000
+31.9%
Neighborhood: shopping center
$845,000
+31.3%
Medical building
$775,000
+20.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs New Albany submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New Albany submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$645,000
Current use
AUTO REPAIR, GARAGE
$850,000
Change: +32% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$845,000
Change: +31% · Conversion: Moderate
MEDICAL BUILDING
$775,000
Change: +20% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$750,000
Change: +16% · Conversion: Difficult
OFFICE BUILDING
$710,000
Change: +10% · Conversion: Easy
COMMERCIAL (GENERAL)
$520,000
Change: -20% · Conversion: Easy
Blend value · Realmo final
$565k
Range $509k – $622k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$109 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$11,739
Tax year 2023
Assessed value
$339,230
Assessed 2023
Previous assessed
$244,350
+38.8% YoY
Effective rate
3.46%
On assessed value
Assessed land
$74,520
Assessed improvement
$264,710
Land market value
$212,900
Improvement market value
$756,300
Total market value
$969,200
Applied tax rate
222.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Lease
Year built
1945
Heating
YES
Cooling
CENTRAL
Buildings
2
Stories
1
Total area
5,160 SF
Lot
0.23 ac (9,888 SF)
APN
222-000050
UPID
US66-1131265
Jurisdiction
FRANKLIN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$645,000
AUTO REPAIR, GARAGE
Est. value
$850,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$845,000
MEDICAL BUILDING
Est. value
$775,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$750,000
OFFICE BUILDING
Est. value
$710,000
COMMERCIAL (GENERAL)
Est. value
$520,000
RETAIL STORES Current
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1945
Heating
YES
Cooling
Yes
Stories
1
Buildings
2
Lot
0.23 ac
Current owner
From public records · entity-resolved
PLAIN TOWNSHIP BD OF TR
Individual
Free & Clear · 0 yrs held
Mailing address
PO BOX 273, NEW ALBANY, OH 43054-0273
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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