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Property profile & analytics
FOR LEASE
Office buildings
4605 Morse Rd, Gahanna, OH 43230
Entity Owned
10-yr Hold
~
Est. High Equity
Property ID
US66-1413304
For Lease
1 / 5
$15 SF/Yr
4605 Morse Rd, Gahanna, OH 43230
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1998
Construction
WOOD
Total area
28,800 SF
Lot
2.04 ac (89,037 SF)
APN
025-004404
UPID
US66-1413304
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
-
Axxis Title Agency, LTD Title Company
-
Clear Nails Laser Solutions of New Albany Physician
-
Dr. James Dunnan Pediatrician Physician
-
James Bernard Dunnan Pediatrician Physician
-
Stephanie Thompson, e-Merge Real Estate Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.72M
Comparable Approach
Comparable
$4.60M
Blend (final)
Blend
$4.13M
Owner & transaction history
Mdl Legacy LLC · 10 yrs held
Mdl Legacy LLC
since 2016
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$6.6M
+69.2%
Auto repair, garage
$4.6M
+17.6%
Apartment house (5+ units)
$4.2M
+7.5%
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 Gahanna submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Gahanna 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%
$5,115,000
6.5%
$4,720,000
7%
$4,385,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,885,000
Current use
RESTAURANT
$6,570,000
Change: +69% · Conversion: Moderate
AUTO REPAIR, GARAGE
$4,565,000
Change: +18% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$4,175,000
Change: +8% · Conversion: Easy
MEDICAL BUILDING
$3,890,000
Change: +0% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$3,115,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$4.13M
Range $3.71M – $4.54M · ±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
$143 / 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
$116,597
Tax year 2023
Assessed value
$1,405,710
Assessed 2023
Previous assessed
$1,225,000
+14.8% YoY
Effective rate
8.29%
On assessed value
Assessed land
$238,390
Assessed improvement
$1,167,320
Land market value
$681,100
Improvement market value
$3,335,200
Total market value
$4,016,300
Applied tax rate
25.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1998
Construction
WOOD
Heating
YES
Cooling
CENTRAL
Buildings
1
Stories
2
Total area
28,800 SF
Lot
2.04 ac (89,037 SF)
APN
025-004404
UPID
US66-1413304
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
OFFICE BUILDING Current
Est. value
$3.9M
RESTAURANT
Est. value
$6.6M
AUTO REPAIR, GARAGE
Est. value
$4.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.2M
MEDICAL BUILDING
Est. value
$3.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.1M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1998
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
2
Buildings
1
Lot
2.04 ac
Current owner
From public records · entity-resolved
Mdl Legacy LLC
Entity
Mailing address
1209 HL RD N, PICKERINGTON, OH 43147-7008
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 22, 2016
—
Mdl Legacy LLC
86-02 Park Lane South LLC
Warranty Deed
—
Nov 4, 2015
$3,500,000
86-02 Park Lane South LLC
Chestnut Hill Dev Partners LLC
Warranty Deed
—
Jan 30, 2015
—
Chestnut Hill Dev Partners LLC
Chestnut Hill Dev Partners LLC
Quit Claim Deed
related
—
Jun 28, 2005
$2,550,000
Gahanna Investments LLC
Chestnut Hill Office Park Ltd
Grant Deed
—
May 18, 1999
—
Gahanna City (oh)
New Albany Professional Park
Grant Deed
related
—
Jul 28, 1998
—
Albany Professional Park New
Lifestyle Communities Ltd
Quit Claim Deed
related
$2,769,000 · Star Bank
Nov 4, 1997
—
Lifestyle Communities Ltd
Columbus Jewish Foundation
Grant Deed
$475,000 · Provident Savings Bank
—
—
Chestnut Hill Dev Partners LLC
—
Loan Modification
related
—
—
—
Gahanna Investments LLC|baggio LLC
—
Deed Of Trust
related
$2,880,000 · Insight Bk
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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