490 Jefferson Ave Plain City, OH 43064-4137
- Banks
- 5,940 SF
- 0.78 lot acres
Current Use by Public Records
- ATM / Atm
- The Middlefield Banking Company / Bank
- The Middlefield Bank Company / Bank / Mortgage Lender
Property Details for 490 Jefferson Ave
- Year built
- 2007
- Lot size
- 0.78 lot acres
- Property size
- 5,940 SF
- Property type
- Banks
- APN
- 04-00166.004
- APU
- 400166004
Description
This exceptional investment opportunity presents the Village Shoppes, a 5,940 square foot, 100% occupied, mixed-use property located at 490 Jefferson Ave, Plain City, OH 43064. The property boasts a strong 7.15% cap rate and a compelling $250.17 price per square foot. Built in 2007, this two-unit complex sits on a 0.78-acre lot and features a diverse tenant mix: Smile Works Family Dentistry and The Middlefield Banking Company, both operating under long-term (10-year) triple-net (NNN) leases with corporate guarantees and rent bumps. The Middlefield Banking Company recently exercised an early lease renewal, demonstrating strong commitment to the location. The property benefits from its strategic location within the Columbus MSA, enjoying high visibility along South Jefferson Avenue (12,000 cars daily) and proximity to major interstates, providing easy access to Columbus and other Midwest cities. The surrounding area shows significant growth potential, with projected population and household increases exceeding 8% by 2028 and an average household income exceeding $116,000 within a 5-mile radius. The property is also conveniently located near national retailers such as McDonald's, Ace Hardware, and Dollar General, and adjacent to the Madison Meadows master-planned community (450+ homes at build-out). The parking lot is scheduled for resurfacing in the near future. This is a rare opportunity to acquire a high-performing, net-leased property in a thriving market with significant upside potential. The property's strong tenant base, favorable lease terms, and prime location make it an ideal addition to any investment portfolio. The Net Operating Income (NOI) is $106,282. The asking price is $1,486,000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $245,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $285,000
- 6.5%
- $290,000
- 7%
- $265,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $225,000
- Geo Method
- $285,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $220,000
- Retail
- $215,000
- Mixed-Use
- $245,000
- Hospitality
- $285,000
- Educational
- $285,000
- Residential Income
- $215,000
- Energy
- $290,000
- Income-Based Land
- $225,000
- Food Service
- $215,000
Location Insight
- Map
- Local Demand
- City
- Plain City
- County
- Madison
- State
- Ohio
- Longitude
- -83.2793
- Latitude
- 40.1032
- CBSA code
- 18140
- CBSA name
- COLUMBUS, OH METROPOLITAN STATISTICAL AREA
