New search
Property profile & analytics
OFF-MARKET
Estimated value
$975,000
Office Spaces
5031 Frst Dr, New Albany, OH 43054-7088
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US66-1735798
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
2004
Construction
WOOD
Total area
4,276 SF
Lot
0.11 ac (4,617 SF)
APN
222-003555
UPID
US66-1735798
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
-
B. Well Clinic: Dr. Rene Blaha, MD Alternative Medicine Practice
-
New Albany Orthopedic Anesthesia Medical Group Anesthesiologist
-
Living Well Acupuncture Medical Clinic Alternative Medicine Practice
-
Pain Zero Physician
-
Wellness by Bailey Alternative Medicine Practice Spa & Massage Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$975k
CAP Approach
CAP
$865k
Comparable Approach
Comparable
$634k
Blend (final)
Blend
$975k
Owner & transaction history
Forest Drive Properties LLC · 1 yrs held
Forest Drive Properties LLC
since 2024
Last sale
$975,000
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$705,000
+20.0%
Neighborhood: shopping center
$700,000
+19.4%
Medical building
$645,000
+9.4%
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
$975,000
ML approach
$975,000
CAP Approach
CAP Return
Estimation
6%
$935,000
6.5%
$865,000
7%
$800,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$590,000
Current use
AUTO REPAIR, GARAGE
$705,000
Change: +20% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$700,000
Change: +19% · Conversion: Difficult
MEDICAL BUILDING
$645,000
Change: +9% · Conversion: Easy
Blend value · Realmo final
$975k
Range $878k – $1.07M · ±10% · vs last sale $975k (Dec 17 2024)
Last sale anchor
$975k
Dec 17 2024
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
$228 / 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
$26,264
Tax year 2023
Assessed value
$326,100
Assessed 2023
Previous assessed
$275,170
+18.5% YoY
Effective rate
8.05%
On assessed value
Assessed land
$39,830
Assessed improvement
$286,270
Land market value
$113,800
Improvement market value
$817,900
Total market value
$931,700
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
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
2004
Construction
WOOD
Heating
YES
Cooling
CENTRAL
Buildings
2
Stories
1
Total area
4,276 SF
Lot
0.11 ac (4,617 SF)
APN
222-003555
UPID
US66-1735798
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
$590,000
AUTO REPAIR, GARAGE
Est. value
$705,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$700,000
MEDICAL BUILDING
Est. value
$645,000
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
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
2004
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
1
Buildings
2
Lot
0.11 ac
Current owner
From public records · entity-resolved
Forest Drive Properties LLC
Entity
Mailing address
5031 FRST DR STE A, NEW ALBANY, OH 43054-7089
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 17, 2024
$975,000
Forest Drive Properties LLC
Elliara Propertices LLC
Deed
$881,000 · Us Bank NA
Aug 9, 2022
—
Mukhdomi Properties LLC
—
Deed
related
$220,000 · Merchants National Bank
Sep 9, 2021
—
Mukhdomi Properties LLC
—
Deed
related
$1,067,000 · Merchants National Bank
Jun 10, 2021
$220,000
Mukhdomi Properties LLC
Svn Properties LLC
Warranty Deed
$1,067,000 · Merchants National Bank
Jun 24, 2020
—
Butter Fly LLC
Rene Blaha
Warranty Deed
$276,934 · The Huntington National Bank
Mar 2, 2020
—
Elliara Properties LLC
—
Deed
related
$600,000 · Keybank USA
Feb 19, 2020
—
Butter Fly LLC
—
Deed
related
$276,934 · The Huntington National Bank
Aug 21, 2018
$740,000
Elliara Properties LLC
Prism Properties LLC
Warranty Deed
—
Sep 7, 2005
$727,300
Prism Properties LLC
Canini & Pellecchia INC
Corporation Deed
$640,000 · Fifth Third Bank
—
—
Elliara Properties LLC
—
Deed Of Trust
related
$600,000 · Keybank USA
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 5031 Frst Dr?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
