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    Property profile & analytics

    508 6th Ave Lancaster, OH 43130-2449

    • Investment properties
    • 6,080 SF
    • 0.13 lot acres
    OFF-MARKET
    Value Estimation
    $205,000
    Last Sale
    Apr 01, 2025
    $260,000
    Location Intelligence
    Property ID
    US66-1980723
    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

    • Investment properties

    Property Details for 508 6th Ave

    Year built
    1959
    Construction
    STEEL FRAME
    Lot size
    0.13 lot acres
    Property size
    6,080 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    053-11404.00
    APU
    531140400

    Description

    This exceptional mixed-use property at 508 W 6th Avenue, Lancaster, OH, presents a compelling investment opportunity. The 6,080 square foot building sits on a 0.26-acre lot and comprises two income-generating residential units. Each of the two 2-bedroom, 1-bathroom apartments currently commands a monthly rent of $975 and $1,050 respectively. Significant additional income potential exists within the substantial commercial space. The first floor offers 1,800-2,400 square feet of retail space, projected to lease at $10-$16 per square foot. A sizable basement area, ranging from 900-1,200 square feet, is also available for lease, with estimated rental rates of $6-$12 per square foot. Further enhancing the property's income stream is a detached 27' x 42' garage, previously rented for $650 per month, and a billboard generating an additional $100 monthly. The property consists of two parcels and offers ample on- and off-street parking. Existing leases and deposits will transfer to the buyer at closing. This property offers substantial upside potential for a savvy investor. Do not disturb tenants.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $215,000

    • CAP approach

      CAP return
      Estimation
      6%
      $190,000
      6.5%
      $175,000
      7%
      $180,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $200,000
      Geo Method
      $190,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $145,000
      Retail
      $145,000
      Mixed-Use
      $195,000
      Hospitality
      $185,000
      Educational
      $160,000
      Residential Income
      $195,000
      Energy
      $180,000
      Income-Based Land
      $160,000
      Food Service
      $160,000

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Fairfield
    State
    Ohio
    Longitude
    -82.6108
    Latitude
    39.7199
    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
    $2,979
    $6,250
    $26,630
    $32,880
    -
    $17,850
    $76,090
    $93,940

    Comparable in this City

    • Value Estimation by Request
      2,059 SF

      135 6th Ave

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      135 6th Ave, Lancaster, OH 43130-2506
      View Details
    • Value Estimation
      $110,000
      2,096 SF

      1416 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,096 SF
      1416 Main St, Lancaster, OH 43130-4008
      View Details
    • Value Estimation
      $150,000
      1,792 SF

      1569 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,792 SF
      1569 Main St, Lancaster, OH 43130-3436
      View Details
    • Value Estimation
      $320,000
      3,460 SF

      1320 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,460 SF
      1320 Main St, Lancaster, OH 43130-4004
      View Details
    • Value Estimation
      $340,000
      4,800 SF

      812 6th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,800 SF
      812 6th Ave, Lancaster, OH 43130-2424
      View Details
    • Value Estimation
      $220,000
      3,640 SF

      261 Cedar Hl Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 3,640 SF
      261 Cedar Hl Rd, Lancaster, OH 43130-3639
      View Details

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    508 6th Ave
    Lancaster, OH 43130-2449
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    Realmo Value Estimation

    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.

    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.

    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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