Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    515 State St Westerville, OH 43081-2921
    Back to Search
    Property profile & analytics

    515 State St Westerville, OH 43081-2921

    View on Map
    • Commercial real estate
    • 3,429 SF
    • 0.77 lot acres
    Off-Market
    Property ID
    US66-1978164
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Yespress Graphics, LLC / (Bike/Boat/Book/etc) Store / Printing Service

    Property Details for 515 State St

    Year built
    1981
    Construction
    WOOD
    Lot size
    0.77 lot acres
    Property size
    3,429 SF
    Property type
    Commercial real estate
    APN
    080-008447
    APU
    80008447

    Description

    This exceptional retail property, located at 515 S State Street in Westerville, Ohio, presents a unique leasing opportunity. Situated on a 0.77-acre lot in the heart of Westerville's premier retail corridor, this single-tenant building offers 3,429 square feet of vacant space, ideal for a variety of commercial uses. The property's address is 515 S State St, Westerville, OH 43081, within Franklin County. The building is classified as both retail and land, making it suitable for businesses requiring both storefront presence and potential for outdoor operations. The entire 3,429 square feet is currently available for lease, providing a blank canvas for a new tenant to customize the space to their specific needs. Its location within a thriving retail area ensures high visibility and foot traffic, offering significant potential for business growth. This property represents a compelling investment opportunity for businesses seeking a prominent location in a dynamic and desirable market. The property's size and location make it an attractive option for a wide range of retail businesses. Interested parties are encouraged to inquire further to explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9273
    Latitude
    40.1126
    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
    $13,359
    $121,980
    $40,640
    $162,620
    -
    $348,500
    $116,100
    $464,600

    Comparable in this City

    • Value Estimation by Request
      0.01 Acres

      96 Hiawatha Ave

      COMMERCIAL (GENERAL) • 0.01 Acres
      96 Hiawatha Ave, Westerville, OH 43081-2221
      View Details
    • Value Estimation by Request
      3.95 Acres

      Westerville Rd

      COMMERCIAL (GENERAL) • 3.95 Acres
      Westerville Rd, Westerville, OH 43081
      View Details
    • Value Estimation by Request
      1,606 SF

      3435 Dublin Granville Rd

      COMMERCIAL (GENERAL) • 1,606 SF
      3435 Dublin Granville Rd, Westerville, OH 43081-9359
      View Details
    • Value Estimation by Request
      1.20 Acres

      466 State St

      Land • 1.20 Acres
      466 State St, Westerville, OH 43081
      View Details
    • Value Estimation by Request
      0.99 Acres

      450 Main St

      COMMERCIAL (GENERAL) • 0.99 Acres
      450 Main St, Westerville, OH 43081-1436
      View Details
    • Value Estimation by Request
      216,957 SF

      111 Huber Village Blvd

      Lifestyle centers • 216,957 SF
      111 Huber Village Blvd, Westerville, OH 43081
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Westerville 6-Unit Income Property

      Stabilized, cash-flowing 6-unit property in Westerville, Ohio.
      973 Cross Country Dr W, Westerville, OH 43081
      View Details
    • Contact for pricing
      2,693 SF

      Westerville Office/Retail Opportunity

      Prime location with high visibility and accessibility in Westerville.
      17 W Schrock Rd, Westerville, OH 43081
      View Details
    • Contact for pricing
      1,100 SF

      Westerville Office Suite Investment

      Tenant-occupied office suite near I-270 with immediate income potential.
      623 Park Meadow Rd, Westerville, OH 43081
      View Details
    • $220,000
      0.23 Acres

      Residential Lot in Westerville, OH

      Residential lot near Uptown Westerville for custom home building.
      337 Myrtle Dr, Westerville, OH 43081
      View Details
    • $215,000
      0.23 Acres

      Residential Lot in Westerville, OH

      Residential lot in desirable Westerville location near Uptown.
      344 Myrtle Dr, Westerville, OH 43081
      View Details
    • Contact for pricing

      Land Near Otterbein University

      Development opportunity near Otterbein University in growing area.
      Cooper Rd, Westerville, OH 43081
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Westerville Flex Space with Dock

      Flex space available for lease with dock door and parking.
      777 Brooksedge Blvd, Westerville, OH 43081
      View Details
    • Contact for pricing
      100,800 SF

      Westerville Redevelopment Opportunity

      100,800 SF building ideal for redevelopment in Westerville, Ohio.
      220 West Schrock Rd, Westerville, OH 43081
      View Details
    • Sponsored
      Contact for pricing

      OH, Dublin - Emerald Pkwy

      Workspaces, services and support to help you work better in OH, Dublin - Emerald Pkwy
      6397 Emerald Pkwy, Dublin, OH 43081
      View Details
    • Contact for pricing
      2,800 SF

      Westerville Office Space For Rent

      2,800 square feet of office space available for lease.
      575 Charring Xing, Westerville, OH 43081
      View Details
    • Contact for pricing
      26,807 SF

      Office Space in Hamilton Quarter

      New office space in a mixed-use development.
      4960 E Dublin Granville Rd, Westerville, OH 43081
      View Details
    • $12 SF/Yr
      29,558 SF

      Westerville Flex Space with Drive-in

      Newly built-out flex space with excellent highway access.
      701-719 Brooksedge Plaza Dr, Westerville, OH 43081
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    515 State St
    Westerville, OH 43081-2921
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    515 State St, Westerville, OH, 43081
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!