Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    531-533 Armstrong St Columbus, OH 43215

    • Commercial land
    • 2,098 SF
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    May 16, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1975458
    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

    • Commercial land

    Property Details for 531-533 Armstrong St

    Year built
    1990
    Lot size
    0.05 lot acres
    Property size
    2,098 SF
    Property type
    Commercial land
    APN
    010-042974
    APU
    10042974

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -83.0064
    Latitude
    39.9729
    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
    $409
    $5,600
    $0.00
    $5,600
    -
    $16,000
    $0.00
    $16,000

    Comparable in this City

    • Value Estimation by Request
      0.06 Acres

      797 Smt St

      VACANT COMMERCIAL LAND • 0.06 Acres
      797 Smt St, Columbus, OH 43215-1519
      View Details
    • Value Estimation by Request
      0.01 Acres

      Frnt St St

      VACANT COMMERCIAL LAND • 0.01 Acres
      Frnt St St, Columbus, OH 43215
      View Details
    • Value Estimation by Request
      3.22 Acres

      Columbus, OH 43215

      VACANT COMMERCIAL LAND • 3.22 Acres
      Columbus, OH 43215
      View Details
    • Value Estimation by Request
      0.26 Acres

      Grandview Xing Way

      VACANT COMMERCIAL LAND • 0.26 Acres
      Grandview Xing Way, Columbus, OH 43215
      View Details
    • Value Estimation by Request
      0.48 Acres

      Grandview Ave

      VACANT COMMERCIAL LAND • 0.48 Acres
      Grandview Ave, Columbus, OH 43215
      View Details
    • Value Estimation by Request
      0.01 Acres

      Spruce St

      VACANT COMMERCIAL LAND • 0.01 Acres
      Spruce St, Columbus, OH 43215
      View Details

    Similar Nearby for Sale

    • $3,500,000

      Downtown Columbus Riverfront Development Site

      Rare 1-acre development site in Downtown Columbus riverfront.
      304 W Mound St, Columbus, OH 43215
      View Details
    • Contact for pricing

      Prime Land Opportunity in Columbus

      3.70 acres with high visibility near major Columbus landmarks.
      786 Twin Rivers Dr, Columbus, OH 43215
      View Details
    • New
      $198,900
      0.06 Acres

      Prime Land in Growing Neighborhood

      Mixed-use lot in Franklinton, ideal for residential or commercial development.
      498 W Town St, Columbus, OH 43215
      View Details
    • $349,000

      Redevelopment Land at Parsons Avenue

      Prime 1.03 acre redevelopment land for sale.
      Parsons Ave, Columbus, OH 43215
      View Details
    • $1,250,000

      Land on South Parsons Avenue

      Approximately 6.5 acres of commercial land for sale.
      232 Parsons Ave, Columbus, OH 43215
      View Details
    • Contact for pricing

      6.49 Acres on South High

      6.49 acres of commercial land on high-traffic corridor.
      S High St, Columbus, OH 43215
      View Details

    Similar Nearby for Lease

    • $7,500 /Mo

      Prime Corner Outparcel for Lease

      0.9-acre outparcel with excellent visibility and accessibility.
      537 W Goodale St, Columbus, OH 43215
      View Details
    • Contact for pricing

      Land Ready for Construction

      Cleared urban infill location suitable for drive-thru, retail, restaurant.
      700 Grandview Ave, Columbus, OH 43215
      View Details
    • Contact for pricing
      32,669 SF

      Estrella: Downtown Columbus Retail

      Prime Retail Space, Multiple Units Available
      175-199 Rich St, Columbus, OH 43215
      View Details
    • $216 SF/Yr
      197,520 SF

      Downtown Columbus Office Space

      197,520 SF Office, 874 Parking Spaces
      449 Broad St, Columbus, OH 43215
      View Details
    • $75,000
      154,202 SF

      Columbus Commercial Land Lease Opportunity

      3.54 Acres, Prime Columbus Location
      0 Hamilton Rd, Columbus, OH 43215
      View Details
    • $12 SF/Yr
      21,186 SF

      The Seneca Office Space, Columbus

      Historic Office Building, Flexible Suites Available
      372 Capital St, Columbus, OH 43215
      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.
    531-533 Armstrong St
    Columbus, OH 43215
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.