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

    56 Gay St Columbus, OH 43215

    • Office buildings
    • 43,992 SF
    • 0.18 lot acres
    OFF-MARKET
    Value Estimations
    $1,780,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0465667
    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

    • Office buildings

    Property Details for 56 Gay St

    Year built
    1880
    Construction
    WOOD
    Lot size
    0.18 lot acres
    Property size
    43,992 SF
    Property type
    Office buildings
    APN
    010-053000
    APU
    10053000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,286,000
      Market price range: $992k - $4.45M

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9993
    Latitude
    39.9642
    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
    $62,134
    $182,990
    $615,410
    $798,400
    -
    $522,800
    $1,758,300
    $2,281,100

    Comparable in this City

    • Value Estimation by Request
      0.06 Acres

      Noble St

      OFFICE BUILDING • 0.06 Acres
      Noble St, Columbus, OH 43215
      View Details
    • Value Estimation by Request
      0.03 Acres

      Spruce St

      OFFICE BUILDING (MULTI-STORY) • 0.03 Acres
      Spruce St, Columbus, OH 43215
      View Details
    • Value Estimation by Request
      0.01 Acres

      Cozzins St

      OFFICE BUILDING • 0.01 Acres
      Cozzins St, Columbus, OH 43215
      View Details
    • Value Estimation by Request
      0.38 Acres

      330 Huntington Park Ln

      OFFICE BUILDING (MULTI-STORY) • 0.38 Acres
      330 Huntington Park Ln, Columbus, OH 43215-2316
      View Details
    • Value Estimation
      $16,530,000
      316,548 SF

      280 High St

      OFFICE BUILDING (MULTI-STORY) • 316,548 SF
      280 High St, Columbus, OH 43215-2537
      View Details
    • Value Estimation
      $4,450,000
      364,296 SF

      100 Broad St

      OFFICE BUILDING (MULTI-STORY) • 364,296 SF
      100 Broad St, Columbus, OH 43215-3607
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,288 SF

      Downtown Columbus Office Building For Sale

      Two-story office building in Downtown Columbus with on-site parking.
      1 East Livingston Ave, Columbus, OH 43215
      View Details
    • Contact for pricing
      39,082 SF

      Downtown Columbus Office Building Opportunity

      Downtown office building for sale or lease with development potential.
      195 N Grant Ave, Columbus, OH 43215
      View Details
    • $1,100,000
      8,473 SF

      Historic Office Building on Broad

      Renovated 8,473 SF office building near downtown Columbus.
      630 E Broad St, Columbus, OH 43215
      View Details
    • $3,300,000
      27,160 SF

      Historic Office Building in Columbus

      Five-story office building with income and customization potential.
      326-328 S High St, Columbus, OH 43215
      View Details
    • $2,700,000
      24,136 SF

      Downtown Office Space with Parking

      Restored historic building near courthouse with highway access and parking.
      341-345 S 3Rd St, Columbus, OH 43215
      View Details
    • $2,000,000
      26,564 SF

      Historic Office Building on Broad

      Renovated 26,564 SF office building in downtown Columbus.
      620 E Broad St, Columbus, OH 43215
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,748 SF

      Class A Office Space Available

      Class A office space with stunning views in Columbus, Ohio.
      41 S High St, Columbus, OH 43215
      View Details
    • Contact for pricing
      178,500 SF

      Prime Arena District Office Space

      Office building in the heart of the Arena District.
      10 West Nationwide Blvd, Columbus, OH 43215
      View Details
    • $4,000,000
      8,630 SF

      Downtown Office Building For Rent

      Five-story office building with on-site management and highway access.
      35 N 4Th St, Columbus, OH 43215
      View Details
    • $2,000,000
      11,563 SF

      Historic Church Office Conversion

      Unique office space in converted church near Short North.
      871 N Park St, Columbus, OH 43215
      View Details
    • $18 SF/Yr
      197,520 SF

      Class A Office and Retail

      New office and retail building completed in 2024.
      449 W Broad St, Columbus, OH 43215
      View Details
    • $22 SF/Yr
      2,452 SF

      Historic Office Building in Columbus

      Four-story office building with original features in downtown Columbus.
      130-136 E Chestnut 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.
    56 Gay 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.