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    Property profile & analytics

    7277 Smiths Ml Rd New Albany, OH 43054-8195

    • Medical Office Space
    • 60,408 SF
    • 4.09 lot acres
    OFF-MARKET
    Last Sale
    Aug 08, 2024
    $19,138,760
    Value Estimations
    $19,140,000
    Show details
    Cap Rate Potential
    3.1%
    Medical Office Space
    Location Intelligence
    Property ID
    US66-1725474
    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

    • Medical Office Space

    Property Details for 7277 Smiths Ml Rd

    Year built
    2005
    Lot size
    4.09 lot acres
    Property size
    60,408 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    222-003261
    APU
    222003261

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $19,140,000
      ML approach
      $19,140,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,418,000
      Market price range: $5.66M - $12.9M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $17,560,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New Albany
    County
    Franklin
    State
    Ohio
    Longitude
    -82.7906
    Latitude
    40.0872
    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
    $317,228
    $500,680
    $3,520,200
    $4,020,880
    -
    $1,430,500
    $10,057,700
    $11,488,200

    Comparable in this City

    • Value Estimation
      $1,525,000
      11,530 SF

      5770 Hamilton Rd

      MEDICAL BUILDING • 11,530 SF
      5770 Hamilton Rd, New Albany, OH 43054
      View Details
    • Value Estimation
      $8,955,000
      54,526 SF

      150 Main St

      MEDICAL BUILDING • 54,526 SF
      150 Main St, New Albany, OH 43054-9229
      View Details
    • Value Estimation
      $2,930,000
      17,840 SF

      153 Main St

      MEDICAL BUILDING • 17,840 SF
      153 Main St, New Albany, OH 43054-9224
      View Details
    • Value Estimation by Request
      59,940 SF

      5040 Frst Dr

      MEDICAL BUILDING • 59,940 SF
      5040 Frst Dr, New Albany, OH 43054-8167
      View Details
    • Value Estimation
      $6,860,000
      15,484 SF

      6520 Campus Oval

      MEDICAL BUILDING • 15,484 SF
      6520 Campus Oval, New Albany, OH 43054-8726
      View Details
    • Value Estimation
      $1,580,000
      46,480 SF

      6455 Campus Oval

      MEDICAL BUILDING • 46,480 SF
      6455 Campus Oval, New Albany, OH 43054-8769
      View Details

    Similar Nearby for Sale

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      Downtown New Albany Office/Medical Space

      Office or medical space for lease in downtown New Albany.
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      10087 Johnstown Road

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      High Bay Office and Warehouse For Sale

      High Bay Office and Warehouse For Sale
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    • $225,000

      New Albany Land: Build Your Dream Home

      Prime 12,197 sq ft lot in desirable location.
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    Similar Nearby for Lease

    • $18 SF/Yr
      5,835 SF

      Medical Office Space in New Albany

      Medical office space connected to Mount Carmel Surgical Hospital.
      5040 Forest Dr, New Albany, OH 43054
      View Details
    • $0.06 SF/Yr
      3,240 SF

      High Street Office Space

      Prime New Albany location, 3,240 sq ft.
      68 High St, New Albany, OH 43054
      View Details
    • $21 SF/Yr

      Class A Office Building

      Class A office building in New Albany's Hamilton Quarter.
      5950 Hamilton Rd, New Albany, OH 43054
      View Details
    • Contact for pricing
      10,640 SF

      New Albany Medical/Professional Office

      Class-A office building in active commercial corridor, completion in 2026.
      Forest Dr, New Albany, OH 43054
      View Details
    • Contact for pricing
      30,502 SF

      New Albany Office Building For Rent

      Three-story office building in New Albany with on-site management.
      6530 W Campus Oval, New Albany, OH 43054
      View Details
    • $26 SF/Yr
      1,860 SF

      New Albany Executive Office Suite

      Historic charm, prime location, 1860 sq ft.
      20 High St, New Albany, OH 43054
      View Details
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    7277 Smiths Ml Rd
    New Albany, OH 43054-8195
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    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
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