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    Property profile & analytics

    78 Ml St Gahanna, OH 43230-3012

    • Medical offices
    • 2,494 SF
    • 0.17 lot acres
    OFF-MARKET
    Last Sale
    Feb 24, 2025
    $430,000
    Value Estimations
    $435,000
    Show details
    Cap Rate Potential
    7.1%
    Medical offices
    Location Intelligence
    Property ID
    US66-1366856
    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

    • Edmund Connor Smallwood / Optometrist
    • Tencza Peter E OD / Optometrist
    • Smallwood Eye Associates / Optometrist

    Property Details for 78 Ml St

    Year built
    1960
    Lot size
    0.17 lot acres
    Property size
    2,494 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    025-000081
    APU
    25000081

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $445,000
      ML approach
      $390,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $525,000
      6.5%
      $485,000
      7%
      $450,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $340,000
      Market price range: $228k - $483k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $335,000
      Current use
      AUTO REPAIR, GARAGE
      $395,000
      Change: +17% Conversion: Difficult
      OFFICE BUILDING
      $335,000
      Change: -0% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $270,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Gahanna
    County
    Franklin
    State
    Ohio
    Longitude
    -82.8792
    Latitude
    40.0196
    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
    $9,947
    $47,710
    $72,210
    $119,920
    -
    $136,300
    $206,300
    $342,600

    Comparable in this City

    • Value Estimation
      $505,000
      6,132 SF

      600 Taylor Sta Rd

      MEDICAL BUILDING • 6,132 SF
      600 Taylor Sta Rd, Columbus, OH 43230-6293
      View Details
    • Value Estimation
      $415,000
      3,672 SF

      221 Hamilton Rd

      MEDICAL BUILDING • 3,672 SF
      221 Hamilton Rd, Gahanna, OH 43230-2605
      View Details
    • Value Estimation by Request
      35,616 SF

      765 Hamilton Rd

      MEDICAL BUILDING • 35,616 SF
      765 Hamilton Rd, Gahanna, OH 43230-8703
      View Details
    • Value Estimation
      $1,785,000
      1.01 Acres

      175 Johnstown Rd

      MEDICAL BUILDING • 1.01 Acres
      175 Johnstown Rd, Gahanna, OH 43230-5714
      View Details
    • Value Estimation
      $460,000
      14,499 SF

      1329 Cherry Way Dr

      MEDICAL BUILDING • 14,499 SF
      1329 Cherry Way Dr, Gahanna, OH 43230-6777
      View Details
    • Value Estimation
      $815,000
      20,706 SF

      5175 Morse Rd

      MEDICAL BUILDING • 20,706 SF
      5175 Morse Rd, Gahanna, OH 43230-3415
      View Details

    Similar Nearby for Sale

    • $500,000
      6,500 SF

      Gahanna Medical Office Condo Opportunity

      Prime Gahanna location, build-to-suit potential.
      945 Hamilton Rd, Gahanna, OH 43230
      View Details
    • Contact for pricing
      9,000 SF

      Gahanna Professional Office Space

      Professional/medical office complex with 3,000 SF available near amenities.
      202-212 W Johnstown Rd, Gahanna, OH 43230
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    • $2,750,000
      17,413 SF

      Gahanna Executive Office Building

      Class A Office, 17,413 SF, $2.75M
      461 Beecher Rd, Gahanna, OH 43230
      View Details
    • $200,000
      968 SF

      Office Space with Private Entrance

      Office space featuring a private entrance and efficient layout.
      800 Cross Pointe Rd, Columbus, OH 43230
      View Details
    • $2,490,000
      14,095 SF

      Class A Office/Retail Building

      14,095 SF Class A building with premium finishes.
      461 Beecher Rd, Columbus, OH 43230
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    • $1,750,000
      2,128 SF

      Columbus Office Space For Sale

      Office property with 2,128 square feet of space available.
      2882 Johnstown Rd, Columbus, OH 43230
      View Details

    Similar Nearby for Lease

    • $38 SF/Yr
      6,000 SF

      New Albany Plaza Retail Space

      Prime Gahanna retail space, 3,000 SF available.
      5588 Hamilton Rd, Columbus, OH 43230
      View Details
    • $21 SF/Yr
      45,000 SF

      Hamilton Rd Office Space

      Columbus, OH: Premium Office Suites Available
      5950 Hamilton Rd, Columbus, OH 43230
      View Details
    • Contact for pricing
      11,930 SF

      Gahanna Medical Office Space For Lease

      Prime Medical Office Suites Available in Gahanna, OH
      725 Buckles Ct, Gahanna, OH 43230
      View Details
    • $16 SF/Yr
      8,240 SF

      Gahanna Office Building - New Construction

      Modern Office Space, Gahanna, Ohio. Multiple Tenancy Options.
      1255 Beecher Xing, Gahanna, OH 43230
      View Details
    • Contact for pricing
      12,142 SF

      Retail/Medical Space on N Hamilton

      High-visibility retail/medical space on a busy corridor.
      5715-5729 N Hamilton Rd, Columbus, OH 43230
      View Details
    • $13 SF/Yr
      1,285 SF

      Medical Office Space For Rent

      Medical office space near Easton Town Center and I-270.
      1329 Cherry Way Dr, Columbus, OH 43230
      View Details
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    78 Ml St
    Gahanna, OH 43230-3012
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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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