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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    803 Washington Ave Lancaster, OH 43130

    • Commercial real estate
    • 3,360 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1614936
    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 real estate

    Property Details for 803 Washington Ave

    Year built
    1900
    Property size
    3,360 SF
    Property type
    Commercial real estate

    Description

    This exceptional 2-story, 3,360 square foot apartment building located at 803 Washington Ave, Lancaster, OH 43130, presents a compelling investment opportunity. Built in 1900, this multifamily property features four units: two 2-bedroom units and two 1-bedroom units. The asking price is $219,000, translating to $65.18 per square foot and $54,750 per unit. Current monthly rents range from $430 to $695, with one unit currently vacant, offering immediate potential for increased revenue. The property boasts off-street parking, a significant advantage in this location. The building is zoned for residential multi-family use, ensuring its suitability for continued operation as a rental property. The property is ready for occupancy on June 18, 2024. This is an ideal opportunity for an owner-user or investor seeking to establish or expand their real estate portfolio within a thriving Ohio market. The property's strong rental history and convenient location make it a highly attractive investment prospect. This is a rare chance to acquire a well-maintained, income-generating property in a desirable area. Don't miss this chance to secure a profitable addition to your investment holdings.

    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
    Lancaster
    County
    Fairfield
    State
    Ohio
    Longitude
    -82.616582578297
    Latitude
    39.716980245039

    Comparable in this City

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    Similar Nearby for Sale

    • $425,000
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      River Valley Land: 25 Acres in Lancaster, OH

      Prime Agricultural & Residential Land
      0 Olde Rdg Ave, Lancaster, OH 43130
      View Details
    • $304,888

      10-Acre Lancaster Building Lot

      Private lot, stunning water views, build your dream home.
      0 Coonpath Rd, Lancaster, OH 43130
      View Details
    • $355,000

      Stonington Village 55+ Community Home

      Move-in ready home in a peaceful 55+ community.
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    • $219,900
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      Charming Three-Story Commercial/Residential Property

      Versatile property with original features, suitable for office or residential.
      324 E Main St, Lancaster, OH 43130
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    • $3,522,600
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      Prime Lancaster OfficeMax Storefront

      High-profile retail, strong tenant, long lease.
      1541 River Valley Cir, Lancaster, OH 43130
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    • Contact for pricing

      Commercial Land Near Shopping Mall

      Commercial land with traffic light access near shopping and retail.
      1736 N Memorial Dr, Lancaster, OH 43130
      View Details

    Similar Nearby for Lease

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      838 SF

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      Land for Rent Lancaster, OH

      Land available for rent in Lancaster, Ohio.
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      6,250 SF

      Retail Space in Lancaster, OH

      Retail space available in Lancaster, Ohio, near Columbus.
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      Lancaster Retail Space For Rent

      Retail space available for lease in Lancaster, Ohio.
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      Lancaster, OH Commercial Space

      Prime commercial space for lease in Lancaster, Ohio.
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      36,860 SF

      Lancaster Plaza Retail Space

      High-traffic retail space, excellent visibility.
      1203 Memorial Dr, Lancaster, OH 43130
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    803 Washington Ave
    Lancaster, OH 43130
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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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