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    Property profile & analytics

    890 Ml Park Dr Lancaster, OH 43130-2572

    • Manufacturing properties
    • 30,000 SF
    • 4.46 lot acres
    OFF-MARKET
    Value Estimations
    $2,525,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-4556319
    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

    • Phoenix/ElectroteK, LLC / Factory / Production Facility

    Property Details for 890 Ml Park Dr

    Year built
    2013
    Lot size
    4.46 lot acres
    Property size
    30,000 SF
    Property type
    Manufacturing properties
    APN
    053-18040.02
    APU
    531804002

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,582,000
      Market price range: $339k - $2.85M
      AI Estimate
      $1,606,000
      Market price range: $579k - $1.83M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $1,840,000
      Current use
      AUTO REPAIR, GARAGE
      $3,345,000
      Change: +82% Conversion: Easy
      RETAIL STORES
      $3,015,000
      Change: +64% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $2,590,000
      Change: +41% Conversion: Difficult
      OFFICE BUILDING
      $2,140,000
      Change: +16% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,560,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Fairfield
    State
    Ohio
    Longitude
    -82.6687
    Latitude
    39.7281
    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
    $0.00
    $0.00
    $503,200
    $503,200
    -
    $0.00
    $1,437,720
    $1,437,720

    Comparable in this City

    • Value Estimation
      $2,635,000
      50,400 SF

      619 Ml Park Dr

      MANUFACTURING (LIGHT) • 50,400 SF
      619 Ml Park Dr, Lancaster, OH 43130-7753
      View Details
    • Value Estimation
      $1,395,000
      33,411 SF

      2118 Commerce St

      MANUFACTURING (LIGHT) • 33,411 SF
      2118 Commerce St, Lancaster, OH 43130-9363
      View Details
    • Value Estimation by Request
      3,200 SF

      692 Lawrence St

      MANUFACTURING (LIGHT) • 3,200 SF
      692 Lawrence St, Lancaster, OH 43130-3935
      View Details
    • Value Estimation by Request
      3,352 SF

      730 Lawrence St

      MANUFACTURING (LIGHT) • 3,352 SF
      730 Lawrence St, Lancaster, OH 43130-9401
      View Details
    • Value Estimation by Request
      15,936 SF

      2161 Commerce St

      MANUFACTURING (LIGHT) • 15,936 SF
      2161 Commerce St, Lancaster, OH 43130-9363
      View Details
    • Value Estimation
      $25,465,000
      330,207 SF

      1290 Campground Rd

      MANUFACTURING (LIGHT) • 330,207 SF
      1290 Campground Rd, Lancaster, OH 43130-9503
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      60,176 SF

      60,000 SF Industrial Building

      60,000 SF building with office space, docks, and drive-ins.
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      Lancaster Commercial Gem

      Versatile Space, High Potential
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    • $1,224,900
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      Working farm with commercial building, lake, and spacious home.
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      Lancaster Land: Prime Downtown Corner Lot

      4,356 sq ft lot, excellent location.
      114 Cedar Ave, Lancaster, OH 43130
      View Details
    • Contact for pricing
      0.13 Acres

      Vacant Lot in Lancaster, OH

      Vacant 5,719 SF lot with utilities in Lancaster, OH.
      157 Cedar Hill Rd, Lancaster, OH 43130
      View Details
    • $2,650,000
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      Lancaster Medical Office Investment Opportunity

      Single-tenant medical office building leased through 2032.
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    Similar Nearby for Lease

    • $5 SF/Yr
      7,228 SF

      Lancaster Warehouse Space Available

      7,228 SF warehouse space for lease in Lancaster, OH.
      316 Sylvan Ave, Lancaster, OH 43130
      View Details
    • $132 SF/Yr
      51,000 SF

      East Main Street Office Space

      Lancaster, OH Office Building - High Visibility
      1145 Main St, Lancaster, OH 43130
      View Details
    • $14 SF/Yr
      23,159 SF

      Lancaster Medical Office Building

      Prime Lancaster medical space available.
      2405 Columbus St, Lancaster, OH 43130
      View Details
    • $8 SF/Yr
      34,896 SF

      Downtown Lancaster Second-Floor Office Space

      Second-floor office space for lease in downtown Lancaster, Ohio.
      230 N Columbus St, Lancaster, OH 43130
      View Details
    • Contact for pricing

      Pad Ready Site Near Lowe's

      1.27 acre pad ready site with all utilities.
      2300 N Memorial Dr, Lancaster, OH 43130
      View Details
    • Contact for pricing
      30,000 SF

      Lancaster Office Space Available

      30,000 square feet of office space for rent.
      1432 NW Collins Rd, Lancaster, OH 43130
      View Details
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    Lancaster, OH 43130-2572
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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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