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

    8928 Old State Rd Lewis Center, OH 43035-8401

    • Office buildings
    • 15,368 SF
    • 1.69 lot acres
    OFF-MARKET
    Last Sale
    Apr 26, 2022
    $2,727,300
    Value Estimations
    $2,545,000
    Show details
    Cap Rate Potential
    8.8%
    Office buildings
    Location Intelligence
    Property ID
    US66-0985102
    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

    • Animal Care Center of Polaris / Veterinarian / Veterinary Pharmacy

    Property Details for 8928 Old State Rd

    Year built
    2007
    Lot size
    1.69 lot acres
    Property size
    15,368 SF
    Property type
    Office buildings
    APN
    318-341-02-005-000
    APU
    31834102005000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,290,000
      ML approach
      $2,435,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,365,000
      6.5%
      $3,105,000
      7%
      $2,885,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,554,000
      Market price range: $1.23M - $2.55M
      AI Estimate
      $2,091,000
      Market price range: $611k - $2.09M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,675,000
      Current use
      COMMERCIAL (GENERAL)
      $3,035,000
      Change: +81% Conversion: Easy
      MEDICAL BUILDING
      $2,530,000
      Change: +51% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,255,000
      Change: +34% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,930,000
      Change: +15% Conversion: Difficult
      RETAIL STORES
      $1,775,000
      Change: +6% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lewis Center
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9978
    Latitude
    40.1523
    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
    $70,551
    $254,380
    $663,460
    $917,840
    -
    $726,800
    $1,895,600
    $2,622,400

    Comparable in this City

    • Value Estimation by Request
      4,040 SF

      621 Bear Run Ln

      OFFICE BUILDING • 4,040 SF
      621 Bear Run Ln, Lewis Center, OH 43035-7133
      View Details
    • Value Estimation
      $8,780,000
      52,236 SF

      1295 Cameron Ave

      OFFICE BUILDING • 52,236 SF
      1295 Cameron Ave, Lewis Center, OH 43035-9662
      View Details
    • Value Estimation
      $8,680,000
      51,650 SF

      7991 Columbus Pike

      OFFICE BUILDING • 51,650 SF
      7991 Columbus Pike, Lewis Center, OH 43035-9611
      View Details
    • Value Estimation
      $4,820,000
      28,660 SF

      433 Lewis Ctr Rd

      OFFICE BUILDING • 28,660 SF
      433 Lewis Ctr Rd, Lewis Center, OH 43035-9049
      View Details
    • Value Estimation by Request
      1,552 SF

      990 Plumway Ln

      OFFICE BUILDING • 1,552 SF
      990 Plumway Ln, Lewis Center, OH 43035-7000
      View Details
    • Value Estimation by Request
      3,242 SF

      8852 Whitney Dr

      OFFICE BUILDING • 3,242 SF
      8852 Whitney Dr, Lewis Center, OH 43035-8297
      View Details

    Similar Nearby for Sale

    • $4,795,000
      37,500 SF

      Lewis Center Climate-Controlled Industrial Building

      Temperature-controlled industrial building with office and warehouse space for sale.
      535 Enterprise Dr, Lewis Center, OH 43035
      View Details
    • Contact for pricing
      84,824 SF

      Lewis Center Warehouse/Production Facility

      84,000 SF warehouse/production facility with office space and ample parking.
      7801 N Central Dr, Lewis Center, OH 43035
      View Details
    • $1,325,000
      8,569 SF

      Mixed-Use Commercial Building Investment

      Income-producing mixed-use building in developing downtown Lewis Center.
      1550 Lewis Center Rd, Lewis Center, OH 43035
      View Details
    • Contact for pricing
      16,372 SF

      Green Meadows Corporate Park Office

      8,120 SF office space in Lewis Center, Ohio.
      400 Venture Dr, Lewis Center, OH 43035
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    • Contact for pricing
      16,372 SF

      Green Meadows Corporate Park Office

      Office space with convenient access to Polaris amenities and major highways.
      400 Venture Dr, Lewis Center, OH 43035
      View Details
    • Contact for pricing
      84,824 SF

      Lewis Center Warehouse/Production Facility

      84,000 SF warehouse/production facility with office space available for sale.
      7801 N Central Dr, Lewis Center, OH 43035
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      41,818 SF

      Office and Flex Space Available

      Two-story office building with flex space in Lewis Center.
      171 Green Meadows Dr South, Lewis Center, OH 43035
      View Details
    • $204 SF/Yr
      4,770 SF

      Lewis Center Commercial Space

      Flexible Office, Warehouse, & Flex Units
      7500 Green Meadows Dr, Lewis Center, OH 43035
      View Details
    • $10 SF/Yr
      2,233 SF

      Polaris Flex Space For Rent

      Flex space near I-71 and Route 23 available for rent.
      8752-8958 Cotter St, Lewis Center, OH 43035
      View Details
    • Contact for pricing
      14,400 SF

      Expandable Warehouse with Office Space

      Warehouse with office space in a prime north end location.
      209 Green Meadows Dr South, Lewis Center, OH 43035
      View Details
    • $11 SF/Yr
      1,365 SF

      Office Space Near Polaris

      Office space for rent near Polaris with ample parking.
      640-676 Enterprise Dr, Lewis Center, OH 43035
      View Details
    • $461,538
      3,200 SF

      Lewis Center Flex Office/Warehouse Condo

      Versatile 3,200 SF flex space in Green Meadows Commerce Center.
      705 Radio Dr, Lewis Center, OH 43035
      View Details
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    8928 Old State Rd
    Lewis Center, OH 43035-8401
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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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