8870 Columbus PikeLewis Center, OH 43035

Property Details for 8870 Columbus Pike

Year built

1991

Lot size

34.55 AC

Property size (Sq ft)

210,364 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

318-324-02-003-007

APU

31832402003007

Description

This exceptional 2-acre commercial land parcel presents a remarkable investment opportunity in Lewis Center, Ohio. Located on the heavily trafficked US-23 (Columbus Pike), this fully entitled site boasts an existing site plan for a state-of-the-art car wash, featuring a 200-foot tunnel, 16 covered and 18 uncovered vacuum stalls, and two pay stations. The property benefits from its strategic location within a thriving retail corridor, sharing access with a high-performing Meijer supermarket that attracts nearly 2 million annual visitors. Nearby, a strong concentration of national retailers including Dollar Tree, McDonald's, Wendy's, Walmart, Chipotle, Popeyes, Arby's, Chase Bank, Bank of America, T-Mobile, Kohl's, Subway, Staples, Five Guys, Smoothie King, and Tim Hortons, further enhances the property's visibility and appeal. The site's exceptional location on US-23, a major north-south highway with approximately 30,000 vehicles per day, ensures high traffic counts and significant exposure. Moreover, the surrounding community demonstrates robust demographics, with a 5-mile radius population of 179,690 and an average household income of $159,304, projected to grow at an annual rate of 2.63% between 2024 and 2029. The property's proximity to downtown Columbus (approximately a 20-minute drive) adds to its desirability, given Columbus's status as a rapidly growing metro area with strong wage and population growth. This fully entitled car wash site offers significant redevelopment upside, while also presenting opportunities for other commercial uses, including banks, quick-service restaurants, and additional retail establishments. The asking price for this fee-simple ownership opportunity is $2,000,000. The property is zoned for commercial use.

• CAP approach

  CAP return

  Valuation

  6%

  $64,515,692

  6.5%

  $59,552,944

  7%

  $55,299,164

• Comparable approach

  Method

  Valuation

  Relative Method

  $49,587,172

  Geo Method

  $49,587,172

• Alternative Use

  Use

  Valuation

  Residential

  $50,235,136

  Hospitality

  $46,015,116

  Educational

  $38,284,036

  Medical

  $39,600,684

  Retail

  $59,552,944

Location Insight

City

Lewis Center

County

Delaware

State

Ohio

Latitude

40.1605

Longitude

-83.0229

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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