1550 Lewis Center RdLewis Center, OH 43035

Property Details for 1550 Lewis Center Rd

Year built

1850

Lot size

0.40 AC

Property size (Sq ft)

7,325 SF

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

318-213-07-002-000

APU

31821307002000

Description

This exceptional mixed-use property at 1550 Lewis Center Road, Lewis Center, OH 43035, presents a compelling investment opportunity. The 7,325 square foot building, constructed in 1850 with significant renovations in 1998, 1999, 2020, and 2023, sits on a 0.4-acre lot boasting 150 feet of frontage on Lewis Center Road. Currently housing nine tenants across eleven units, the property enjoys a 90% occupancy rate, generating a net operating income (NOI) of $82,807. Pro forma NOI is projected at $118,428, reflecting a pro forma cap rate of 8.94%. The asking price is $1,325,000, representing a current cap rate of 6.25%. The property features 30 parking spaces and is zoned for dwelling use as retail. A 1,200 square foot vacant space on the second floor, previously used as an office, includes a kitchen, utility room, and full bathroom, offering immediate potential for increased revenue or owner-occupancy. The property benefits from a large, recently added gravel sitting area. Significant development is underway in the surrounding area, including the Evans Farm community and Jennings Sports Park, along with road improvements, promising continued growth and increased property value. Delaware County's robust economic growth and high median household income further enhance this investment's appeal. This Class B, multi-tenant property offers a blend of retail and office space, making it an ideal investment for both seasoned and emerging investors.

• CAP approach

  CAP return

  Valuation

  6%

  $1,528,214

  6.5%

  $1,410,659

  7%

  $1,309,898

• Comparable approach

  Method

  Valuation

  Relative Method

  $685,180

  Geo Method

  $685,180

• Alternative Use

  Use

  Valuation

  Residential

  $1,749,218

  Hospitality

  $1,602,274

  Educational

  $1,333,073

  Medical

  $1,378,919

  Retail

  $2,073,669

Location Insight

City

Lewis Center

County

Delaware

State

Ohio

Latitude

40.199

Longitude

-83.0088

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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