490 Jefferson AvePlain City, OH 43064

Property Details for 490 Jefferson Ave

Year built

2007

Lot size

0.78 AC

Property size (Sq ft)

5,940 SF

Property type

Banks

APN

04-00166.004

APU

400166004

Description

This exceptional investment opportunity presents the Village Shoppes, a 5,940 square foot, 100% occupied, mixed-use property located at 490 Jefferson Ave, Plain City, OH 43064. The property boasts a strong 7.15% cap rate and a compelling $250.17 price per square foot. Built in 2007, this two-unit complex sits on a 0.78-acre lot and features a diverse tenant mix: Smile Works Family Dentistry and The Middlefield Banking Company, both operating under long-term (10-year) triple-net (NNN) leases with corporate guarantees and rent bumps. The Middlefield Banking Company recently exercised an early lease renewal, demonstrating strong commitment to the location. The property benefits from its strategic location within the Columbus MSA, enjoying high visibility along South Jefferson Avenue (12,000 cars daily) and proximity to major interstates, providing easy access to Columbus and other Midwest cities. The surrounding area shows significant growth potential, with projected population and household increases exceeding 8% by 2028 and an average household income exceeding $116,000 within a 5-mile radius. The property is also conveniently located near national retailers such as McDonald's, Ace Hardware, and Dollar General, and adjacent to the Madison Meadows master-planned community (450+ homes at build-out). The parking lot is scheduled for resurfacing in the near future. This is a rare opportunity to acquire a high-performing, net-leased property in a thriving market with significant upside potential. The property's strong tenant base, favorable lease terms, and prime location make it an ideal addition to any investment portfolio. The Net Operating Income (NOI) is $106,282. The asking price is $1,486,000.

• CAP approach

  CAP return

  Valuation

  6%

  $984,830

  6.5%

  $909,074

  7%

  $844,140

• Comparable approach

  Method

  Valuation

  Relative Method

  $577,853

  Geo Method

  $577,853

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,821,240

  Mixed-Use / Specialty

  $886,251

  Hospitality / Lodging

  $624,719

  Office

  $860,589

  Institutional / Educational

  $914,345

  Residential Income

  $1,069,780

  Multifamily

  $1,391,600

  Automotive / Energy

  $783,724

  Parking / Income-Based Land

  $289,800

  Restaurant / Food Service

  $419,154

  Healthcare / Senior Housing

  $928,914

Location Insight

City

Plain City

County

Madison

State

Ohio

Latitude

40.1032

Longitude

-83.2793

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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