490 Jefferson AvePlain City, OH 43064

  • Retail properties
  • 5,940 SF
For Sale
$1,486,000 View listing

Property Details for 490 Jefferson Ave

Year built
2007
Lot size
0.78 AC
Property size (Sq ft)
5,940 SF
Property type
Retail properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,209,255
    6.5%
    $1,116,235
    7%
    $1,036,504
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,400,182
    Geo Method
    $1,400,182
  • Alternative Use

    Use
    Valuation
    Residential
    $941,586
    Hospitality
    $862,488
    Educational
    $717,580
    Medical
    $742,258
    Retail
    $1,116,235
490 Jefferson Ave, Plain City, Ohio

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

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
$13,515
$14,330
$207,400
$221,730
-
$40,950
$592,560
$633,510

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