583 3Rd StColumbus, OH 43240

Property Details for 583 3Rd St

Year built

1900

Lot size

0.06 AC

Property size (Sq ft)

993 SF

Property type

Office buildings

APN

010-023108

APU

10023108

Description

This exceptional 993-square-foot executive office building in Columbus, Ohio's desirable German Village presents a compelling investment opportunity. Located at 583 S. Third St, zip code 43240, this property boasts a prime location within Franklin County. The building is currently leased under a triple-net (NNN) lease agreement, extending through 2027, ensuring a steady stream of passive income for the investor. The asking price is $601,000. The property features charming cottage-style architecture and includes ample parking, a significant advantage in this vibrant urban neighborhood. The two-acre lot provides additional potential for future development or expansion, although the current structure is well-maintained and ready for immediate income generation. This is a rare opportunity to acquire a well-located, income-producing property in a highly sought-after area of Columbus. The property's strong lease terms and attractive location make it an ideal addition to any real estate portfolio. The executive office space is perfect for a variety of professional uses, benefiting from the area's established business community and high foot traffic. This turnkey investment offers a blend of historical charm and modern convenience, promising a secure and profitable return. Detailed financial information is available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $189,750

  6.5%

  $175,154

  7%

  $162,643

• Comparable approach

  Method

  Valuation

  Relative Method

  $92,885

  Geo Method

  $92,885

• Alternative Use

  Use

  Valuation

  Residential

  $217,191

  Hospitality

  $198,946

  Educational

  $165,521

  Medical

  $171,213

  Retail

  $257,476

Location Insight

City

Columbus

County

Franklin

State

Ohio

Latitude

39.9504

Longitude

-82.996

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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