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$ 1,295,000
Est. payment /mo
Active
1550 Lewis Center Road Lewis Center, OH 43035
7,325 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 7,325 sqft
Price per Sqft $176
MLS Listing ID 225043256
Year Built 1850
Annual Tax Amount $7,221
Lot Size 0.400 Acres
Lot Dimensions 0.4
Property Sub-Type Mixed Use
Source Columbus and Central Ohio Regional MLS
Property Description
Income-producing investment opportunity located in developing downtown Lewis Center! This 7,325sqft mixed-use commercial building is situated on a prime .403-acre lot with 150ft of frontage along Lewis Center Rd. 10 of 11 units currently leased to long-term tenants. 2nd floor unit with kitchen, laundry and full bathroom (renovated this year) ready to owner-occupy or further rent out.
This investment opportunity offers a competitive cap rate and strong in-place income. The property is currently 91% occupied and generates a Net Operating Income (NOI) of $95,800.54. With an asking price of $1,295,000, the asset is priced at $177/SF, providing investors with a solid return in a prime location.
Development in the area includes:
Evan's Farm -- a sprawling, unique community which will include 2,200 single-family homes on 1,250 acres along with commercial development along Lewis Center Rd.
Jennings Sports Park -- a 56-acre park featuring multi-sport fields with synthetic turf and lights, heated batting cages, and a multi-level pavilion with concessions and restrooms.
Home Rd Extension -- traffic improvement which includes road widening, a bridge overpass connecting Home Rd to Lewis Center Rd, and a traffic circle.
Most of the surrounding vacant land has either been sold or is currently under contract with plans to develop more subdivisions, apartment complexes, and commercial space.
This investment opportunity offers a competitive cap rate and strong in-place income. The property is currently 91% occupied and generates a Net Operating Income (NOI) of $95,800.54. With an asking price of $1,295,000, the asset is priced at $177/SF, providing investors with a solid return in a prime location.
Development in the area includes:
Evan's Farm -- a sprawling, unique community which will include 2,200 single-family homes on 1,250 acres along with commercial development along Lewis Center Rd.
Jennings Sports Park -- a 56-acre park featuring multi-sport fields with synthetic turf and lights, heated batting cages, and a multi-level pavilion with concessions and restrooms.
Home Rd Extension -- traffic improvement which includes road widening, a bridge overpass connecting Home Rd to Lewis Center Rd, and a traffic circle.
Most of the surrounding vacant land has either been sold or is currently under contract with plans to develop more subdivisions, apartment complexes, and commercial space.
Location
State OH
County Delaware
Area 0.4
Rooms
Other Rooms None
Dining Room No
Interior
Heating Forced Air
Equipment No
Laundry No Laundry Rooms
Others
Tax ID 318-213-07-002-000
Acceptable Financing Other, Conventional
Listing Terms Other, Conventional
Listed by Matthew Hance EXP Realty, LLC