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893-905 W Town St - .47 Acres Urban Center Land for Development 0.47 Acres of Commercial Land Offered at $455,000 in Columbus, OH 43222
Executive Summary
Currently Leased by Community Farm with approved CAUV tax plan (auditor approved reduction)
Stabilized for holding at no cost to owner--cost of insurance and taxes covered by tenant
Sister property listed for sale across Martin for co-development
Across from Thrive Mount Carmel Redevelopment and future city park
The Gross Development Value (GDV) for a 7-story, mixed-use building in West Franklinton (Columbus, OH) on a 0.47-acre lot is estimated between$25 million and $31 million.
This assumes roughly 110,000 to 130,000 total square feet, yielding around 140 to 160 residential units.
1. Project Profile & Unit MixTotal Build: 110,000 - 130,000 gross square feet (GSF)Density: 300 to 340 units per acre. Estimated Unit Count: 150 total units (typically 20 Studio, 50 1-Bed, 30 2-Bed. Ground Floor: 8,000 - 10,000 sq. ft. of commercial/retail space.
2. Revenue Projections (Stabilized NOI) Studio (500 sq ft): (125 - $1,400 / month) One-Bedroom (700 sq ft): (1,550 - $1,750)Two-Bedroom (1,000 sq ft): (2,000 - $2,300/ month) Commercial Retail: ($20 - $25per sq. ft.)Annual Gross Potential Income (GPI): $3.6 million- $4.2 million
3. Valuation Math Operating Expenses: assumed at (35%) of GPI $1.3million)Net Operating Income (NOI): $2.3million - $2.7million Market Cap Rate: 6.7% GDV=NOI/Cap Rate=$2.1million/$0.067= $31million
4. Development Nuances
Parking Mandates: Columbus has reduced or eliminated minimum parking mandates for various mixed-use projects and affordable housing, greatly improving feasibility on tight lots.
Setbacks: By utilizing no setback, the developer can maximize the 0.47-acre footprint, but site plans will require approval from the East Franklinton Review Board.
Comparable Sales: Recent large-scale multifamily transactions in the immediate area (like the Horizon West portfolio) have traded at pricing that supports per-unit valuations between $150,000 and $200,000 for modern builds.
Stabilized for holding at no cost to owner--cost of insurance and taxes covered by tenant
Sister property listed for sale across Martin for co-development
Across from Thrive Mount Carmel Redevelopment and future city park
The Gross Development Value (GDV) for a 7-story, mixed-use building in West Franklinton (Columbus, OH) on a 0.47-acre lot is estimated between$25 million and $31 million.
This assumes roughly 110,000 to 130,000 total square feet, yielding around 140 to 160 residential units.
1. Project Profile & Unit MixTotal Build: 110,000 - 130,000 gross square feet (GSF)Density: 300 to 340 units per acre. Estimated Unit Count: 150 total units (typically 20 Studio, 50 1-Bed, 30 2-Bed. Ground Floor: 8,000 - 10,000 sq. ft. of commercial/retail space.
2. Revenue Projections (Stabilized NOI) Studio (500 sq ft): (125 - $1,400 / month) One-Bedroom (700 sq ft): (1,550 - $1,750)Two-Bedroom (1,000 sq ft): (2,000 - $2,300/ month) Commercial Retail: ($20 - $25per sq. ft.)Annual Gross Potential Income (GPI): $3.6 million- $4.2 million
3. Valuation Math Operating Expenses: assumed at (35%) of GPI $1.3million)Net Operating Income (NOI): $2.3million - $2.7million Market Cap Rate: 6.7% GDV=NOI/Cap Rate=$2.1million/$0.067= $31million
4. Development Nuances
Parking Mandates: Columbus has reduced or eliminated minimum parking mandates for various mixed-use projects and affordable housing, greatly improving feasibility on tight lots.
Setbacks: By utilizing no setback, the developer can maximize the 0.47-acre footprint, but site plans will require approval from the East Franklinton Review Board.
Comparable Sales: Recent large-scale multifamily transactions in the immediate area (like the Horizon West portfolio) have traded at pricing that supports per-unit valuations between $150,000 and $200,000 for modern builds.
Property Facts
1 Lot Available
Lot
| Price | $455,000 | Lot Size | 0.47 AC |
| Price Per AC | $968,085.11 |
| Price | $455,000 |
| Price Per AC | $968,085.11 |
| Lot Size | 0.47 AC |
3 Contiguous lots cleared for development: UTC Urban Center zoning Up to Five Stories; Up to Seven Stories With Bonus Affordable Housing Height No Setbacks No Parking Opportunity Development Zone (Tax Abatement Incentives)
Description
.47 Acres of cleared land Urban Center UTC zoning at the corner of Town and Martin. Prime location for redevelopment with Opportunity Zone and updated zoning plan to accommodate maximum density and footprint with no parking requirement.
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Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $5,080 | |
| Land Assessment | $26,640 | Total Assessment | $31,720 |
Property Taxes
Parcel Numbers
Land Assessment
$26,640
Improvements Assessment
$5,080
Total Assessment
$31,720
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893-905 W Town St - .47 Acres Urban Center Land for Development
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