Urban Center Land for Development 2 Land Properties Offered at $850,000 in Columbus, OH

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.