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893-905 W Town St - .47 Acres Urban Center Land for Development Lot • Terrain commercial • 0,47 Acres • 635 075 $ CAD • Columbus, OH 43222
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Résumé de l'annonce
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.
Faits sur la propriété
1 Lot disponible
Lot
| Prix | 635 075 $ CAD | Taille du lot | 0,47 AC |
| Prix par AC | 1 351 224,10 $ CAD |
| Prix | 635 075 $ CAD |
| Prix par AC | 1 351 224,10 $ CAD |
| Taille du lot | 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.
1 1
Moyennement accessible à pied
60/100
Exceptionnellement adapté aux voitures
100/100
Transports en commun relativement accessibles
40/100
Moyennement accessible en vélo
60/100
Impôts fonciers
| Numéros de lot | Évaluation des bâtiments | 7 091 $ CAD | |
| Évaluation du terrain | 37 183 $ CAD | Évaluation totale | 44 274 $ CAD |
Impôts fonciers
Numéros de lot
Évaluation du terrain
37 183 $ CAD
Évaluation des bâtiments
7 091 $ CAD
Évaluation totale
44 274 $ CAD
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Présenté par
Friends of Franklinton LLC
893-905 W Town St - .47 Acres Urban Center Land for Development
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