Corner Medical Office
For Sale
$325,000
1060 Cleveland Avenue, Columbus, OH 43201
Brick house on a corner parcel offered for commercial use, with an occupied tenant on-site and sale requiring three parcels together.
Property Size1,144 SF
Price / SF$284.09
Days on Market456
Property Features for 1060 Cleveland Avenue
General Information
Standard status
Active
Size
1,144 SF
Property subtype
Mixed Use
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,269
Building Details
Building Size
1,144 SF
Year Built
1915
Listing Agency:
RE/MAX Revealty
Listed By:
Brandi J Newland · License #2007005457
(614) 778-4520
Source:
Camtaylor
Added: Jun 4, 2025
Changed: Aug 23
Last Checked: Sep 2 at 12:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Revealty
Investment Insights
Based on property information with market context.
This offering includes a brick house located on a corner parcel, marketed as Commercial ONLY. The property is currently occupied, and prospective buyers must not disturb the tenant. The available opportunity is presented as suitable for a doctors office or other business use, subject to applicable requirements.
The site is positioned on the corner of 4th & Cleveland, with the property situated steps to the corner of 5th & Cleveland. Public remarks indicate convenient access to Interstate I-71 & I-70 (about 3 minutes) and nearby transit and employment destinations, including a COTA bus ride to Downtown CBUS (about 10 minutes) and OSU Campus (about 15 minutes). Additional stated proximity includes Columbus State Community College (about 5 minutes) and John Glenn International Airport (about 20 minutes), along with Nationwide Arena (about 6 minutes).
All 3 parcels must be sold together. Included parcel numbers are 010-052621-00 and 010-022131-, along with a third parcel not fully specified in the provided information.
The site is positioned on the corner of 4th & Cleveland, with the property situated steps to the corner of 5th & Cleveland. Public remarks indicate convenient access to Interstate I-71 & I-70 (about 3 minutes) and nearby transit and employment destinations, including a COTA bus ride to Downtown CBUS (about 10 minutes) and OSU Campus (about 15 minutes). Additional stated proximity includes Columbus State Community College (about 5 minutes) and John Glenn International Airport (about 20 minutes), along with Nationwide Arena (about 6 minutes).
All 3 parcels must be sold together. Included parcel numbers are 010-052621-00 and 010-022131-, along with a third parcel not fully specified in the provided information.
Key Highlights
- Commercial‑only parcel in the Milo Grogan Community on the corner of 4th & Cleveland
- Brick house on‑site is currently occupied; please do not disturb the tenant
- Sale requires all 3 parcels to be sold together: 010‑052621‑00 and 010‑022131‑00 (3 parcels total)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,640
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$272,800
$272.8K
Cap Rate 7%
$194,857
$194.9K
Cap Rate 9%
$151,556
$151.6K
Market Conditions
NOI Build-Up for 1,144 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.7K $21.60/SF
− Vacancy
−$2.0K −$1.73/SF
EGI
$22.7K $19.87/SF
− OpEx
−$9.1K −$7.95/SF
NOI
$13.6K $11.92/SF
Area
Columbus, OH
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$272,800
Cap Rate 7%
$194,857
Cap Rate 9%
$151,556
Alternative Uses
Best Use
Healthcare Medical
$194.9K
$170.5K – $227.3K
NOI $13,640 @ 7.0% cap · market cap 4.20%
Second Best
Office B
$188.8K
$165.2K – $220.3K
NOI $13,217 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$238.4K
$208.6K – $278.2K
NOI $16,689 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,219
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43201, OH
37,528
Population
17,484
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
95%
High-School Grad
3.1 sq mi
ZIP Area
12,106
Density / Sq Mi
$43,451
Median Household Income
$21,792
Median Earnings
$1,299
Median Rent
$438,300
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Willow Wood Animal Hospial — Columbus, OH 43201, United States
- Chittenden Veterinary Clinic — 239 Chittenden Ave, Columbus, OH 43201
Frequently Asked Questions
What type of property is this?
Medical Office Space - Brick house on a corner parcel offered for commercial use, with an occupied tenant on-site and sale requiring three parcels together.
Where is this medical office space located?
The property is located at 1060 Cleveland Avenue Columbus, OH.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Commercial‑only parcel in the Milo Grogan Community on the corner of 4th & Cleveland; Brick house on‑site is currently occupied; please do not disturb the tenant; Sale requires all 3 parcels to be sold together: 010‑052621‑00 and 010‑022131‑00 (3 parcels total)
