Two-Unit Medical and Office
For Sale
Contact for pricing
111 Commerce Park Dr., Westerville, OH 43082
Fully occupied office property with medical and insurance users in a professionally maintained condominium campus.
Property Size3,575 SF
Price / SF$264.68
Days on Market32
Property Features for 111 Commerce Park Dr.
General Information
Standard status
Active
Size
3,575 SF
Class
B
Total Parking Spaces
36
Property subtype
Office
Zoning
Commercial Office
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$73,334
Building Details
Year Built
2002
Units
2
Tenancy
Multi
Listing Agency:
Graystone Capital Advisors
(949) 942-1300
Listed By:
Brenton Baskin · License #CA 01808681
Source:
Crexi
Added: Jul 30
Changed: Aug 29
Last Checked: Aug 29 at 1:40PM
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 Graystone Capital Advisors
Investment Insights
Based on property information with market context.
Built in 2002, this two-unit office building contains approximately 3,575 SF across suites serving medical and professional office users. Suite A occupies approximately 2,300 SF and is leased to Park Dental Westerville, LLC under a 60-month term running from November 2023 through October 2028. Suite B measures approximately 1,275 SF and is occupied by an insurance agency. The property is zoned Commercial Office and is part of the Commerce Village Condominium Association, which maintains the shared campus environment.
The building is located at 111 Commerce Park Drive in Westerville, Ohio, within a professional office campus in Delaware County. The area offers access to I-270 and SR-3 and includes a concentration of professional services and healthcare-adjacent businesses. The property combines medical and general office occupancy within a compact, two-suite configuration.
The building is located at 111 Commerce Park Drive in Westerville, Ohio, within a professional office campus in Delaware County. The area offers access to I-270 and SR-3 and includes a concentration of professional services and healthcare-adjacent businesses. The property combines medical and general office occupancy within a compact, two-suite configuration.
Key Highlights
- Approximately 3,575 SF office building with two occupied suites
- Suite A: approximately 2,300 SF leased to Park Dental Westerville, LLC through October 2028
- Suite B: approximately 1,275 SF occupied by an insurance agency
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
$44,015
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
4.65%
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%
$880,300
$880.3K
Cap Rate 7%
$628,786
$628.8K
Cap Rate 9%
$489,056
$489.1K
Market Conditions
NOI Build-Up for 3,575 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
$77.2K $21.60/SF
− Vacancy
−$18.5K −$5.18/SF
EGI
$58.7K $16.42/SF
− OpEx
−$14.7K −$4.10/SF
NOI
$44.0K $12.31/SF
Area
Delaware County, OH
Vacancy
24.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$880,300
Cap Rate 7%
$628,786
Cap Rate 9%
$489,056
Alternative Uses
Best Use
Office B
$628.8K
$550.2K – $733.6K
NOI $44,015 @ 7.0% cap · market cap 4.65%
Second Best
Healthcare Medical
$540.0K
$472.5K – $630.0K
NOI $37,801 @ 7.0% cap · market cap 3.99%
Theoretical Best
Warehouse
$720.5K
$630.5K – $840.6K
NOI $50,438 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
Explore this area
Business Placement
Demographics for 43082, OH
32,459
Population
12,915
Households
2.5
Avg Household Size
44
Median Age
68%
College-Educated
98%
High-School Grad
20.9 sq mi
ZIP Area
1,553
Density / Sq Mi
$147,188
Median Household Income
$73,670
Median Earnings
$1,696
Median Rent
$433,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied office property with medical and insurance users in a professionally maintained condominium campus.
Where is this office building located?
The property is located at 111 Commerce Park Dr. Westerville, OH.
What is the asking price?
The asking price for this property is $946,242.
What are key features of this property?
This property features: Approximately 3,575 SF office building with two occupied suites; Suite A: approximately 2,300 SF leased to Park Dental Westerville, LLC through October 2028; Suite B: approximately 1,275 SF occupied by an insurance agency
