Two-Story Office
For Sale
Contact for pricing
Pending
116 W County Line Rd, Westerville, OH 43082
Two-story office building offering 9,644 SF, including a 71 by 35 ft studio room with high ceilings.
Property Size9,644 SF
Days on Market193
Property Features for 116 W County Line Rd
General Information
Standard status
Pending
Size
9,644 SF
Property subtype
OFFICE
Building Details
Stories
2
Listing Agency:
Donald R Kenney & Company
(614) 893-3513
Listed By:
Amie Lenhart · License #SAL2005007187
(614) 893-3513
Source:
Moodyscre
Added: Jan 28
Changed: Aug 8
Last Checked: Aug 8 at 1:50PM
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 Donald R Kenney & Company
Investment Insights
Based on property information with market context.
116 W County Line Rd is a two-story office building configured to support a variety of office uses, with a total of 9,644 square feet. The space includes a studio room measuring 71 by 35 feet with high ceilings, offering a distinct layout within the building.
The property is located in Westerville, Ohio. It presents an owner-user opportunity with on-site space that can accommodate both office and specialized studio-style needs.
With two levels and a dedicated large studio room, this building is suited for tenants seeking a straightforward office configuration plus a sizable interior space for flexible use.
The property is located in Westerville, Ohio. It presents an owner-user opportunity with on-site space that can accommodate both office and specialized studio-style needs.
With two levels and a dedicated large studio room, this building is suited for tenants seeking a straightforward office configuration plus a sizable interior space for flexible use.
Key Highlights
- Two‑story office building with 9,644 SF of space
- Includes a 71 x 35 ft studio room with high ceilings
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
$118,737
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
6.09%
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%
$2,374,740
$2.4M
Cap Rate 7%
$1,696,243
$1.7M
Cap Rate 9%
$1,319,300
$1.3M
Market Conditions
NOI Build-Up for 9,644 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
$208.3K $21.60/SF
− Vacancy
−$50.0K −$5.18/SF
EGI
$158.3K $16.42/SF
− OpEx
−$39.6K −$4.10/SF
NOI
$118.7K $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%
$2,374,740
Cap Rate 7%
$1,696,243
Cap Rate 9%
$1,319,300
Alternative Uses
Best Use
Office B
$1.70M
$1.48M – $1.98M
NOI $118,737 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.94M
$1.70M – $2.27M
NOI $136,064 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,139
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 - Two-story office building offering 9,644 SF, including a 71 by 35 ft studio room with high ceilings.
Where is this office building located?
The property is located at 116 W County Line Rd Westerville, OH.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Two‑story office building with 9,644 SF of space; Includes a 71 x 35 ft studio room with high ceilings
