Two-Story Medical Office
For Sale
$999,990
117 Lazelle Road E A C D, Columbus, OH 43235
Flexible office configuration includes reception areas, private offices, and treatment or meeting rooms.
Property Size7,200 SF
Price / SF$138.89
Days on Market42
Property Features for 117 Lazelle Road E A C D
General Information
Standard status
Active
Size
7,200 SF
Building Details
Year Built
1986
Listing Agency:
Red 1 Realty
(201) 282-7897
Listed By:
Sunil Vegesna
Source:
Thetomlinson
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 8:25PM
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 Red 1 Realty
Investment Insights
Based on property information with market context.
This two-story medical office property at 117 Lazelle Road E in Columbus includes a mix of reception areas, private offices, and treatment or meeting rooms. The layout is organized into one first-floor suite and two upper-level suites, supporting medical, dental, professional office, or multi-tenant use. The space was previously operated as a dental office.
The property fronts Lazelle Road E and includes on-site parking, with additional parking nearby. Its setting places the office among surrounding businesses and dining, with access to major thoroughfares in north Columbus. The address includes suites A, C, and D, and the building was constructed in 1986.
The property fronts Lazelle Road E and includes on-site parking, with additional parking nearby. Its setting places the office among surrounding businesses and dining, with access to major thoroughfares in north Columbus. The address includes suites A, C, and D, and the building was constructed in 1986.
Key Highlights
- Two‑story medical office property at 117 Lazelle Road E, Columbus, OH 43235
- One first‑floor suite plus two upper‑level suites
- Previously operated as a dental office
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
$75,064
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
7.51%
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%
$1,501,280
$1.5M
Cap Rate 7%
$1,072,343
$1.1M
Cap Rate 9%
$834,044
$834.0K
Market Conditions
NOI Build-Up for 7,200 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
$138.2K $19.20/SF
− Vacancy
−$13.1K −$1.82/SF
EGI
$125.1K $17.38/SF
− OpEx
−$50.0K −$6.95/SF
NOI
$75.1K $10.43/SF
Area
ZIP 43235
Vacancy
9.50%
Lease Rate
$19.20 /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%
$1,501,280
Cap Rate 7%
$1,072,343
Cap Rate 9%
$834,044
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.58M
NOI $94,640 @ 7.0% cap · market cap 9.46%
Second Best
Healthcare Medical
$1.07M
$938.3K – $1.25M
NOI $75,064 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,064 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
542
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43235, OH
45,561
Population
20,855
Households
2.2
Avg Household Size
36
Median Age
59%
College-Educated
96%
High-School Grad
14.2 sq mi
ZIP Area
3,209
Density / Sq Mi
$86,758
Median Household Income
$54,814
Median Earnings
$1,412
Median Rent
$346,500
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible office configuration includes reception areas, private offices, and treatment or meeting rooms.
Where is this medical office space located?
The property is located at 117 Lazelle Road E A C D Columbus, OH.
What is the asking price?
The asking price for this property is $999,990.
What are key features of this property?
This property features: Two‑story medical office property at 117 Lazelle Road E, Columbus, OH 43235; One first‑floor suite plus two upper‑level suites; Previously operated as a dental office
