Two-Story Medical Office
For Sale
$999,990
117 Lazelle Road E #A C D, Columbus, OH 43235
Flexible suite configuration supports medical, dental, and professional office users.
Property Size5,355 SF
Price / SF$186.74
Days on Market167
Property Features for 117 Lazelle Road E #A C D
General Information
Standard status
Active
Size
5,355 SF
Total Parking Spaces
25
Property subtype
Commercial
Additional Details
Road Access
Yes
Office Units
3
Taxes and HOA fees
Annual Taxes
$7,988
Building Details
Building Size
5,355 SF
Year Built
1986
Stories
2
Listing Agency:
Red 1 Realty
(201) 282-7897
Listed By:
Sunil Vegesna
(201) 282-7897
Source:
Carolgoffrealestate
Added: Mar 17
Changed: Aug 29
Last Checked: Aug 29 at 10:02PM
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 condo provides approximately 5,355 sq. ft. of adaptable commercial space across three suites. The layout includes a first-floor suite of approximately 1,785 sq. ft. and two upper-level suites totaling 3,570 sq. ft. Reception areas, private offices, and treatment or meeting rooms remain in place from its prior dental-office use, creating a functional setting for medical, dental, or professional operations.
The property is located at 117 Lazelle Road E in Columbus, with visibility along Lazelle Road E and access to on-site and nearby parking. Its position near surrounding businesses, dining, and major thoroughfares adds convenience for occupants and visitors. The multi-suite configuration can accommodate an owner-user, multiple office users, or a combination of both.
The property is located at 117 Lazelle Road E in Columbus, with visibility along Lazelle Road E and access to on-site and nearby parking. Its position near surrounding businesses, dining, and major thoroughfares adds convenience for occupants and visitors. The multi-suite configuration can accommodate an owner-user, multiple office users, or a combination of both.
Key Highlights
- Approximately 5,355 sq. ft. of medical office space
- Three‑suite layout with two‑story configuration
- First‑floor suite measures approximately 1,785 sq. ft.
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
$70,388
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
7.04%
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%
$1,407,760
$1.4M
Cap Rate 7%
$1,005,543
$1.0M
Cap Rate 9%
$782,089
$782.1K
Market Conditions
NOI Build-Up for 5,355 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
$116.3K $21.72/SF
− Vacancy
−$22.5K −$4.19/SF
EGI
$93.9K $17.53/SF
− OpEx
−$23.5K −$4.38/SF
NOI
$70.4K $13.14/SF
Area
ZIP 43235
Vacancy
19.31%
Lease Rate
$21.72 /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%
$1,407,760
Cap Rate 7%
$1,005,543
Cap Rate 9%
$782,089
Alternative Uses
Best Use
Office B
$1.01M
$879.9K – $1.17M
NOI $70,388 @ 7.0% cap · market cap 7.04%
Second Best
Healthcare Medical
$797.6K
$697.9K – $930.5K
NOI $55,829 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$1.08M
$948.9K – $1.27M
NOI $75,910 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
134
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 suite configuration supports medical, dental, and professional office users.
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: Approximately 5,355 sq. ft. of medical office space; Three‑suite layout with two‑story configuration; First‑floor suite measures approximately 1,785 sq. ft.
