Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Class A Office Space Available Title is generated by Realmo AI

    460 Polaris Pkwy, Westerville, OH

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Five-story office building near Polaris Centers of Commerce.

    Type:OFFICE
    Property size:
    29,500 SF
    Lot size:
    11.35 Acres
    Added:
    Oct 24, 2024
    Days on Market:
    590
    Last Refresh:
    May 19 at 10:06 pm

    Property Features for 460 Polaris Pkwy

    General Information

    Standard status
    Active
    Size
    29,500 SF
    Lot size
    11.35 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 460 Polaris Pkwy Contact us

    We can help!

    Listing Contact
    Gregory D Weber, SIOR, LEED AP

    Listing agent Gregory D Weber, SIOR, LEED AP

    Listing office Daimler

    Listing date Oct 24, 2024

    Source Moodyscre

    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 Daimler

    HighLights

    • Class A office space in Polaris Centers of Commerce
    • Substantial 139,000 square foot office building
    • Prime location at the northeast corner of Polaris Parkway and Cleveland Avenue
    • Overlooks an elaborate water feature
    • Structural steel frame with concrete floors and brick/glass exterior
    • Pedestrian plaza providing a relaxing environment

    Overview

    This five-story, 139,000 square foot office building features a structural steel frame, concrete floors, and a brick and glass exterior. Located near the Polaris Centers of Commerce, a mixed-use development with Class A offices, retail spaces, restaurants, banking facilities, and support services, the Offices at Westar are situated on the northeast corner of Polaris Parkway and Cleveland Avenue. The site overlooks a water feature at the park's entry. A pedestrian plaza provides a relaxing environment for occupants. Available space is approximately 29,500 square feet with lease rate of $13.95 per square foot.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ohio Equities Security Service HW&Co. CPAs & Advisors Accounting Firm Stephanie Burkhart, CNP Physician Tracy Cook, M.D. Physician Kort Gronbach, MD Physician

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9452
    Latitude
    40.1479

    Nearby Similar for Lease

    • $19 SF/Yr
      9,944 SF

      Westerville Executive Office Space Available

      Executive office space in a growing Westerville location.
      128 County Line Road W, Westerville, OH 43082
      View Details
    • $3,500/Mo
      4,084 SF

      Updated Office Suite with Reception

      Freshly updated office suite with private offices, conference room, and reception space—well suited for professional services.
      514 N State Street, Westerville, OH 43082
      View Details
    • $2,400/Mo
      1,280 SF

      Class B First-Floor Office Suite

      First-floor Class B office suite with kitchenette, one bath, and convenient parking for employees and clients.
      653 Mccorkle Boulevard, Westerville, OH 43082
      View Details
    • $10 SF/Yr
      1,782 SF

      Medical Office Space Near Hospital

      Office space for rent near Mount Carmel Saint Ann’s hospital.
      615 Copeland Mill Rd , Westerville, OH
      View Details
    • $12 SF/Yr
      102,487 SF

      Professional Office Campus Near I-71

      Office suites available in a well-located, easily accessible professional campus.
      480 Olde Worthington Road, Westerville, OH 43082
      View Details
    • Sponsored
      $129-$4,568/Mo
      11-1,292 SF

      Polaris

      470 Olde, Unit 200, Westerville, OH 43082
      View Details
    • $15 SF/Yr
      6,125 SF

      Medical Office Space Available

      Medical office suites for lease near hospitals.
      484 County Line Road West, Westerville, OH, 43081
      View Details
    • $12 SF/Yr
      9,772 SF

      Westerville Flex Industrial Warehouse Space

      9,227 sq. ft. flex space with modern office and warehouse.
      975 Eastwind Dr, Westerville, OH
      View Details
    • $14 SF/Yr
      14,295 SF

      Medical Office Space Near Hospital

      Medical office space attached to St. Ann’s Hospital.
      495 Cooper Road, Westerville, OH, 43081
      View Details
    • $15 SF/Yr
      5,925 SF

      Westerville Warehouse, Showroom, and Offices

      Warehouse, showroom, and office space in Westerville, Ohio.
      6111-6117 Maxtown Rd, Westerville, OH
      View Details
    • $21 SF/Yr
      1,704 SF

      Updated Office Space Available

      Executive office space with remodeling options near I-270.
      124 Dorchester Sq, Westerville, OH
      View Details
    • $16 SF/Yr
      1,280 SF

      Retail Space in Westerville Center

      1,280 SF retail space with high-traffic location.
      555-609 S State St, Westerville, OH
      View Details

    FAQs

    What type of property is this?
    Office building - Five-story office building near Polaris Centers of Commerce.
    Where is this office building located?
    The property is located at 460 Polaris Pkwy Westerville, OH.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Class A office space in Polaris Centers of Commerce; Substantial 139,000 square foot office building; Prime location at the northeast corner of Polaris Parkway and Cleveland Avenue
    (614) 488-4424 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Gregory D Weber, SIOR, LEED AP
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    460 Polaris Pkwy, Westerville, OH
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!