Flex Office & Multi-Bay
For Sale
$2,650,000
880 King Ave & 896 King Ave, Columbus, OH 43212
Turnkey office suites and a 7-bay garage provide front-office and storage functionality in one package.
Property Size7,500 SF
Price / SF$353.33
Days on Market48
Property Features for 880 King Ave & 896 King Ave
General Information
Standard status
Active
Size
7,500 SF
Total Parking Spaces
50
Property subtype
Office
Additional Details
Drive-In Doors
7
Building Details
Year Built
1960
Listing Agency:
Kohr Royer Griffith, Inc.
(614) 551-4485
Listed By:
Brent Garland · License #OH #2012002167
(614) 551-4485
Source:
Krgre
Added: Jun 25
Changed: Jul 10
Last Checked: Aug 11 at 5:43AM
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 Kohr Royer Griffith, Inc.
Investment Insights
Based on property information with market context.
This offering combines office space with a multi-bay garage for teams that need both working space and back-end storage. The office portion provides private offices, open work areas, conference rooms, and full kitchenettes. The garage is a 7-bay, 2,700 SF cement block structure with individual roll-up doors and shared interior access, supporting efficient loading and daily operations. Interior layouts are updated and the building includes central heat & air, with the space described as ready for use.
The properties are presented together as two opportunities at 880 King Ave and 896 King Ave, with the sale price stated to cover all 4 parcels. Parking is available for 50+ total defined spaces, including a gated lot and additional garage bay access.
From a tenant or owner-operator standpoint, the configuration supports a practical workflow that blends client-facing space with dedicated garage bays. The combination of private offices and meeting space alongside multiple roll-up doors can accommodate office-heavy businesses that also require on-site storage, warehousing, or light distribution functions. The defined parking and shared interior access are designed to keep day-to-day movement between front and back of house straightforward.
The properties are presented together as two opportunities at 880 King Ave and 896 King Ave, with the sale price stated to cover all 4 parcels. Parking is available for 50+ total defined spaces, including a gated lot and additional garage bay access.
From a tenant or owner-operator standpoint, the configuration supports a practical workflow that blends client-facing space with dedicated garage bays. The combination of private offices and meeting space alongside multiple roll-up doors can accommodate office-heavy businesses that also require on-site storage, warehousing, or light distribution functions. The defined parking and shared interior access are designed to keep day-to-day movement between front and back of house straightforward.
Key Highlights
- 7,500+ SF combined office space across 4 parcels at 880 King Ave and 896 King Ave
- Office includes private offices, open work areas, conference rooms, and full kitchenettes
- 7‑bay garage with 2,700 SF cement block structure, each with an individual roll‑up door
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
$86,650
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
3.27%
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%
$1,733,000
$1.7M
Cap Rate 7%
$1,237,857
$1.2M
Cap Rate 9%
$962,778
$962.8K
Market Conditions
NOI Build-Up for 7,500 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
$148.5K $19.80/SF
− Vacancy
−$33.0K −$4.40/SF
EGI
$115.5K $15.40/SF
− OpEx
−$28.9K −$3.85/SF
NOI
$86.6K $11.55/SF
Area
Columbus, OH
Vacancy
22.20%
Lease Rate
$19.80 /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%
$1,733,000
Cap Rate 7%
$1,237,857
Cap Rate 9%
$962,778
Alternative Uses
Best Use
Office B
$1.24M
$1.08M – $1.44M
NOI $86,650 @ 7.0% cap · market cap 3.27%
Second Best
Flex RnD
$1.06M
$931.6K – $1.24M
NOI $74,529 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,413 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,956
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43212, OH
24,171
Population
13,506
Households
1.8
Avg Household Size
30
Median Age
78%
College-Educated
98%
High-School Grad
3.7 sq mi
ZIP Area
6,533
Density / Sq Mi
$74,952
Median Household Income
$59,037
Median Earnings
$1,382
Median Rent
$514,800
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
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Frequently Asked Questions
What type of property is this?
Flex space - Turnkey office suites and a 7-bay garage provide front-office and storage functionality in one package.
Where is this flex space located?
The property is located at 880 King Ave & 896 King Ave Columbus, OH.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 7,500+ SF combined office space across 4 parcels at 880 King Ave and 896 King Ave; Office includes private offices, open work areas, conference rooms, and full kitchenettes; 7‑bay garage with 2,700 SF cement block structure, each with an individual roll‑up door
