Renovated Multi-Floor Office
For Sale
Contact for pricing
1015 E Broad St, Columbus, OH 43205
Renovated office building with heavy build-out, restrooms and kitchenettes on each floor, and secured access.
Property Size12,000 SF
Price / SF$132.92
Days on Market678
Property Features for 1015 E Broad St
General Information
Standard status
Active
Size
12,000 SF
Total Parking Spaces
40
Property subtype
OFFICE
Amenities
restrooms
kitchenettes
secured vestibule
key fob access
cameras
intercom with remote access
bus line
Listing Agency:
Alterra Real Estate Advisors
(380) 204-7784
Listed By:
Brad L Kitchen, SIOR
(614) 327-4366
Source:
Moodyscre
Added: Nov 7, 2024
Changed: Sep 5
Last Checked: Sep 15 at 10:53AM
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 Alterra Real Estate Advisors
Investment Insights
Based on property information with market context.
This renovated office building features a heavy office build-out with restrooms and kitchenettes on each floor. The property includes updates such as two new HVAC units, a new gutter system, and access control. A secure entry is in place with a secured vestibule, key fob access, cameras, and an intercom offering remote access capability.
Located on East Broad Street just outside Downtown Columbus in Olde Town East, the building sits directly on the bus line. The property provides 40 parking spaces.
With a layout that can support multi-tenant occupancy, the building offers flexibility for owner-occupant or investment use.
Located on East Broad Street just outside Downtown Columbus in Olde Town East, the building sits directly on the bus line. The property provides 40 parking spaces.
With a layout that can support multi-tenant occupancy, the building offers flexibility for owner-occupant or investment use.
Key Highlights
- Renovated office building with heavy office build‑out, including restrooms and kitchenettes on each floor
- Secure building features secured vestibule, key fob access, cameras, and intercom with remote access capability
- Interior renovations include 2 new HVAC units, a new gutter system, and access control
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
$138,640
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
8.69%
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%
$2,772,800
$2.8M
Cap Rate 7%
$1,980,571
$2.0M
Cap Rate 9%
$1,540,444
$1.5M
Market Conditions
NOI Build-Up for 12,000 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
$237.6K $19.80/SF
− Vacancy
−$52.7K −$4.40/SF
EGI
$184.9K $15.40/SF
− OpEx
−$46.2K −$3.85/SF
NOI
$138.6K $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%
$2,772,800
Cap Rate 7%
$1,980,571
Cap Rate 9%
$1,540,444
Alternative Uses
Best Use
Office B
$1.98M
$1.73M – $2.31M
NOI $138,640 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,060 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,745
Businesses Nearby
Explore this area
Business Placement
Demographics for 43205, OH
12,044
Population
7,303
Households
1.6
Avg Household Size
35
Median Age
41%
College-Educated
89%
High-School Grad
2.4 sq mi
ZIP Area
5,018
Density / Sq Mi
$54,214
Median Household Income
$41,219
Median Earnings
$1,050
Median Rent
$290,800
Median Home Value
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Market
Vacancy Rate% for Office in Columbus, OH
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Frequently Asked Questions
What type of property is this?
Office building - Renovated office building with heavy build-out, restrooms and kitchenettes on each floor, and secured access.
Where is this office building located?
The property is located at 1015 E Broad St Columbus, OH.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Renovated office building with heavy office build‑out, including restrooms and kitchenettes on each floor; Secure building features secured vestibule, key fob access, cameras, and intercom with remote access capability; Interior renovations include 2 new HVAC units, a new gutter system, and access control
