Columbus Mixed-Use Redevelopment
For Sale
Contact for pricing
145 E Rich Street, Columbus, OH 43215
Mixed-use property with redevelopment potential in a dynamic Columbus market.
Property Size23,884 SF
Price / SF$163.29
Days on Market673
Property Features for 145 E Rich Street
General Information
Standard status
Active
Size
23,884 SF
Property subtype
Mixed Use, Office
Listing Agency:
Colliers - Columbus, Ohio
(614) 436-9800
Listed By:
Andrew Jameson · License #OH 415955
Source:
Crexi
Added: Oct 18, 2024
Changed: Jul 6
Last Checked: Aug 21 at 5:56PM
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 Colliers - Columbus, Ohio
Investment Insights
Based on property information with market context.
This mixed-use property presents an ideal opportunity for an owner occupant in the heart of the dynamic Columbus market. The property offers in-place cash flow with the potential to add value through the current tenancy. It is a Class A redevelopment with major building systems improved. Parking options include surface and garage parking at Columbus Commons Garage, with the sale including a 27-space surface parking lot. The property features multiple potential signage opportunities, including exterior and custom mural options. Interior features include open beam 14-foot ceilings and exposed brick. Climate-controlled storage is located on the lower level. The property is a short walk from Columbus Commons Park, Dirty Franks, 16 Bit, Little Palace, and other amenities. The property size is 23884 square feet.
Key Highlights
- In‑place cash flow with opportunity to add value.
- Class A redevelopment with all major building systems improved.
- Surface and garage parking at Columbus Commons Garage.
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
$275,939
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
7.08%
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%
$5,518,780
$5.5M
Cap Rate 7%
$3,941,986
$3.9M
Cap Rate 9%
$3,065,989
$3.1M
Market Conditions
NOI Build-Up for 23,884 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
$472.9K $19.80/SF
− Vacancy
−$105.0K −$4.40/SF
EGI
$367.9K $15.40/SF
− OpEx
−$92.0K −$3.85/SF
NOI
$275.9K $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%
$5,518,780
Cap Rate 7%
$3,941,986
Cap Rate 9%
$3,065,989
Alternative Uses
Best Use
Office B
$3.94M
$3.45M – $4.60M
NOI $275,939 @ 7.0% cap · market cap 7.08%
Second Best
Mixed Use
$3.92M
$3.43M – $4.57M
NOI $274,069 @ 7.0% cap · market cap 7.03%
Theoretical Best
Office A
$4.98M
$4.36M – $5.81M
NOI $348,428 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,273
Businesses Nearby
Explore this area
Business Placement
Demographics for 43215, OH
20,761
Population
13,428
Households
1.5
Avg Household Size
32
Median Age
71%
College-Educated
97%
High-School Grad
5.1 sq mi
ZIP Area
4,071
Density / Sq Mi
$74,469
Median Household Income
$59,521
Median Earnings
$1,487
Median Rent
$508,300
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?
Mixed-use property - Mixed-use property with redevelopment potential in a dynamic Columbus market.
Where is this mixed-use property located?
The property is located at 145 E Rich Street Columbus, OH.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: In‑place cash flow with opportunity to add value.; Class A redevelopment with all major building systems improved.; Surface and garage parking at Columbus Commons Garage.
