Freestanding Medical Office
New
For Sale
$2,700,000
1500 Lockbourne Rd, Columbus, OH 43206
An established primary care clinic occupies a standalone building at a signalized Columbus intersection.
Property Size10,052 SF
Lot Size0.88 Acres
Price / SF$251.82
Days on Market3
Property Features for 1500 Lockbourne Rd
General Information
Standard status
Active
Size
10,052 SF
Lot size
0.88 Acres
Property subtype
Retail
Building Details
Building Size
10,052 SF
Year Built
1996
Buildings
1
Tenancy
Single
Listing Agency:
CP Partners
Listed By:
Joe Caccamo · License #CalDRE #01191110
(415) 274-7394
Source:
Cppcre
Added: Oct 19
Last Checked: Oct 20 at 6:58PM
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 CP Partners
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Investment Insights
Based on property information with market context.
A freestanding medical clinic at 1500 Lockbourne Road is occupied by Oak Street Health, a CVS-owned provider focused on primary care. Built in 1996, the 10,722-square-foot facility sits on a 0.88-acre parcel at the signalized intersection of Lockbourne Road and Frebis Avenue in Columbus, Ohio.
The tenant has exercised three of four five-year renewal options, with the latest exercise in July 2026. The lease term now runs through February 2032. The property is positioned along a primary corridor on Columbus’s South Side.
The tenant has exercised three of four five-year renewal options, with the latest exercise in July 2026. The lease term now runs through February 2032. The property is positioned along a primary corridor on Columbus’s South Side.
Key Highlights
- 10,722‑square‑foot clinic on a 0.88‑acre site
- Oak Street Health, wholly owned by CVS, occupies the building
- Tenant exercised three of four 5‑year renewal options; lease runs through February 2032
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,841
Cap Rate
4.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,556,820
$2.6M
Cap Rate 7%
$1,826,300
$1.8M
Cap Rate 9%
$1,420,456
$1.4M
Market Conditions
NOI Build-Up for 10,722 SF
Gross rent
$231.6K $21.60/SF
− Vacancy
−$18.5K −$1.73/SF
EGI
$213.1K $19.87/SF
− OpEx
−$85.2K −$7.95/SF
NOI
$127.8K $11.92/SF
Area
Columbus, OH
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,556,820
Cap Rate 7%
$1,826,300
Cap Rate 9%
$1,420,456
Alternative Uses
Best Use
Healthcare Medical
$1.83M
$1.60M – $2.13M
NOI $127,841 @ 7.0% cap · market cap 4.73%
Second Best
Office B
$1.77M
$1.55M – $2.06M
NOI $123,874 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$2.23M
$1.96M – $2.61M
NOI $156,416 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43206, OH
21,594
Population
12,758
Households
1.7
Avg Household Size
35
Median Age
48%
College-Educated
94%
High-School Grad
3.0 sq mi
ZIP Area
7,198
Density / Sq Mi
$74,421
Median Household Income
$52,603
Median Earnings
$1,339
Median Rent
$280,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Columbus, OH
Frequently Asked Questions
What type of property is this?
Medical Office Space - An established primary care clinic occupies a standalone building at a signalized Columbus intersection.
Where is this medical office space located?
The property is located at 1500 Lockbourne Rd Columbus, OH.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 10,722‑square‑foot clinic on a 0.88‑acre site; Oak Street Health, wholly owned by CVS, occupies the building; Tenant exercised three of four 5‑year renewal options; lease runs through February 2032
