Office Building with Five
For Sale
$275,000
1580 Brice Road, Reynoldsburg, OH 43068
Updated office property with salon and office occupancy, a basement, kitchenette, and accessible parking.
Property Size1,029 SF
Price / SF$267.25
Days on Market101
Property Features for 1580 Brice Road
General Information
Standard status
Active
Size
1,029 SF
Total Parking Spaces
7
Property subtype
Retail
Additional Details
Road Access
Yes
Office Units
5
Taxes and HOA fees
Annual Taxes
$5,261
Amenities
Rear Covered Patio
Building Details
Building Size
1,029 SF
Year Built
1959
Year Renovated
2023
Buildings
1
Tenancy
Multi
Listing Agency:
NextHome Experience
Listed By:
Mark D Corbin · License #2016000348,PersonLicenseNumber
(614) 452-3108
Source:
Camtaylor
Added: Jun 12
Changed: Sep 19
Last Checked: Sep 20 at 11:06AM
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 NextHome Experience
Investment Insights
Based on property information with market context.
This 1,029-square-foot office building contains five separate suites, with three currently rented for salon use and one occupied as an office. The property includes one bathroom, a kitchenette, and a usable basement with a utility room. A covered rear patio offers additional functional space, while the building received updates including new flooring, interior paint, basement I-beam work, and waterproofing. The furnace and H2O tank were replaced in 2021, and the sump pump was replaced in 2026.
Located at 1580 Brice Road in Reynoldsburg, the property sits between E. Main Street and E. Livingston Avenue within the Brice Road business corridor. An adjacent parking lot provides six individual spaces, including one designated handicap space connected to the building by a concrete ramp and walkway. The site also has room for additional parking, and the rear patio may support outdoor seating or a building expansion.
Located at 1580 Brice Road in Reynoldsburg, the property sits between E. Main Street and E. Livingston Avenue within the Brice Road business corridor. An adjacent parking lot provides six individual spaces, including one designated handicap space connected to the building by a concrete ramp and walkway. The site also has room for additional parking, and the rear patio may support outdoor seating or a building expansion.
Key Highlights
- 1,029‑square‑foot office building with five separate suites
- Three suites currently rented for salon use and one occupied as an office
- Adjacent parking lot with 6 spaces, including 1 designated handicap spot
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
$13,706
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
4.98%
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%
$274,120
$274.1K
Cap Rate 7%
$195,800
$195.8K
Cap Rate 9%
$152,289
$152.3K
Market Conditions
NOI Build-Up for 1,029 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
$20.1K $19.56/SF
− Vacancy
−$547 −$0.53/SF
EGI
$19.6K $19.03/SF
− OpEx
−$5.9K −$5.71/SF
NOI
$13.7K $13.32/SF
Area
Franklin County, OH
Vacancy
2.72%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
30.00%
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%
$274,120
Cap Rate 7%
$195,800
Cap Rate 9%
$152,289
Alternative Uses
Best Use
Retail
$195.8K
$171.3K – $228.4K
NOI $13,706 @ 7.0% cap · market cap 4.98%
Second Best
Office B
$181.0K
$158.4K – $211.2K
NOI $12,669 @ 7.0% cap · market cap 4.61%
Theoretical Best
Specialty Retail
$209.8K
$183.6K – $244.8K
NOI $14,685 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,234
Businesses Nearby
Explore this area
Business Placement
Demographics for 43068, OH
59,585
Population
25,294
Households
2.4
Avg Household Size
36
Median Age
30%
College-Educated
91%
High-School Grad
19.6 sq mi
ZIP Area
3,040
Density / Sq Mi
$70,451
Median Household Income
$42,327
Median Earnings
$1,214
Median Rent
$225,500
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 Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Updated office property with salon and office occupancy, a basement, kitchenette, and accessible parking.
Where is this office building located?
The property is located at 1580 Brice Road Reynoldsburg, OH.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1,029‑square‑foot office building with five separate suites; Three suites currently rented for salon use and one occupied as an office; Adjacent parking lot with 6 spaces, including 1 designated handicap spot
