Office Building with Large
For Sale
$12,500,000
168-170 N High Street, Columbus, OH 43215
Large floorplates support repositioning for institutional, nonprofit, government, or event-space use.
Property Size47,310 SF
Days on Market28
Property Features for 168-170 N High Street
General Information
Standard status
Active
Size
47,310 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$198,445
Building Details
Building Size
47,310 SF
Year Built
1973
Listing Agency:
Real Estate Opportunity
Listed By:
Ann Adams
Source:
Honnerlawrealestate
Added: Aug 8
Changed: Sep 3
Last Checked: Sep 2 at 7:17PM
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 Real Estate Opportunity
Investment Insights
Based on property information with market context.
This 94,620-square-foot office property occupies 0.43 acres at 168-170 N High St in Columbus, Ohio. Its large floorplates provide a substantial framework for redevelopment or repositioning, with potential applications including government, nonprofit, institutional, and event-space uses. The property is offered for sale or lease.
DD zoning allows unlimited height for new development, while no parking requirement applies. The site is outside a flood zone and is not designated as a historic site. Improvements to the land may qualify for a 15-year, 100% CRA tax abatement. Additional acreage may be available through neighboring parcels, and the Downtown Commission supports the project.
DD zoning allows unlimited height for new development, while no parking requirement applies. The site is outside a flood zone and is not designated as a historic site. Improvements to the land may qualify for a 15-year, 100% CRA tax abatement. Additional acreage may be available through neighboring parcels, and the Downtown Commission supports the project.
Key Highlights
- 94,620 SF office property on 0.43 acres
- DD zoning permits unlimited height for new development
- Large floorplates support redevelopment or repositioning
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
$546,587
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
4.37%
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%
$10,931,740
$10.9M
Cap Rate 7%
$7,808,386
$7.8M
Cap Rate 9%
$6,073,189
$6.1M
Market Conditions
NOI Build-Up for 47,310 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
$936.7K $19.80/SF
− Vacancy
−$208.0K −$4.40/SF
EGI
$728.8K $15.40/SF
− OpEx
−$182.2K −$3.85/SF
NOI
$546.6K $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%
$10,931,740
Cap Rate 7%
$7,808,386
Cap Rate 9%
$6,073,189
Alternative Uses
Best Use
Office B
$7.81M
$6.83M – $9.11M
NOI $546,587 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.86M
$8.63M – $11.50M
NOI $690,175 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,479
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?
Office building - Large floorplates support repositioning for institutional, nonprofit, government, or event-space use.
Where is this office building located?
The property is located at 168-170 N High Street Columbus, OH.
What is the asking price?
The asking price for this property is $12,500,000.
What are key features of this property?
This property features: 94,620 SF office property on 0.43 acres; DD zoning permits unlimited height for new development; Large floorplates support redevelopment or repositioning
