Westerville Office/Retail
For Sale
Contact for pricing
17 W Schrock Road, Westerville, OH 43081
Prime location with high visibility and accessibility in Westerville.
Property Size2,693 SF
Price / SF$259.90
Days on Market187
Property Features for 17 W Schrock Road
General Information
Standard status
Active
Size
2,693 SF
Total Parking Spaces
9
Property subtype
Mixed Use, Retail, Office
Building Details
Year Built
1981
Listing Agency:
Howard Hanna Real Estate Srvs
(614) 554-3020
Listed By:
Beth Fisher · License #2001005879
Source:
Crexi
Added: Feb 15
Changed: Aug 16
Last Checked: Aug 19 at 10:38PM
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 Howard Hanna Real Estate Srvs
Investment Insights
Based on property information with market context.
Located at the signalized intersection of Schrock Road and State Street, this property offers high visibility and access, approximately 0.10 miles from Interstate 270. Situated in a dense retail corridor serving the Westerville community, the property benefits from strong daily traffic and excellent surrounding demographics. Westerville is one of Ohio's fastest-growing areas, experiencing sustained growth in retail, office, and residential development. This property features a signalized corner location with dual access from State Street and Schrock Road, and nine on-site parking spaces. It has the potential for a convenient drive-thru pick-up window and offers excellent ingress and egress. The property, totaling 2693 square feet, is ideal for retail, service, or food-related concepts seeking visibility and accessibility in a high-growth market. It is suitable for mixed-use, retail, and office purposes.
Key Highlights
- Prime location at a highly trafficked, signalized intersection of Schrock Road and State Street.
- Excellent visibility and access, approximately 0.10 miles from Interstate 270.
- Located in a dense retail corridor serving the thriving Westerville community.
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
$33,156
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
4.74%
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%
$663,120
$663.1K
Cap Rate 7%
$473,657
$473.7K
Cap Rate 9%
$368,400
$368.4K
Market Conditions
NOI Build-Up for 2,693 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
$58.2K $21.60/SF
− Vacancy
−$14.0K −$5.18/SF
EGI
$44.2K $16.42/SF
− OpEx
−$11.1K −$4.10/SF
NOI
$33.2K $12.31/SF
Area
Delaware County, OH
Vacancy
24.00%
Lease Rate
$21.60 /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%
$663,120
Cap Rate 7%
$473,657
Cap Rate 9%
$368,400
Alternative Uses
Best Use
Office B
$473.7K
$414.5K – $552.6K
NOI $33,156 @ 7.0% cap · market cap 4.74%
Second Best
Retail
$149.6K
$130.9K – $174.5K
NOI $10,469 @ 7.0% cap · market cap 1.50%
Theoretical Best
Warehouse
$542.8K
$474.9K – $633.3K
NOI $37,995 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 43081, OH
64,338
Population
28,457
Households
2.3
Avg Household Size
37
Median Age
54%
College-Educated
98%
High-School Grad
25.1 sq mi
ZIP Area
2,563
Density / Sq Mi
$90,336
Median Household Income
$55,015
Median Earnings
$1,434
Median Rent
$297,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Prime location with high visibility and accessibility in Westerville.
Where is this mixed-use property located?
The property is located at 17 W Schrock Road Westerville, OH.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Prime location at a highly trafficked, signalized intersection of Schrock Road and State Street.; Excellent visibility and access, approximately 0.10 miles from Interstate 270.; Located in a dense retail corridor serving the thriving Westerville community.
