Office/Flex Condominium with
New
For Sale
Contact for pricing
Pending
192-206 Oak St, Columbus, OH 43235
Efficient condominium combines professional office space with warehouse capacity, dedicated parking, and a drive-in overhead door.
Property Size1,200 SF
Days on Market6
Property Features for 192-206 Oak St
General Information
Standard status
Pending
Size
1,200 SF
Total Parking Spaces
2
Property subtype
INDUSTRIAL
Warehouse & Industrial
Warehouse Space
675 SF
Office Build-Out
525 SF
Mezzanine
335 SF
Drive-In Doors
1
Listing Agency:
Westwood Commercial Real Estate
(614) 869-7139
Listed By:
Douglas D. Smith · License #658032331
(614) 869-7139
Source:
Moodyscre
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 5:14AM
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 Westwood Commercial Real Estate
Investment Insights
Based on property information with market context.
This 1,200-square-foot flex condominium combines approximately 525 square feet of office area with 675 square feet of warehouse space. A 335-square-foot walk-up mezzanine adds storage capacity. The office component includes reception and open workspace, a private office, kitchenette, and restroom, while the warehouse has a drive-in overhead door plus front and rear personnel entrances.
The property is part of a well-maintained 17-unit complex with a newer roof and a recently sealed and striped parking lot. Two dedicated parking spaces accompany the unit, with additional guest parking available. The property is just off North High Street near US 23, with access to I-270, OH-315, I-71, Worthington, Polaris, Lewis Center, and southern Delaware County.
The property is part of a well-maintained 17-unit complex with a newer roof and a recently sealed and striped parking lot. Two dedicated parking spaces accompany the unit, with additional guest parking available. The property is just off North High Street near US 23, with access to I-270, OH-315, I-71, Worthington, Polaris, Lewis Center, and southern Delaware County.
Key Highlights
- 1,200 SF flex condominium with approximately 525 SF of office and 675 SF of warehouse space
- 335 SF walk‑up mezzanine provides additional storage
- Drive‑in overhead door plus front and rear personnel entrances
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
$15,773
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
7.55%
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%
$315,460
$315.5K
Cap Rate 7%
$225,329
$225.3K
Cap Rate 9%
$175,256
$175.3K
Market Conditions
NOI Build-Up for 1,200 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
$26.1K $21.72/SF
− Vacancy
−$5.0K −$4.19/SF
EGI
$21.0K $17.53/SF
− OpEx
−$5.3K −$4.38/SF
NOI
$15.8K $13.14/SF
Area
ZIP 43235
Vacancy
19.31%
Lease Rate
$21.72 /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%
$315,460
Cap Rate 7%
$225,329
Cap Rate 9%
$175,256
Alternative Uses
Best Use
Office B
$225.3K
$197.2K – $262.9K
NOI $15,773 @ 7.0% cap · market cap 7.55%
Second Best
Warehouse
$133.0K
$116.3K – $155.1K
NOI $9,307 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$243.0K
$212.6K – $283.5K
NOI $17,011 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
851
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43235, OH
45,561
Population
20,855
Households
2.2
Avg Household Size
36
Median Age
59%
College-Educated
96%
High-School Grad
14.2 sq mi
ZIP Area
3,209
Density / Sq Mi
$86,758
Median Household Income
$54,814
Median Earnings
$1,412
Median Rent
$346,500
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
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Similar Off Market Nearby
- Bosc + Brie — 7625 N High St, Columbus, OH 43235
Frequently Asked Questions
What type of property is this?
Flex space - Efficient condominium combines professional office space with warehouse capacity, dedicated parking, and a drive-in overhead door.
Where is this flex space located?
The property is located at 192-206 Oak St Columbus, OH.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: 1,200 SF flex condominium with approximately 525 SF of office and 675 SF of warehouse space; 335 SF walk‑up mezzanine provides additional storage; Drive‑in overhead door plus front and rear personnel entrances
