Industrial
For Sale
$2,000,000
2185-2187 Citygate Dr, Columbus, OH 43219
Industrial flex/warehouse offering 10,050 SF and presented for owner-user sale.
Property Size10,050 SF
Price / SF$199
Days on Market50
Property Features for 2185-2187 Citygate Dr
General Information
Standard status
Active
Size
10,050 SF
Property subtype
Commercial
Building Details
Building Size
10,050 SF
Listed By:
Woody Walton · License #2021003152 (OH)
(270) 535-2265
Source:
Matthews
Added: Jul 18
Changed: Sep 3
Last Checked: Sep 5 at 3:38AM
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 Woody Walton
Investment Insights
Based on property information with market context.
This industrial flex/warehouse property is offered for sale as a total of 10,050 SF. It is well-suited for an owner-user arrangement, combining flexible industrial space with warehouse functionality under one roof.
The property is located at 2185-2187 Citygate Dr in Columbus, Ohio (43219).
The property is located at 2185-2187 Citygate Dr in Columbus, Ohio (43219).
Key Highlights
- Industrial flex/warehouse for owner‑user sale
- 10,050 SF total building size
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
$99,869
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
4.99%
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%
$1,997,380
$2.0M
Cap Rate 7%
$1,426,700
$1.4M
Cap Rate 9%
$1,109,656
$1.1M
Market Conditions
NOI Build-Up for 10,050 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
$168.8K $16.80/SF
− Vacancy
−$15.2K −$1.51/SF
EGI
$153.6K $15.29/SF
− OpEx
−$53.8K −$5.35/SF
NOI
$99.9K $9.94/SF
Area
Columbus, OH
Vacancy
9.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$1,997,380
Cap Rate 7%
$1,426,700
Cap Rate 9%
$1,109,656
Alternative Uses
Best Use
Flex RnD
$1.43M
$1.25M – $1.66M
NOI $99,869 @ 7.0% cap · market cap 4.99%
Second Best
Warehouse
$689.4K
$603.2K – $804.3K
NOI $48,255 @ 7.0% cap · market cap 2.41%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,613 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
350
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43219, OH
30,457
Population
13,210
Households
2.3
Avg Household Size
33
Median Age
22%
College-Educated
82%
High-School Grad
16.0 sq mi
ZIP Area
1,904
Density / Sq Mi
$51,860
Median Household Income
$32,459
Median Earnings
$1,191
Median Rent
$173,600
Median Home Value
Market
Vacancy Rate% for Industrial in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex/warehouse offering 10,050 SF and presented for owner-user sale.
Where is this flex space located?
The property is located at 2185-2187 Citygate Dr Columbus, OH.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Industrial flex/warehouse for owner‑user sale; 10,050 SF total building size
