Converted Office
For Sale
$849,000
275 College Street, Groveport, OH 43125
Recently renovated 3,776 SF office building with flexible storage accessible from the rear.
Property Size3,600 SF
Price / SF$224.84
Days on Market86
Property Features for 275 College Street
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,302
Building Details
Building Size
3,600 SF
Year Built
1900
Buildings
1
Listing Agency:
Howard Hanna Real Estate Svcs
(614) 240-7400
Listed By:
Karen B Page
(614) 209-3638
Source:
Carolgoffrealestate
Added: Jun 11
Changed: Sep 4
Last Checked: Sep 1 at 10:27PM
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 Svcs
Investment Insights
Based on property information with market context.
275 College St in Groveport, OH is a 3,776 SF former church recently converted into an office building. The property underwent renovation, supporting immediate office use without down time.
A portion of the building can be utilized as flex storage. Rear access is available to the storage area, creating a convenient option for off-site or overflow inventory while keeping office space functional.
The building’s interior configuration supports office occupancy alongside the attached rear-access storage use, making it well suited for tenants needing both working space and additional storage capacity.
A portion of the building can be utilized as flex storage. Rear access is available to the storage area, creating a convenient option for off-site or overflow inventory while keeping office space functional.
The building’s interior configuration supports office occupancy alongside the attached rear-access storage use, making it well suited for tenants needing both working space and additional storage capacity.
Key Highlights
- 3,776 SF office building converted from a former church
- Recently renovated for office occupancy
- Includes flex storage space
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
$46,490
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
5.48%
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%
$929,800
$929.8K
Cap Rate 7%
$664,143
$664.1K
Cap Rate 9%
$516,556
$516.6K
Market Conditions
NOI Build-Up for 3,776 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
$81.6K $21.60/SF
− Vacancy
−$19.6K −$5.18/SF
EGI
$62.0K $16.42/SF
− OpEx
−$15.5K −$4.10/SF
NOI
$46.5K $12.31/SF
Area
Franklin 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%
$929,800
Cap Rate 7%
$664,143
Cap Rate 9%
$516,556
Alternative Uses
Best Use
Office B
$664.1K
$581.1K – $774.8K
NOI $46,490 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$769.8K
$673.6K – $898.1K
NOI $53,887 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 43125, OH
14,295
Population
6,206
Households
2.3
Avg Household Size
41
Median Age
25%
College-Educated
95%
High-School Grad
31.5 sq mi
ZIP Area
454
Density / Sq Mi
$82,376
Median Household Income
$49,023
Median Earnings
$1,193
Median Rent
$233,200
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?
Office building - Recently renovated 3,776 SF office building with flexible storage accessible from the rear.
Where is this office building located?
The property is located at 275 College Street Groveport, OH.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 3,776 SF office building converted from a former church; Recently renovated for office occupancy; Includes flex storage space
