Eight-Unit Medical Office
New
For Sale
$1,585,000
3600 Olentangy River Rd, Columbus, OH 43214
Condominium office suites within an established multi-tenant medical and professional office property.
Property Size7,182 SF
Price / SF$220.69
Days on Market7
Property Features for 3600 Olentangy River Rd
General Information
Standard status
Active
Size
7,182 SF
Property subtype
Office
Occupancy
96%
Additional Details
Office Units
8
Amenities
Directly across from OhioHealth Riverside Methodist Hospital, one of Central Ohio's most significant healthcare destinations.
A dense concentration of hospitals, physicians and specialty practices supports continued demand for medical office space.
Efficient north-south access throughout Columbus with connections to the broader regional interstate network.
Just north of OSU and the Wexner Medical Center, one of the Midwest's largest academic healthcare ecosystems.
Along the Olentangy River Road corridor between Downtown Columbus, OSU and Columbus' northern employment centers.
Building Details
Building Size
7,182 SF
Year Built
1965
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Indianapolis
Listed By:
Forest Bender · License #License(s): IN: RB14049223
(317) 218-5346
Source:
Marcusmillichap
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 6:40AM
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 Marcus & Millichap - Indianapolis
Investment Insights
Based on property information with market context.
This offering includes eight condominium office suites within a multi-tenant property serving medical and professional occupants. The asset is 95.80% occupied and includes a diversified tenant base across those two office-use categories.
The property is positioned directly across from OhioHealth Riverside Methodist Hospital in an established medical and professional corridor. It is approximately 5.4 miles northwest of Downtown Columbus, with immediate access to State Route 315. The condominium format provides multiple office suites within one larger professional-office setting.
The property is positioned directly across from OhioHealth Riverside Methodist Hospital in an established medical and professional corridor. It is approximately 5.4 miles northwest of Downtown Columbus, with immediate access to State Route 315. The condominium format provides multiple office suites within one larger professional-office setting.
Key Highlights
- Eight condominium office suites included
- 95.80% occupancy
- Multi‑tenant medical and professional office property
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
$82,976
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
5.24%
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%
$1,659,520
$1.7M
Cap Rate 7%
$1,185,371
$1.2M
Cap Rate 9%
$921,956
$922.0K
Market Conditions
NOI Build-Up for 7,182 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
$142.2K $19.80/SF
− Vacancy
−$31.6K −$4.40/SF
EGI
$110.6K $15.40/SF
− OpEx
−$27.7K −$3.85/SF
NOI
$83.0K $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%
$1,659,520
Cap Rate 7%
$1,185,371
Cap Rate 9%
$921,956
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.38M
NOI $82,976 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,774 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Office units
95.8%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,860
Businesses Nearby
Explore this area
Business Placement
Demographics for 43214, OH
26,805
Population
14,343
Households
1.9
Avg Household Size
41
Median Age
65%
College-Educated
98%
High-School Grad
6.8 sq mi
ZIP Area
3,942
Density / Sq Mi
$92,838
Median Household Income
$60,164
Median Earnings
$1,189
Median Rent
$371,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Columbus, OH
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Frequently Asked Questions
What type of property is this?
Office units - Condominium office suites within an established multi-tenant medical and professional office property.
Where is this office units located?
The property is located at 3600 Olentangy River Rd Columbus, OH.
What is the asking price?
The asking price for this property is $1,585,000.
What are key features of this property?
This property features: Eight condominium office suites included; 95.80% occupancy; Multi‑tenant medical and professional office property
