Multi-Tenant Medical Office
3720 Ridge Mill Drive, Hilliard, OH 43026
For Sale
Contact for pricing
Four established occupants and separate suite entrances support a flexible office configuration.
Property Size6,000 SF
Lot Size0.71 Acres
Price / SF$165.83
Days on Market26
Property Features for 3720 Ridge Mill Drive
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Occupancy
Additional Details
Condition
Cap Rate
Office Units
Tenant in Place
Property Use
Medical Specialty
Building Details
Year Built
Buildings
Building Size
Tenancy
Listing Agency:
Best Corporate Real Estate
Listed By:
Randy Best · License OH #311236
(614) 397-8380
Source:
Crexi
Added: Oct 16
Changed: Nov 10
Last Checked: Nov 10 at 7:20AM
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 Best Corporate Real Estate
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Investment Insights
Based on property information with market context.
This medical office property contains approximately 6,000 square feet on a ±0.71-acre parcel. Built in 1994 and zoned for office use, the building is occupied by four tenants: a dental practice, an acupuncture provider, a cleaning company, and a medical company. Separate entrances serve the suites, with two sharing a common area. The property has approximately 40 dedicated parking spaces and a 7.00% cap rate.
Located on Ridge Mill Drive in Hilliard’s Mill Run area, the building has two newer HVAC units, updated awnings, and a recently resealed parking lot. These improvements complement its multi-tenant layout and on-site parking.
Located on Ridge Mill Drive in Hilliard’s Mill Run area, the building has two newer HVAC units, updated awnings, and a recently resealed parking lot. These improvements complement its multi-tenant layout and on-site parking.
Key Highlights
- Approximately 6,000 square feet on a ±0.71‑acre parcel
- Four established tenants, including dental, acupuncture, cleaning, and medical businesses
- Separate entrances for each unit; two units share a common area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,872
Cap Rate
7.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,477,440
$1.5M
Cap Rate 7%
$1,055,314
$1.1M
Cap Rate 9%
$820,800
$820.8K
Market Conditions
NOI Build-Up for 6,000 SF
Gross rent
$129.6K $21.60/SF
− Vacancy
−$31.1K −$5.18/SF
EGI
$98.5K $16.42/SF
− OpEx
−$24.6K −$4.10/SF
NOI
$73.9K $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 Rate 5%
$1,477,440
Cap Rate 7%
$1,055,314
Cap Rate 9%
$820,800
Alternative Uses
Best Use
Office B
$1.06M
$923.4K – $1.23M
NOI $73,872 @ 7.0% cap · market cap 7.42%
Second Best
Healthcare Medical
$848.3K
$742.3K – $989.7K
NOI $59,383 @ 7.0% cap · market cap 5.97%
Theoretical Best
Specialty Retail
$1.22M
$1.07M – $1.43M
NOI $85,626 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 43026, OH
64,607
Population
25,671
Households
2.5
Avg Household Size
35
Median Age
55%
College-Educated
96%
High-School Grad
35.3 sq mi
ZIP Area
1,830
Density / Sq Mi
$110,369
Median Household Income
$59,770
Median Earnings
$1,430
Median Rent
$324,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Medical Office Space in Franklin County, OH
Properties on Market for Medical Office Space in Franklin County
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- New Directions — 3632 Fishinger Blvd, Hilliard, OH 43026
- Tams Todd DVM — 3660 ridge mill dr, hilliard, oh 43026
- VCA Mill Run Animal Hospital — 3660 Ridge Mill Dr, Hilliard, OH 43026
Frequently Asked Questions
What type of property is this?
Medical Office Space - Four established occupants and separate suite entrances support a flexible office configuration.
Where is this medical office space located?
The property is located at 3720 Ridge Mill Drive Hilliard, OH.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Approximately 6,000 square feet on a ±0.71‑acre parcel; Four established tenants, including dental, acupuncture, cleaning, and medical businesses; Separate entrances for each unit; two units share a common area
