Medical Office Building with NNN
For Sale
Contact for pricing
4079 Gantz Road, Grove City, OH 43123
C-2 zoning and an existing NNN lease define this medical office and retail property.
Property Size12,000 SF
Price / SF$250
Days on Market116
Property Features for 4079 Gantz Road
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Office
Zoning
C-2
Lease Type
NNN
Building Details
Year Built
2003
Units
3
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Woody Walton · License #OH 2021003152
Source:
Crexi
Added: May 7
Changed: Aug 30
Last Checked: Aug 30 at 6:34AM
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 Matthews
Investment Insights
Based on property information with market context.
The property is a 12,000-square-foot medical office and retail building constructed in 2003. It is subject to an NNN lease with OhioHealth, combining an established occupancy arrangement with a commercial building configured for medical office and retail use.
Located at 4079 Gantz Road in Grove City, Ohio, the property carries C-2 zoning. The offering provides a defined medical-office asset with a documented lease structure and retail component.
Located at 4079 Gantz Road in Grove City, Ohio, the property carries C-2 zoning. The offering provides a defined medical-office asset with a documented lease structure and retail component.
Key Highlights
- 12,000 SF medical office and retail building
- NNN lease with OhioHealth
- Constructed in 2003
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
$159,835
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
5.33%
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%
$3,196,700
$3.2M
Cap Rate 7%
$2,283,357
$2.3M
Cap Rate 9%
$1,775,944
$1.8M
Market Conditions
NOI Build-Up for 12,000 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
$234.7K $19.56/SF
− Vacancy
−$6.4K −$0.53/SF
EGI
$228.3K $19.03/SF
− OpEx
−$68.5K −$5.71/SF
NOI
$159.8K $13.32/SF
Area
Franklin County, OH
Vacancy
2.72%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
30.00%
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%
$3,196,700
Cap Rate 7%
$2,283,357
Cap Rate 9%
$1,775,944
Alternative Uses
Best Use
Retail
$2.28M
$2.00M – $2.66M
NOI $159,835 @ 7.0% cap · market cap 5.33%
Second Best
Office B
$2.11M
$1.85M – $2.46M
NOI $147,744 @ 7.0% cap · market cap 4.92%
Theoretical Best
Specialty Retail
$2.45M
$2.14M – $2.85M
NOI $171,252 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
977
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43123, OH
66,188
Population
27,876
Households
2.4
Avg Household Size
39
Median Age
31%
College-Educated
91%
High-School Grad
59.7 sq mi
ZIP Area
1,109
Density / Sq Mi
$87,883
Median Household Income
$49,747
Median Earnings
$1,279
Median Rent
$262,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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- VIP Petcare Wellness Center — 2430 Stringtown Rd, Grove City, OH 43123
Frequently Asked Questions
What type of property is this?
Medical Office Space - C-2 zoning and an existing NNN lease define this medical office and retail property.
Where is this medical office space located?
The property is located at 4079 Gantz Road Grove City, OH.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 12,000 SF medical office and retail building; NNN lease with OhioHealth; Constructed in 2003
