Medical Office Building For
For Sale
Contact for pricing
4100 Horizons Dr, Columbus, OH 43220
Fully leased medical office building in Upper Arlington, Columbus, Ohio.
Property Size31,512 SF
Lot Size2.00 Acres
Price / SF$209.29
Days on Market184
Property Features for 4100 Horizons Dr
General Information
Standard status
Active
Size
31,512 SF
Class
B
Total Parking Spaces
153
Lot size
2.00 Acres
Property subtype
Office
Zoning
Office & Research in City of Upper Arlington
Occupancy
100%
Lease Type
Net
Investment Type
Stabilized
Net Operating Income
$525,883
Building Details
Year Built
2001
Year Renovated
2002
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Alterra Real Estate Advisors
(520) 232-0200
Listed By:
Bradford Kitchen · License #390306
Source:
Crexi
Added: Feb 10
Changed: Aug 10
Last Checked: Aug 12 at 1:09PM
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 Alterra Real Estate Advisors
Investment Insights
Based on property information with market context.
This 31,512 square foot medical office building is located in the Arlington Falls Office Park in Upper Arlington, Ohio. Situated on 2.0 acres, the property includes 153 parking spaces. The two-story building features an elevator, electronic access control, and LED lighting. It benefits from highly visible monument and building signage. The zoning is Office and Research District. The building is 100% leased. Anchor tenant COPC (Central Ohio Primary Care), the largest physician owned primary care organization in the US, occupies 25% of the building under a 10-year lease. NCS Pearson, Inc. testing center is a national tenant. Charles Schwab is located on the first floor.
Key Highlights
- 8% Cap rate increasing to 9%+
- 100% leased medical office building
- Located in Upper Arlington, a wealthy community in Columbus, Ohio
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
$375,724
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
5.70%
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%
$7,514,480
$7.5M
Cap Rate 7%
$5,367,486
$5.4M
Cap Rate 9%
$4,174,711
$4.2M
Market Conditions
NOI Build-Up for 31,512 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
$680.7K $21.60/SF
− Vacancy
−$54.5K −$1.73/SF
EGI
$626.2K $19.87/SF
− OpEx
−$250.5K −$7.95/SF
NOI
$375.7K $11.92/SF
Area
Columbus, OH
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$7,514,480
Cap Rate 7%
$5,367,486
Cap Rate 9%
$4,174,711
Alternative Uses
Best Use
Healthcare Medical
$5.37M
$4.70M – $6.26M
NOI $375,724 @ 7.0% cap · market cap 5.70%
Second Best
Office B
$5.20M
$4.55M – $6.07M
NOI $364,068 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$6.57M
$5.75M – $7.66M
NOI $459,708 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43220, OH
27,736
Population
14,157
Households
2
Avg Household Size
37
Median Age
63%
College-Educated
96%
High-School Grad
6.6 sq mi
ZIP Area
4,202
Density / Sq Mi
$77,090
Median Household Income
$49,863
Median Earnings
$1,202
Median Rent
$463,200
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully leased medical office building in Upper Arlington, Columbus, Ohio.
Where is this medical office space located?
The property is located at 4100 Horizons Dr Columbus, OH.
What is the asking price?
The asking price for this property is $6,595,000.
What are key features of this property?
This property features: 8% Cap rate increasing to 9%+; 100% leased medical office building; Located in Upper Arlington, a wealthy community in Columbus, Ohio
