Two-Story Medical Office
For Sale
$899,000
4466 Morse Road, Columbus, OH 43230
Medical office configuration includes private offices, a kitchen, restrooms, and on-site parking.
Property Size2,946 SF
Lot Size1.05 Acres
Price / SF$305.16
Days on Market108
Property Features for 4466 Morse Road
General Information
Standard status
Active
Size
2,946 SF
Net Rentable
2,946 SF
Total Parking Spaces
17
Lot size
1.05 Acres
Property subtype
Healthcare
Additional Details
Asking Price
$899,000
Office Units
1
Building Details
Buildings
1
Stories
2
Listing Agency:
CBRE | Columbus
(614) 430-5022
Listed By:
Molly Leach · License #2009001866
(614) 430-5022
Source:
Cbre
Added: May 16
Changed: Aug 30
Last Checked: Jun 25 at 12:31PM
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 CBRE | Columbus
Investment Insights
Based on property information with market context.
This two-story medical office property contains 2,946 RSF on a 1.05 AC parcel. The first floor provides a waiting area, full kitchen, two restrooms, and four enclosed offices, including one office with a sink. Upstairs are two private offices, an additional restroom, and storage. LVT flooring and LED lighting are installed throughout the space.
Positioned along Morse Road at 4466 Morse Road in Columbus, the property offers signage visibility along a corridor carrying 40,000 vehicles per day. The site includes 17 parking spaces, supporting visitor and staff access.
Positioned along Morse Road at 4466 Morse Road in Columbus, the property offers signage visibility along a corridor carrying 40,000 vehicles per day. The site includes 17 parking spaces, supporting visitor and staff access.
Key Highlights
- 2,946 RSF medical office space on a 1.05 AC lot
- First floor includes waiting area, full kitchen, 2 restrooms, and 4 enclosed offices
- Second floor provides 2 private offices, restroom, and storage
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
$37,332
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
4.15%
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%
$746,640
$746.6K
Cap Rate 7%
$533,314
$533.3K
Cap Rate 9%
$414,800
$414.8K
Market Conditions
NOI Build-Up for 2,946 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
$70.7K $24.00/SF
− Vacancy
−$8.5K −$2.88/SF
EGI
$62.2K $21.12/SF
− OpEx
−$24.9K −$8.45/SF
NOI
$37.3K $12.67/SF
Area
ZIP 43230
Vacancy
12.00%
Lease Rate
$24.00 /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%
$746,640
Cap Rate 7%
$533,314
Cap Rate 9%
$414,800
Alternative Uses
Best Use
Healthcare Medical
$533.3K
$466.7K – $622.2K
NOI $37,332 @ 7.0% cap · market cap 4.15%
Second Best
Office B
$420.3K
$367.8K – $490.3K
NOI $29,420 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$558.8K
$489.0K – $652.0K
NOI $39,119 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43230, OH
58,372
Population
26,170
Households
2.2
Avg Household Size
37
Median Age
50%
College-Educated
96%
High-School Grad
20.4 sq mi
ZIP Area
2,861
Density / Sq Mi
$92,271
Median Household Income
$53,832
Median Earnings
$1,407
Median Rent
$282,800
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 - Medical office configuration includes private offices, a kitchen, restrooms, and on-site parking.
Where is this medical office space located?
The property is located at 4466 Morse Road Columbus, OH.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 2,946 RSF medical office space on a 1.05 AC lot; First floor includes waiting area, full kitchen, 2 restrooms, and 4 enclosed offices; Second floor provides 2 private offices, restroom, and storage
