Two-Building Medical
New
For Sale
Contact for pricing
454 West Central Avenue, Delaware, OH 43015
Healthcare facility with multiple suites, outpatient layouts, and direct proximity to an acute-care hospital.
Property Size24,730 SF
Price / SF$174.08
Days on Market4
Property Features for 454 West Central Avenue
General Information
Standard status
Active
Size
24,730 SF
Property subtype
Office
Occupancy
81%
Additional Details
Road Access
Yes
Office Units
8
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
CBRE - Healthcare Capital Markets
Listed By:
Jaime Jones Vantsa · License #100103493
Source:
Crexi
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 4 at 2:31PM
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 - Healthcare Capital Markets
Investment Insights
Based on property information with market context.
West Central Medical Center comprises two outpatient medical buildings totaling 24,730 square feet. The 460 building contains 18,400 square feet across six suites, while the 454 building provides 6,330 square feet across two suites and a finished basement for tenant space, storage, and mechanical equipment. Both structures feature lobby entries and central corridors, with common lobby restrooms in the larger building.
The property is 80.67% leased to four healthcare practices, with all leases structured on a triple net basis and annual escalations ranging from 2.0% to 3.0%. Existing occupancy includes Orthopedic One, OhioHealth Physician Group Obstetrics and Gynecology, Oakview Dermatology, and Dr. Eric Batterton, DDS. The tenant roster averages more than 15 years of tenancy, and 3,581 square feet across two suites is currently vacant. A 1,200-square-foot basement area is excluded from the cash flow model.
Located at 454 West Central Avenue in Delaware, Ohio, the buildings sit across from the 60-bed OhioHealth Grady Memorial Hospital. West Central Avenue is designated SR 37 and connects to U.S. Route 23, providing access through the Columbus MSA. Nearby healthcare providers and specialty practices contribute to an established medical setting.
The property is 80.67% leased to four healthcare practices, with all leases structured on a triple net basis and annual escalations ranging from 2.0% to 3.0%. Existing occupancy includes Orthopedic One, OhioHealth Physician Group Obstetrics and Gynecology, Oakview Dermatology, and Dr. Eric Batterton, DDS. The tenant roster averages more than 15 years of tenancy, and 3,581 square feet across two suites is currently vacant. A 1,200-square-foot basement area is excluded from the cash flow model.
Located at 454 West Central Avenue in Delaware, Ohio, the buildings sit across from the 60-bed OhioHealth Grady Memorial Hospital. West Central Avenue is designated SR 37 and connects to U.S. Route 23, providing access through the Columbus MSA. Nearby healthcare providers and specialty practices contribute to an established medical setting.
Key Highlights
- 24,730‑square‑foot medical outpatient property across two buildings
- Building 460 contains 18,400 square feet and six suites
- Building 454 includes 6,330 square feet, two suites, and a finished basement
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
$304,476
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
7.07%
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%
$6,089,520
$6.1M
Cap Rate 7%
$4,349,657
$4.3M
Cap Rate 9%
$3,383,067
$3.4M
Market Conditions
NOI Build-Up for 24,730 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
$534.2K $21.60/SF
− Vacancy
−$128.2K −$5.18/SF
EGI
$406.0K $16.42/SF
− OpEx
−$101.5K −$4.10/SF
NOI
$304.5K $12.31/SF
Area
Delaware 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 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%
$6,089,520
Cap Rate 7%
$4,349,657
Cap Rate 9%
$3,383,067
Alternative Uses
Best Use
Office B
$4.35M
$3.81M – $5.07M
NOI $304,476 @ 7.0% cap · market cap 7.07%
Second Best
Healthcare Medical
$3.74M
$3.27M – $4.36M
NOI $261,486 @ 7.0% cap · market cap 6.07%
Theoretical Best
Warehouse
$4.98M
$4.36M – $5.82M
NOI $348,907 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
80.7%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
Explore this area
Business Placement
Demographics for 43015, OH
57,563
Population
23,287
Households
2.5
Avg Household Size
38
Median Age
47%
College-Educated
96%
High-School Grad
127.9 sq mi
ZIP Area
450
Density / Sq Mi
$99,622
Median Household Income
$50,799
Median Earnings
$1,207
Median Rent
$311,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Healthcare facility with multiple suites, outpatient layouts, and direct proximity to an acute-care hospital.
Where is this medical center located?
The property is located at 454 West Central Avenue Delaware, OH.
What is the asking price?
The asking price for this property is $4,305,000.
What are key features of this property?
This property features: 24,730‑square‑foot medical outpatient property across two buildings; Building 460 contains 18,400 square feet and six suites; Building 454 includes 6,330 square feet, two suites, and a finished basement
