Industrial Warehouse with Drive-In
For Sale
$950,000
470 Mccormick Blvd, Columbus, OH 43213
Block-constructed industrial building with multiple 12' x 12' drive-in doors, sprinkler protection, and M2 zoning for versatile operations.
Property Size9,600 SF
Lot Size3.35 Acres
Price / SF$98.96
Days on Market71
Property Features for 470 Mccormick Blvd
General Information
Standard status
Active
Size
9,600 SF
Lot size
3.35 Acres
Property subtype
Industrial
Zoning
M2
Warehouse & Industrial
Clear Height
14 ft
Drive-In Doors
4
Sprinkler System
Yes
Additional Details
Highway Access
Yes
Building Details
Building Size
9,600 SF
Year Built
1975
Listing Agency:
Kohr Royer Griffith
Listed By:
Rob Gillie · License #2001007385
(614) 255-4369
Source:
Krgre
Added: Jun 25
Changed: Sep 3
Last Checked: Jun 26 at 6:41PM
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 Kohr Royer Griffith
Investment Insights
Based on property information with market context.
470 McCormick Blvd is a 9,600 SF industrial office/warehouse building constructed with durable block construction and designed for flexible operational use. The facility includes a sprinkler system for fire suppression and offers 14' clear height in the warehouse area. Loading is supported by four (4) 12' x 12' drive-in doors, which can accommodate a range of distribution, fabrication, and light manufacturing workflows.
The property sits on approximately 3.35 acres in Northeast Columbus, with immediate access to I-270 and close proximity to SR-161 and I-71. It is located within an established industrial and commercial corridor surrounded by manufacturing, warehouse, logistics, and service-related businesses, providing practical connectivity to Central Ohio distribution routes and the broader Columbus workforce.
Zoned M2 Manufacturing, the site supports numerous industrial and commercial uses, making it a strong fit for manufacturing, warehouse, distribution, and contractor operations, as well as owner-user strategies. In addition to the existing building, the property includes excess land that may be used for outdoor storage, fleet parking, equipment staging, trailer storage, or future expansion, subject to applicable requirements. The combination of functional warehouse features, fire suppression, and available site area supports a wide range of industrial tenant needs.
The property sits on approximately 3.35 acres in Northeast Columbus, with immediate access to I-270 and close proximity to SR-161 and I-71. It is located within an established industrial and commercial corridor surrounded by manufacturing, warehouse, logistics, and service-related businesses, providing practical connectivity to Central Ohio distribution routes and the broader Columbus workforce.
Zoned M2 Manufacturing, the site supports numerous industrial and commercial uses, making it a strong fit for manufacturing, warehouse, distribution, and contractor operations, as well as owner-user strategies. In addition to the existing building, the property includes excess land that may be used for outdoor storage, fleet parking, equipment staging, trailer storage, or future expansion, subject to applicable requirements. The combination of functional warehouse features, fire suppression, and available site area supports a wide range of industrial tenant needs.
Key Highlights
- 9,600 SF industrial office/warehouse on approx. 3.35 acres in Columbus, built in 1975
- Warehouse has four (4) 12' x 12' drive‑in doors and 14' clear height for loading and operations
- Sprinkler fire suppression system included
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
$46,094
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
4.85%
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%
$921,880
$921.9K
Cap Rate 7%
$658,486
$658.5K
Cap Rate 9%
$512,156
$512.2K
Market Conditions
NOI Build-Up for 9,600 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
$58.8K $6.12/SF
− Vacancy
−$4.5K −$0.47/SF
EGI
$54.2K $5.65/SF
− OpEx
−$8.1K −$0.85/SF
NOI
$46.1K $4.80/SF
Area
Columbus, OH
Vacancy
7.70%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
15.00%
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%
$921,880
Cap Rate 7%
$658,486
Cap Rate 9%
$512,156
Alternative Uses
Best Use
Flex RnD
$1.36M
$1.19M – $1.59M
NOI $95,397 @ 7.0% cap · market cap 10.04%
Second Best
Warehouse
$658.5K
$576.2K – $768.2K
NOI $46,094 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $140,048 @ 7.0% cap · market cap 14.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
4
Drive-in doors
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
557
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43213, OH
35,105
Population
17,069
Households
2.1
Avg Household Size
37
Median Age
23%
College-Educated
90%
High-School Grad
10.3 sq mi
ZIP Area
3,408
Density / Sq Mi
$53,908
Median Household Income
$37,753
Median Earnings
$1,107
Median Rent
$197,700
Median Home Value
Market
Vacancy Rate% for Industrial in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Block-constructed industrial building with multiple 12' x 12' drive-in doors, sprinkler protection, and M2 zoning for versatile operations.
Where is this flex space located?
The property is located at 470 Mccormick Blvd Columbus, OH.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 9,600 SF industrial office/warehouse on approx. 3.35 acres in Columbus, built in 1975; Warehouse has four (4) 12' x 12' drive‑in doors and 14' clear height for loading and operations; Sprinkler fire suppression system included
