Luxury Office Building with
For Sale
$1,000,000
5004 Hoover Road, Grove City, OH 43123
Beautifully maintained office building offering luxury office space, active security and fire alarm systems, and off-street parking.
Property Size3,230 SF
Price / SF$309.60
Days on Market411
Property Features for 5004 Hoover Road
General Information
Standard status
Active
Size
3,230 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$12,297
Amenities
3
Building Details
Year Built
2005
Listing Agency:
N/A
(614) 395-9628
Listed By:
Lori Lynn
(614) 395-9628
Source:
Xome
Added: Jul 10, 2025
Changed: Aug 23
Last Checked: Aug 24 at 5:04AM
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 N/A
Investment Insights
Based on property information with market context.
This beautifully maintained office property offers luxury office space with an abundance of storage. The building is equipped with active security and fire alarm systems, and all utilities are working properly. Off-street parking supports tenant and visitor access.
Set on a 1.92-acre lot, the property features 270+ feet of frontage. The surrounding area includes residential and various schools, which can support strong visibility for office or medical-related use.
The property is SD2 zoned and is listed for sale as a flexible commercial office building suitable for a range of professional and medical operations.
Set on a 1.92-acre lot, the property features 270+ feet of frontage. The surrounding area includes residential and various schools, which can support strong visibility for office or medical-related use.
The property is SD2 zoned and is listed for sale as a flexible commercial office building suitable for a range of professional and medical operations.
Key Highlights
- 3230 SF luxury office space on a 1.92‑acre lot
- 270+ ft of prime frontage for high visibility
- Off‑street parking and an abundance of 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
$39,768
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
3.98%
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%
$795,360
$795.4K
Cap Rate 7%
$568,114
$568.1K
Cap Rate 9%
$441,867
$441.9K
Market Conditions
NOI Build-Up for 3,230 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
$69.8K $21.60/SF
− Vacancy
−$16.7K −$5.18/SF
EGI
$53.0K $16.42/SF
− OpEx
−$13.3K −$4.10/SF
NOI
$39.8K $12.31/SF
Area
Franklin 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%
$795,360
Cap Rate 7%
$568,114
Cap Rate 9%
$441,867
Alternative Uses
Best Use
Office B
$568.1K
$497.1K – $662.8K
NOI $39,768 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$658.5K
$576.2K – $768.3K
NOI $46,095 @ 7.0% cap · market cap 4.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
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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Frequently Asked Questions
What type of property is this?
Office building - Beautifully maintained office building offering luxury office space, active security and fire alarm systems, and off-street parking.
Where is this office building located?
The property is located at 5004 Hoover Road Grove City, OH.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 3230 SF luxury office space on a 1.92‑acre lot; 270+ ft of prime frontage for high visibility; Off‑street parking and an abundance of storage
