Medical Office Building For
For Sale
Contact for pricing
5050 Blazer Pkwy, Dublin, OH 43017
Two-story medical office building with updated common areas and ample parking.
Property Size18,788 SF
Lot Size2.01 Acres
Price / SF$157.02
Days on Market1281
Property Features for 5050 Blazer Pkwy
General Information
Standard status
Active
Size
18,788 SF
Lot size
2.01 Acres
Property subtype
OFFICE
Listing Agency:
Alterra Real Estate Advisors
(614) 365-9000
Listed By:
Brad L Kitchen, SIOR
(614) 327-4366
Source:
Moodyscre
Added: Mar 16, 2023
Changed: Jul 6
Last Checked: Sep 15 at 5:11AM
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 two-story multi-tenant medical office property offers a mix of medical and general office spaces. The building features an updated common area lobby and provides 24/7 key card access, along with a passenger elevator. Parking is plentiful, with a ratio of 5.5 spaces per 1,000 square feet. The property is well-maintained and offers convenient access to I-270 off of Frantz Road/SR 161. The building has a total size of 18,788 square feet.
Key Highlights
- Plentiful parking (5.5/1,000 SF)
- Easy access to I‑270 off of Frantz Road/SR 161
- Enjoy 24/7 key card access
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
$231,318
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
7.84%
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%
$4,626,360
$4.6M
Cap Rate 7%
$3,304,543
$3.3M
Cap Rate 9%
$2,570,200
$2.6M
Market Conditions
NOI Build-Up for 18,788 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
$405.8K $21.60/SF
− Vacancy
−$97.4K −$5.18/SF
EGI
$308.4K $16.42/SF
− OpEx
−$77.1K −$4.10/SF
NOI
$231.3K $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%
$4,626,360
Cap Rate 7%
$3,304,543
Cap Rate 9%
$2,570,200
Alternative Uses
Best Use
Office B
$3.30M
$2.89M – $3.86M
NOI $231,318 @ 7.0% cap · market cap 7.84%
Second Best
Healthcare Medical
$2.66M
$2.32M – $3.10M
NOI $185,947 @ 7.0% cap · market cap 6.30%
Theoretical Best
Specialty Retail
$3.83M
$3.35M – $4.47M
NOI $268,123 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,811
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43017, OH
43,619
Population
16,819
Households
2.6
Avg Household Size
38
Median Age
69%
College-Educated
97%
High-School Grad
16.1 sq mi
ZIP Area
2,709
Density / Sq Mi
$133,116
Median Household Income
$67,448
Median Earnings
$1,563
Median Rent
$475,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story medical office building with updated common areas and ample parking.
Where is this medical office space located?
The property is located at 5050 Blazer Pkwy Dublin, OH.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Plentiful parking (5.5/1,000 SF); Easy access to I‑270 off of Frantz Road/SR 161; Enjoy 24/7 key card access
