Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Hilliard Office Spaces Available Title is generated by Realmo AI

    5232 Norwich St, Hilliard, OH 43026

    View on Map
    Claim this Listing
    For Lease
    $950 /Mo

    Comfortable, modern coworking and office spaces in downtown Hilliard.

    Added:
    Feb 27, 2026
    Days on Market:
    93
    Last Refresh:
    May 27 at 9:30 pm

    Property Features for 5232 Norwich St

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Andrew J Hursh

    Listing agent Andrew J Hursh

    Listing office The Westwood Real Estate Co.

    Listing date Feb 27, 2026

    Source Exprealty

    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 The Westwood Real Estate Co.

    HighLights

    • Prime downtown Hilliard location
    • Private office spaces available
    • Personalized office setups to suit your needs
    • Private egress for each office
    • On‑site kitchen stocked with essentials for your convenience
    • Private phone booth available

    Overview

    The Clubhouse by Westwood offers comfortable and modern office spaces in downtown Hilliard. Designed for productivity and creativity, the spaces provide a serene environment. Personalized office setups are available, along with amenities such as a private phone booth and a kitchen. Available offices include Office A and Office B, each with private egress.
    Location Intelligence

    Current Use by Public Records

    Clubhouse by Westwood Real Estate Agency Color Therapy Spa Tanning Salon

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hilliard
    County
    Franklin
    State
    Ohio
    Longitude
    -83.1567311
    Latitude
    40.0335152

    Nearby Similar for Lease

    • $15 SF/Yr
      8,388 SF

      Hilliard Office Space For Rent

      Office space available with improvement allowance and ample parking.
      3639-3731 Ridge Mill Dr, Hilliard, OH 43026
      View Details
    • $10 SF/Yr
      5,000 SF

      Functional Flex Space Available

      5,000 SF flex space with office and warehouse areas.
      4138-4148 Weaver Ct, Hilliard, OH 43026
      View Details
    • $13 SF/Yr
      1,250 SF

      Move-In Ready Office and Medical

      Office and medical suites available for rent.
      5508 Hilliard Rome Office Park, Hilliard, OH, 43026
      View Details
    • $13 SF/Yr
      3,750 SF

      Hilliard Rome Road Office Building

      Class B office building with move-in ready medical suites.
      5508-5584 Hilliard Rome Road, Hilliard, OH, 43026
      View Details
    • $10 SF/Yr
      8,500 SF

      Cost-Effective Warehouse Space Available

      Warehouse space for rent with abundant storage and dock doors.
      4235 Leap Road, Hilliard, OH 43026
      View Details
    • $19 SF/Yr
      3,861 SF

      Retail Space Near High-Traffic Starbucks

      Retail space with high visibility and ample parking.
      3582-3600 Fishinger Blvd, Hilliard, OH
      View Details
    • $8 SF/Yr
      31,267 SF

      Retail Space on Roberts Road

      Retail space available for lease with high traffic visibility.
      5445 Roberts Road, Hilliard, OH, 43026
      View Details
    • $12 SF/Yr
      4,967 SF

      Hilliard Office Space For Lease

      Office space available in Hilliard, Ohio with ample parking.
      5502-5518 Nike Drive, Hilliard, OH, 43026
      View Details
    • $14 SF/Yr
      18,685 SF

      Office Space Available for Sublease

      18,685 SF office space available for sublease.
      3455 Mill Run Drive, Hilliard, OH, 43026
      View Details
    • Contact for pricing
      1,500 SF

      New Industrial Space Available

      Industrial space for lease, 1,595 - 12,000 SF available.
      4402 Weaver Ct N, Hilliard, OH 43026
      View Details
    • $18 SF/Yr

      Office Space Available For Rent

      Office space available for rent in Hilliard, Ohio.
      3455 Mill Run Dr., #200, Hilliard, OH 43026
      View Details
    • $12 SF/Yr
      4,000 SF

      I-270 Frontage Warehouse Space

      Warehouse space with I-270 frontage and prominent signage.
      3670 Parkway Ln, Hilliard , OH
      View Details

    FAQs

    What type of property is this?
    Coworking space - Comfortable, modern coworking and office spaces in downtown Hilliard.
    Where is this coworking space located?
    The property is located at 5232 Norwich St Hilliard, OH.
    What is the lease rate?
    The lease rate is $950 /Mo.
    What are key features of this property?
    This property features: Prime downtown Hilliard location; Private office spaces available; Personalized office setups to suit your needs
    (937) 844-1431
    We can help!
    Listing Contact
    Andrew J Hursh
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5232 Norwich St, Hilliard, OH
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!