Medical Office with Exam
New
For Sale
$590,000
550 W Central Ave, Delaware, OH 43015
R-NX-zoned medical office with reception, laboratory, offices, and flexible-use areas.
Property Size3,484 SF
Price / SF$169.35
Days on Market1
Property Features for 550 W Central Ave
General Information
Standard status
Active
Size
3,484 SF
Zoning
R-NX
Building Details
Year Built
1901
Listing Agency:
Keller Williams Capital Ptnrs
Listed By:
Jay R Waldron
(614) 888-1000
Source:
Dreamcolumbus
Added: Sep 4
Last Checked: Sep 1 at 4:37PM
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 Keller Williams Capital Ptnrs
Investment Insights
Based on property information with market context.
This medical office property at 550 W Central Avenue includes a 1985 addition with 7 exam rooms and two offices. The original building provides a double reception area, main offices, a laboratory, and additional flexible-use spaces. The property also features a full front porch, a new roof completed in 2024, and a new handicap ramp added in 2025.
Front parking includes 9 spaces, with additional parking available at the rear. The property is zoned R-NX and is currently configured for medical office use in Delaware, Ohio.
Front parking includes 9 spaces, with additional parking available at the rear. The property is zoned R-NX and is currently configured for medical office use in Delaware, Ohio.
Key Highlights
- 1985 addition includes 7 exam rooms and two offices
- R‑NX zoning
- New roof completed in 2024
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
$42,895
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
7.27%
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%
$857,900
$857.9K
Cap Rate 7%
$612,786
$612.8K
Cap Rate 9%
$476,611
$476.6K
Market Conditions
NOI Build-Up for 3,484 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
$75.3K $21.60/SF
− Vacancy
−$18.1K −$5.18/SF
EGI
$57.2K $16.42/SF
− OpEx
−$14.3K −$4.10/SF
NOI
$42.9K $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%
$857,900
Cap Rate 7%
$612,786
Cap Rate 9%
$476,611
Alternative Uses
Best Use
Office B
$612.8K
$536.2K – $714.9K
NOI $42,895 @ 7.0% cap · market cap 7.27%
Second Best
Healthcare Medical
$526.3K
$460.5K – $614.0K
NOI $36,838 @ 7.0% cap · market cap 6.24%
Theoretical Best
Warehouse
$702.2K
$614.4K – $819.3K
NOI $49,155 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Under-served
Demand for This Use
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 Office Space - R-NX-zoned medical office with reception, laboratory, offices, and flexible-use areas.
Where is this medical office space located?
The property is located at 550 W Central Ave Delaware, OH.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 1985 addition includes 7 exam rooms and two offices; R‑NX zoning; New roof completed in 2024
