Move-In Ready Medical Office
For Sale
$595,000
555 W Schrock, Westerville, OH 43081
Professional medical office condominium with 8 exam rooms, lab, reception area, and monument signage on Schrock Road.
Property Size3,240 SF
Days on Market56
Property Features for 555 W Schrock
General Information
Standard status
Active
Size
3,240 SF
Class
B
Property subtype
Office
Site & Location
Traffic Count
20,000 vehicles/day
Highway Access
Yes
Building Details
Building Size
3,240 SF
Year Built
1989
Listing Agency:
SVN Wilson Commercial
Listed By:
Doug Wilson · License #OH #0000350178
(614) 206-3881
Source:
Svn
Added: Jul 10
Changed: Aug 26
Last Checked: Sep 2 at 2:08PM
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 SVN Wilson Commercial
Investment Insights
Based on property information with market context.
This professional medical office condominium is presented as move-in ready and includes a detailed clinical and support layout. The suite features eight exam rooms, three back offices, a lab, a reception hall/room, a kitchen/break room, and three restrooms (one private and two public). The configuration is designed to support day-to-day patient and staff operations within the existing improvements.
The property includes monument signage on Schrock Road with 20,000 VPD daily traffic counts. Located in Westerville just north of 270, the office address carries Columbus taxes. Quick access to I-270 supports convenient regional access for staff and patients.
For buyers seeking a medical-ready office condominium, the building’s interior layout and signage exposure are already in place, with the premises described as move-in ready.
The property includes monument signage on Schrock Road with 20,000 VPD daily traffic counts. Located in Westerville just north of 270, the office address carries Columbus taxes. Quick access to I-270 supports convenient regional access for staff and patients.
For buyers seeking a medical-ready office condominium, the building’s interior layout and signage exposure are already in place, with the premises described as move-in ready.
Key Highlights
- Professional medical office condominium built in 1989 with 8 exam rooms and a dedicated lab
- Includes reception hall/room plus a kitchen/break room for patient and staff use
- 3 back offices and 3 restrooms (1 private and 2 public)
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
$39,891
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
6.70%
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%
$797,820
$797.8K
Cap Rate 7%
$569,871
$569.9K
Cap Rate 9%
$443,233
$443.2K
Market Conditions
NOI Build-Up for 3,240 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
$70.0K $21.60/SF
− Vacancy
−$16.8K −$5.18/SF
EGI
$53.2K $16.42/SF
− OpEx
−$13.3K −$4.10/SF
NOI
$39.9K $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%
$797,820
Cap Rate 7%
$569,871
Cap Rate 9%
$443,233
Alternative Uses
Best Use
Office B
$569.9K
$498.6K – $664.9K
NOI $39,891 @ 7.0% cap · market cap 6.70%
Second Best
Healthcare Medical
$489.4K
$428.2K – $571.0K
NOI $34,259 @ 7.0% cap · market cap 5.76%
Theoretical Best
Warehouse
$653.0K
$571.4K – $761.9K
NOI $45,712 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,350
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43081, OH
64,338
Population
28,457
Households
2.3
Avg Household Size
37
Median Age
54%
College-Educated
98%
High-School Grad
25.1 sq mi
ZIP Area
2,563
Density / Sq Mi
$90,336
Median Household Income
$55,015
Median Earnings
$1,434
Median Rent
$297,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Oak Creek Veterinary Hospital — 2303 Schrock Rd, Columbus, OH 43229
- Cat Doctor — 6740 Cleveland Ave, Columbus, OH 43231
Frequently Asked Questions
What type of property is this?
Medical Office Space - Professional medical office condominium with 8 exam rooms, lab, reception area, and monument signage on Schrock Road.
Where is this medical office space located?
The property is located at 555 W Schrock Westerville, OH.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Professional medical office condominium built in 1989 with 8 exam rooms and a dedicated lab; Includes reception hall/room plus a kitchen/break room for patient and staff use; 3 back offices and 3 restrooms (1 private and 2 public)
