Two-Story Office
For Sale
Contact for pricing
560 N Cleveland Ave, Westerville, OH 43082
Two floors of office space with building signage available on Cleveland Ave, in Westar/Medical Mile just south of Polaris Pkwy.
Property Size19,876 SF
Price / SF$276.72
Days on Market143
Property Features for 560 N Cleveland Ave
General Information
Standard status
Active
Size
19,876 SF
Property subtype
OFFICE
Listing Agency:
CBRE | Columbus
(614) 224-1492
Listed By:
Molly Leach · License #2009001866
(614) 332-4795
Source:
Moodyscre
Added: Apr 24
Changed: Sep 9
Last Checked: Sep 13 at 11:07AM
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 CBRE | Columbus
Investment Insights
Based on property information with market context.
Two-story office building offering space from 2,011 SF up to 19,840 SF. The available layout includes 9,938 SF on the first floor and 9,077 SF on the second floor, providing flexibility for a range of office users.
Building signage is available on Cleveland Ave. The property is located just south of Polaris Pkwy in Westar/Medical Mile, with 65 referring primary care physicians immediately adjacent.
The space is available for lease on an NNN basis, supporting tenants looking for a structure that separates certain operating expenses.
Building signage is available on Cleveland Ave. The property is located just south of Polaris Pkwy in Westar/Medical Mile, with 65 referring primary care physicians immediately adjacent.
The space is available for lease on an NNN basis, supporting tenants looking for a structure that separates certain operating expenses.
Key Highlights
- Available 2,011 to 19,840 SF in the office building
- First floor available: 9,938 SF
- Second floor available: 9,077 SF
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
$244,713
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
4.45%
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%
$4,894,260
$4.9M
Cap Rate 7%
$3,495,900
$3.5M
Cap Rate 9%
$2,719,033
$2.7M
Market Conditions
NOI Build-Up for 19,876 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
$429.3K $21.60/SF
− Vacancy
−$103.0K −$5.18/SF
EGI
$326.3K $16.42/SF
− OpEx
−$81.6K −$4.10/SF
NOI
$244.7K $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%
$4,894,260
Cap Rate 7%
$3,495,900
Cap Rate 9%
$2,719,033
Alternative Uses
Best Use
Office B
$3.50M
$3.06M – $4.08M
NOI $244,713 @ 7.0% cap · market cap 4.45%
Second Best
Healthcare Medical
$3.00M
$2.63M – $3.50M
NOI $210,161 @ 7.0% cap · market cap 3.82%
Theoretical Best
Warehouse
$4.01M
$3.51M – $4.67M
NOI $280,423 @ 7.0% cap · market cap 5.10%
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
1,804
Businesses Nearby
Explore this area
Business Placement
Demographics for 43082, OH
32,459
Population
12,915
Households
2.5
Avg Household Size
44
Median Age
68%
College-Educated
98%
High-School Grad
20.9 sq mi
ZIP Area
1,553
Density / Sq Mi
$147,188
Median Household Income
$73,670
Median Earnings
$1,696
Median Rent
$433,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Two floors of office space with building signage available on Cleveland Ave, in Westar/Medical Mile just south of Polaris Pkwy.
Where is this office building located?
The property is located at 560 N Cleveland Ave Westerville, OH.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Available 2,011 to 19,840 SF in the office building; First floor available: 9,938 SF; Second floor available: 9,077 SF
