Corner Retail-Office with
For Sale
Contact for pricing
5605 East State Route 37, Delaware, OH 43015
Hard-corner property combining retail/office space, a 6,000 SF warehouse with mezzanine storage, and outdoor storage.
Property Size9,470 SF
Lot Size1.02 Acres
Price / SF$115.10
Days on Market100
Property Features for 5605 East State Route 37
General Information
Standard status
Active
Size
9,470 SF
Lot size
1.02 Acres
Property subtype
INDUSTRIAL
Site & Location
Traffic Count
24,000 vehicles/day
Highway Access
Yes
Listing Agency:
Westwood Commercial Real Estate
(614) 710-1707
Listed By:
Douglas D. Smith · License #658032331
(614) 869-7139
Source:
Moodyscre
Added: Jun 4
Changed: Aug 14
Last Checked: Sep 10 at 5:46AM
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 Westwood Commercial Real Estate
Investment Insights
Based on property information with market context.
5605 SR 37 East is a mixed-use commercial property designed for combined showroom, office, warehouse, and outdoor storage needs. The offering includes a 3,470 SF retail/office building along with a 6,000 SF warehouse featuring mezzanine storage. Additional space supports outdoor storage, creating a practical layout for businesses that need both customer-facing space and operational storage in one location.
The property is positioned on a highly visible hard corner along the US 36/OH 37 corridor. Public remarks state the corridor carries more than 24,000 vehicles per day and that the site offers convenient access to I-71, just minutes away. The location is described as providing connectivity to the Delaware, Polaris, and Sunbury areas and the greater Columbus region, supported by nearby commercial, automotive, equipment, and service-oriented businesses.
This configuration is well-suited to owner-users and operators seeking a headquarters-style setup with warehouse capacity, including contractors, suppliers, distributors, and service businesses. It can also support showroom-and-storage operations where visibility and straightforward access matter. The property is presented as a rare owner-user opportunity, with infrastructure investment items referenced in the public remarks intended to strengthen the corridor over time.
The property is positioned on a highly visible hard corner along the US 36/OH 37 corridor. Public remarks state the corridor carries more than 24,000 vehicles per day and that the site offers convenient access to I-71, just minutes away. The location is described as providing connectivity to the Delaware, Polaris, and Sunbury areas and the greater Columbus region, supported by nearby commercial, automotive, equipment, and service-oriented businesses.
This configuration is well-suited to owner-users and operators seeking a headquarters-style setup with warehouse capacity, including contractors, suppliers, distributors, and service businesses. It can also support showroom-and-storage operations where visibility and straightforward access matter. The property is presented as a rare owner-user opportunity, with infrastructure investment items referenced in the public remarks intended to strengthen the corridor over time.
Key Highlights
- Hard‑corner commercial property with 3,470 SF retail/office building plus 6,000 SF warehouse with mezzanine storage
- 1.02‑acre site with outdoor storage for added flexibility alongside showroom, office, and warehouse use
- Positioned on the US 36/OH 37 corridor with 24,000+ vehicles per day passing the site
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
$35,853
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
3.29%
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%
$717,060
$717.1K
Cap Rate 7%
$512,186
$512.2K
Cap Rate 9%
$398,367
$398.4K
Market Conditions
NOI Build-Up for 9,470 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
$60.2K $6.36/SF
− Vacancy
−$5.1K −$0.54/SF
EGI
$55.2K $5.82/SF
− OpEx
−$19.3K −$2.04/SF
NOI
$35.9K $3.79/SF
Area
Delaware County, OH
Vacancy
8.42%
Lease Rate
$6.36 /SF/Yr
Expense Ratio
35.00%
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%
$717,060
Cap Rate 7%
$512,186
Cap Rate 9%
$398,367
Alternative Uses
Best Use
Warehouse
$1.91M
$1.67M – $2.23M
NOI $133,609 @ 7.0% cap · market cap 12.26%
Second Best
Industrial
$1.57M
$1.38M – $1.83M
NOI $110,031 @ 7.0% cap · market cap 10.09%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
24,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Well-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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Hard-corner property combining retail/office space, a 6,000 SF warehouse with mezzanine storage, and outdoor storage.
Where is this flex space located?
The property is located at 5605 East State Route 37 Delaware, OH.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: Hard‑corner commercial property with 3,470 SF retail/office building plus 6,000 SF warehouse with mezzanine storage; 1.02‑acre site with outdoor storage for added flexibility alongside showroom, office, and warehouse use; Positioned on the US 36/OH 37 corridor with 24,000+ vehicles per day passing the site
