Restored Office Building in
For Sale
$295,000
60 Hill Road, Pickerington, OH 43147
Turn-of-the-century office building with excellent visibility in historic Pickerington.
Property Size1,686 SF
Price / SF$174.97
Days on Market864
Property Features for 60 Hill Road
General Information
Standard status
Active
Size
1,686 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$1,256
Amenities
3
Building Details
Year Built
1900
Listing Agency:
N/A
(614) 559-3350
Listed By:
Michael Berry
(614) 207-6434
Source:
Xome
Added: Apr 20, 2024
Changed: Aug 24
Last Checked: Aug 30 at 1:39PM
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 N/A
Investment Insights
Based on property information with market context.
This is a restored turn-of-the-century 2-story wooden classic office building with a finished basement. The property, zoned for office use, offers excellent visibility within the historic community area of Pickerington. The building has 1,638 square feet of space, including finished basement office spaces. Building and street-front post signage are available. The location provides close proximity to shops, services, and restaurants.
Key Highlights
- 100% Restored Turn‑of‑the‑Century Building: A unique and historically significant office space.
- Excellent Visibility in Historic Pickerington: Provides a prominent location.
- Zoned for Office Use: Ready for immediate business operations.
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
$20,344
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
6.90%
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%
$406,880
$406.9K
Cap Rate 7%
$290,629
$290.6K
Cap Rate 9%
$226,044
$226.0K
Market Conditions
NOI Build-Up for 1,686 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
$36.2K $21.48/SF
− Vacancy
−$9.1K −$5.39/SF
EGI
$27.1K $16.09/SF
− OpEx
−$6.8K −$4.02/SF
NOI
$20.3K $12.07/SF
Area
Fairfield County, OH
Vacancy
25.10%
Lease Rate
$21.48 /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%
$406,880
Cap Rate 7%
$290,629
Cap Rate 9%
$226,044
Alternative Uses
Best Use
Office B
$290.6K
$254.3K – $339.1K
NOI $20,344 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$339.8K
$297.3K – $396.5K
NOI $23,787 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
Explore this area
Business Placement
Demographics for 43147, OH
45,281
Population
16,267
Households
2.8
Avg Household Size
38
Median Age
50%
College-Educated
97%
High-School Grad
29.9 sq mi
ZIP Area
1,514
Density / Sq Mi
$125,472
Median Household Income
$61,595
Median Earnings
$1,596
Median Rent
$315,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Turn-of-the-century office building with excellent visibility in historic Pickerington.
Where is this office building located?
The property is located at 60 Hill Road Pickerington, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 100% Restored Turn‑of‑the‑Century Building: A unique and historically significant office space.; Excellent Visibility in Historic Pickerington: Provides a prominent location.; Zoned for Office Use: Ready for immediate business operations.
