Flex Office Warehouse in
For Sale
Contact for pricing
600 Lakeview Plaza Blvd, Worthington, OH 43085
Partially leased flex office warehouse property with docks and drive-in doors.
Property Size50,418 SF
Price / SF$118.01
Days on Market184
Property Features for 600 Lakeview Plaza Blvd
General Information
Standard status
Active
Size
50,418 SF
Class
B
Total Parking Spaces
220
Property subtype
Office, Industrial
Zoning
Industrial (I-1) in City of Worthington
Occupancy
78%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$416,190
Building Details
Year Built
1998
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Alterra Real Estate Advisors
(614) 915-2512
Listed By:
Bradford Kitchen · License #390306
Source:
Crexi
Added: Feb 10
Changed: Aug 10
Last Checked: Aug 12 at 3:25PM
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 Alterra Real Estate Advisors
Investment Insights
Based on property information with market context.
This 50,418 gross square foot (47,530 rentable square foot) flex office warehouse property is located in Worthington, Ohio, a top Columbus suburban community. The property is zoned Industrial (I-1) in the City of Worthington. It features docks and drive-in doors, as well as extensive high-end office build-out with warehouse space and a back-up generator. The property benefits from freeway signage and heavy parking with 220 spaces. Recent improvements include a new roof and parking lot. This property presents an opportunity for investment or owner occupancy.
Key Highlights
- Partially leased flex office warehouse property ideal for investment or owner‑occupancy.
- Located in Worthington, a top Columbus suburban community, boasting a central location and freeway signage.
- Extensive high‑end office build‑out complemented by warehouse space.
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
$530,902
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
8.92%
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%
$10,618,040
$10.6M
Cap Rate 7%
$7,584,314
$7.6M
Cap Rate 9%
$5,898,911
$5.9M
Market Conditions
NOI Build-Up for 50,418 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
$907.5K $18.00/SF
− Vacancy
−$199.7K −$3.96/SF
EGI
$707.9K $14.04/SF
− OpEx
−$177.0K −$3.51/SF
NOI
$530.9K $10.53/SF
Area
Richland County, OH
Vacancy
22.00%
Lease Rate
$18.00 /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%
$10,618,040
Cap Rate 7%
$7,584,314
Cap Rate 9%
$5,898,911
Alternative Uses
Best Use
Office B
$7.58M
$6.64M – $8.85M
NOI $530,902 @ 7.0% cap · market cap 8.92%
Second Best
Warehouse
$3.59M
$3.14M – $4.19M
NOI $251,573 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$10.14M
$8.88M – $11.83M
NOI $710,047 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
953
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43085, OH
25,566
Population
10,961
Households
2.3
Avg Household Size
39
Median Age
62%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
3,502
Density / Sq Mi
$112,474
Median Household Income
$63,239
Median Earnings
$1,405
Median Rent
$373,300
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?
Flex space - Partially leased flex office warehouse property with docks and drive-in doors.
Where is this flex space located?
The property is located at 600 Lakeview Plaza Blvd Worthington, OH.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: Partially leased flex office warehouse property ideal for investment or owner‑occupancy.; Located in Worthington, a top Columbus suburban community, boasting a central location and freeway signage.; Extensive high‑end office build‑out complemented by warehouse space.
