Renovated Brick Office
For Sale
$1,700,000
61 West Bridge Street, Dublin, OH 43017
Renovated second-floor offices with ADA elevator and dedicated lobby for owner-occupants needing downtown access.
Property Size11,888 SF
Days on Market81
Property Features for 61 West Bridge Street
General Information
Standard status
Active
Size
11,888 SF
Class
B
Property subtype
Office
Building Details
Building Size
11,888 SF
Year Built
2007
Listing Agency:
Elford Realty, Inc
Listed By:
Andy Mills, SIOR, CCIM
(614) 582-5521
Source:
Corfac
Added: Jun 17
Changed: Sep 4
Last Checked: Sep 2 at 2:00PM
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 Elford Realty, Inc
Investment Insights
Based on property information with market context.
This renovated second-floor brick office condominium provides a practical layout with a mix of private offices and open areas. The property is set up for efficient use with its own dedicated lobby and ADA-accessible elevator, supporting straightforward arrival and day-to-day operations.
The building is positioned on a prominent corner lot, offering views and potential for signage along Bridge Street. Access is supported by nearby public parking, along with 29+ assigned parking spaces available at $750/month.
Located in downtown Dublin, the property is within walking distance of restaurants, shops, bars, the Dublin Library, and the pedestrian bridge to Bridge Park over the Scioto River. This combination of configuration, accessibility, and convenient parking makes the space well-suited for professional offices seeking a downtown presence with an owner-occupant friendly setup.
The building is positioned on a prominent corner lot, offering views and potential for signage along Bridge Street. Access is supported by nearby public parking, along with 29+ assigned parking spaces available at $750/month.
Located in downtown Dublin, the property is within walking distance of restaurants, shops, bars, the Dublin Library, and the pedestrian bridge to Bridge Park over the Scioto River. This combination of configuration, accessibility, and convenient parking makes the space well-suited for professional offices seeking a downtown presence with an owner-occupant friendly setup.
Key Highlights
- Recently renovated second‑floor brick office condominium with a mix of private offices and open areas
- Dedicated lobby plus an ADA‑access elevator for tenant convenience and accessibility
- Corner lot location with Bridge Street signage potential
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
$146,365
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
8.61%
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%
$2,927,300
$2.9M
Cap Rate 7%
$2,090,929
$2.1M
Cap Rate 9%
$1,626,278
$1.6M
Market Conditions
NOI Build-Up for 11,888 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
$256.8K $21.60/SF
− Vacancy
−$61.6K −$5.18/SF
EGI
$195.2K $16.42/SF
− OpEx
−$48.8K −$4.10/SF
NOI
$146.4K $12.31/SF
Area
Franklin 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%
$2,927,300
Cap Rate 7%
$2,090,929
Cap Rate 9%
$1,626,278
Alternative Uses
Best Use
Office B
$2.09M
$1.83M – $2.44M
NOI $146,365 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.42M
$2.12M – $2.83M
NOI $169,653 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,296
Businesses Nearby
Explore this area
Business Placement
Demographics for 43017, OH
43,619
Population
16,819
Households
2.6
Avg Household Size
38
Median Age
69%
College-Educated
97%
High-School Grad
16.1 sq mi
ZIP Area
2,709
Density / Sq Mi
$133,116
Median Household Income
$67,448
Median Earnings
$1,563
Median Rent
$475,200
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?
Office units - Renovated second-floor offices with ADA elevator and dedicated lobby for owner-occupants needing downtown access.
Where is this office units located?
The property is located at 61 West Bridge Street Dublin, OH.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Recently renovated second‑floor brick office condominium with a mix of private offices and open areas; Dedicated lobby plus an ADA‑access elevator for tenant convenience and accessibility; Corner lot location with Bridge Street signage potential
