Furnished Office
New
For Sale
$485,000
616 Office Parkway B, Westerville, OH 43082
Built-out professional suite with private rooms, reception space, lounge area, and ADA-compliant restroom.
Property Size2,487 SF
Price / SF$195.01
Days on Market7
Property Features for 616 Office Parkway B
General Information
Standard status
Active
Size
2,487 SF
Property subtype
Mixed Use
Additional Details
Furnished
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$10,229
Building Details
Building Size
2,487 SF
Year Built
2005
Listing Agency:
RE/MAX Impact
(614) 563-9634
Listed By:
Saba Shujaat · License #2012001243
(614) 563-9634
Source:
Camtaylor
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 30 at 12:03PM
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 RE/MAX Impact
Investment Insights
Based on property information with market context.
This 2,487 SF office condo, constructed in 2005, offers a complete professional layout with a reception and waiting area, private offices, consultation rooms, a shared lounge, and an ADA-compliant restroom. Desks, tables, couches, and other existing furnishings convey with the sale. Interior finishes include carpet, wood-look laminate flooring, crown molding, and six-panel doors.
The unit is positioned within a professional office condo park near N. State Street and Polaris Parkway in Westerville. Mount Carmel St. Ann's Hospital and OhioHealth Westerville Medical Campus are nearby, with access to I-71 and I-270. The configuration supports medical, dental, behavioral health, general professional, and legal office uses as identified in the property information.
The unit is positioned within a professional office condo park near N. State Street and Polaris Parkway in Westerville. Mount Carmel St. Ann's Hospital and OhioHealth Westerville Medical Campus are nearby, with access to I-71 and I-270. The configuration supports medical, dental, behavioral health, general professional, and legal office uses as identified in the property information.
Key Highlights
- 2,487 SF office condo built in 2005
- Furnishings, desks, tables, couches, and other chattels included
- Reception area, private offices, consultation rooms, and central lounge
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
$30,620
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
6.31%
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%
$612,400
$612.4K
Cap Rate 7%
$437,429
$437.4K
Cap Rate 9%
$340,222
$340.2K
Market Conditions
NOI Build-Up for 2,487 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
$53.7K $21.60/SF
− Vacancy
−$12.9K −$5.18/SF
EGI
$40.8K $16.42/SF
− OpEx
−$10.2K −$4.10/SF
NOI
$30.6K $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%
$612,400
Cap Rate 7%
$437,429
Cap Rate 9%
$340,222
Alternative Uses
Best Use
Office B
$437.4K
$382.8K – $510.3K
NOI $30,620 @ 7.0% cap · market cap 6.31%
Second Best
Healthcare Medical
$375.7K
$328.7K – $438.3K
NOI $26,297 @ 7.0% cap · market cap 5.42%
Theoretical Best
Warehouse
$501.3K
$438.6K – $584.8K
NOI $35,088 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
972
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
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 units - Built-out professional suite with private rooms, reception space, lounge area, and ADA-compliant restroom.
Where is this office units located?
The property is located at 616 Office Parkway B Westerville, OH.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 2,487 SF office condo built in 2005; Furnishings, desks, tables, couches, and other chattels included; Reception area, private offices, consultation rooms, and central lounge
