Building Details

Year Renovated 2023

Listing Agency: RE/MAX Affiliates, Inc. Show Phone

Listed By: Richard J Rano · License #2003001121 Show Phone

Source: Maryhatem

Added: Oct 4 Last Checked: Oct 5 at 6:20PM

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Investment Insights

Based on property information with market context.

This 4,500+ square foot flex condominium in Westerville includes a showroom, office areas, storage, and a heated warehouse. The 27' x 21' showroom is on the first floor, with additional mezzanine space added during a 2023 renovation. A separate office or conference room with a sink is located upstairs, and built-in cabinetry provides storage on the first floor. The 60'9 x 30'5 warehouse has two floor drains, a 10' wide by 16' high overhead door, and a separate man door. Each floor has its own furnace and air conditioning unit; the property also has three restrooms and front parking.

The business center is visible from McCorkle Boulevard and near Polaris Parkway, I-71, I-270, Cleveland Avenue, Hoff Woods Park, and restaurants. The configuration includes space for office, showroom, service, storage, and light industrial functions.

Key Highlights

• 4,500+ square feet in a flex condominium
• 2023 renovation included adding a mezzanine
• 27' x 21' first‑floor showroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$52,285

Cap Rate

8.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,045,700 $1.0M

Cap Rate 7%

$746,929 $746.9K

Cap Rate 9%

$580,944 $580.9K

Market Conditions

NOI Build-Up for 4,500 SF

Gross rent

$98.3K $21.84/SF

− Vacancy

−$23.6K −$5.24/SF

EGI

$74.7K $16.60/SF

− OpEx

−$22.4K −$4.98/SF

NOI

$52.3K $11.62/SF

Area

Delaware County, OH

Vacancy

24.00%

Lease Rate

$21.84 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,045,700

Cap Rate 7%

$746,929

Cap Rate 9%

$580,944

Alternative Uses

Best Use

Warehouse

$907.0K

$793.6K – $1.06M (±1% cap)

NOI $63,489 @ 7.0% cap · market cap 9.77%

Second Best

Industrial

$746.9K

$653.6K – $871.4K (±1% cap)

NOI $52,285 @ 7.0% cap · market cap 8.04%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Guardian Studios Video ... Film Production APHC of Central Ohio Association / Organization Bounce23 TV Television Studio Blair IT Tech Support Center Westerville Education Challenge Charitable Organization

Suggested Use

Top Pick Hair Salon Restaurant Auto Repair Shop Big Box & Wholesale Store Auto Parts Store Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Drive-in doors

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

996

Businesses Nearby

Under-served

Demand for This Use

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 Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - A two-level layout pairs showroom and office areas with a heated warehouse and drive-in loading access.

Where is this flex space located?

The property is located at 653 Mccorkle Boulevard H Westerville, OH.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: 4,500+ square feet in a flex condominium; 2023 renovation included adding a mezzanine; 27' x 21' first‑floor showroom