Freestanding Medical Office
For Sale
Contact for pricing
690 Morrison Rd, Gahanna, OH 43230
Freestanding medical office building with 71 parking spaces and IM zoning.
Property Size5,560 SF
Lot Size1.14 Acres
Price / SF$224.82
Days on Market60
Property Features for 690 Morrison Rd
General Information
Standard status
Active
Size
5,560 SF
Total Parking Spaces
71
Lot size
1.14 Acres
Property subtype
OFFICE
Zoning
IM
Additional Details
Asking Price
$1,390,000
Amenities
monument signage
Building Details
Year Built
1998
Buildings
1
Building Size
5,560 SF
Listing Agency:
CBRE | Columbus
(614) 224-1492
Listed By:
Molly Leach · License #2009001866
(614) 332-4795
Source:
Moodyscre
Added: Jul 17
Changed: Sep 5
Last Checked: Sep 13 at 11:09AM
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 CBRE | Columbus
Investment Insights
Based on property information with market context.
Freestanding medical office building with 5,560 SF available, previously used as former dental space/dance studio. The space includes 7 total operatories, including 2 larger operatories, and offers 71 parking spaces on a 1.142-acre parcel. The building was constructed in 1998.
Zoned IM (Innovation and Manufacturing District), the property offers monument signage availability. It is located at a signalized intersection at Tech Center Drive and Morrison Road, providing convenient access for patients, staff, and visitors.
The layout is well-suited for health-related uses that benefit from treatment-room configuration, with ample parking to support appointment-based operations.
Zoned IM (Innovation and Manufacturing District), the property offers monument signage availability. It is located at a signalized intersection at Tech Center Drive and Morrison Road, providing convenient access for patients, staff, and visitors.
The layout is well-suited for health-related uses that benefit from treatment-room configuration, with ample parking to support appointment-based operations.
Key Highlights
- 5,560 SF available in former dental/dance studio space
- 1.142‑acre parcel with monument signage available
- 7 total operatories including 2 larger operatories
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
$70,456
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
5.64%
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%
$1,409,120
$1.4M
Cap Rate 7%
$1,006,514
$1.0M
Cap Rate 9%
$782,844
$782.8K
Market Conditions
NOI Build-Up for 5,560 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
$133.4K $24.00/SF
− Vacancy
−$16.0K −$2.88/SF
EGI
$117.4K $21.12/SF
− OpEx
−$47.0K −$8.45/SF
NOI
$70.5K $12.67/SF
Area
ZIP 43230
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,409,120
Cap Rate 7%
$1,006,514
Cap Rate 9%
$782,844
Alternative Uses
Best Use
Healthcare Medical
$1.01M
$880.7K – $1.17M
NOI $70,456 @ 7.0% cap · market cap 5.64%
Second Best
Office B
$793.2K
$694.1K – $925.4K
NOI $55,524 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$1.05M
$922.9K – $1.23M
NOI $73,830 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43230, OH
58,372
Population
26,170
Households
2.2
Avg Household Size
37
Median Age
50%
College-Educated
96%
High-School Grad
20.4 sq mi
ZIP Area
2,861
Density / Sq Mi
$92,271
Median Household Income
$53,832
Median Earnings
$1,407
Median Rent
$282,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Freestanding medical office building with 71 parking spaces and IM zoning.
Where is this medical office space located?
The property is located at 690 Morrison Rd Gahanna, OH.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 5,560 SF available in former dental/dance studio space; 1.142‑acre parcel with monument signage available; 7 total operatories including 2 larger operatories
