Versatile Flex Office/Warehouse
For Sale
Contact for pricing
Pending
705 Radio Dr, Lewis Center, OH 43035
3,101 SF flex space in Lewis Center available for sale.
Property Size3,101 SF
Days on Market163
Property Features for 705 Radio Dr
General Information
Standard status
Pending
Size
3,101 SF
Property subtype
Industrial, Mixed Use, Office, Retail
Listing Agency:
Red 1 Realty
Listed By:
Srinivas Madhamshetti · License #2015002352
Source:
Crexi
Added: Mar 2
Changed: Aug 8
Last Checked: Jul 24 at 3:18PM
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 Red 1 Realty
Investment Insights
Based on property information with market context.
Located in the Green Meadows Commerce Center in Lewis Center, this 3,101 sq ft flex space offers a combination of professional office space and open warehouse area. The unit features a dedicated private office, high ceilings, and an overhead garage door providing loading access for equipment, deliveries, or storage needs. Situated in one of Central Ohio's fastest-growing business corridors, the property benefits from visibility and easy access to US-23, Polaris Parkway, and I-71. Lewis Center offers a strong economic base, highly rated schools, parks, and proximity to the Polaris retail and commercial district. This property is suitable for a variety of business operations and is ideal for owner-occupants, growing businesses, or investors seeking a functional commercial space in a thriving area. The property is available for sale or lease.
Key Highlights
- 3,101 sq ft flex/office‑warehouse condominium in a highly desirable location.
- Located in the Green Meadows Commerce Center in Lewis Center, a fast‑growing business corridor.
- Easy access to US‑23, Polaris Parkway, and I‑71.
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
$36,030
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
7.81%
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%
$720,600
$720.6K
Cap Rate 7%
$514,714
$514.7K
Cap Rate 9%
$400,333
$400.3K
Market Conditions
NOI Build-Up for 3,101 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
$67.7K $21.84/SF
− Vacancy
−$16.3K −$5.24/SF
EGI
$51.5K $16.60/SF
− OpEx
−$15.4K −$4.98/SF
NOI
$36.0K $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 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%
$720,600
Cap Rate 7%
$514,714
Cap Rate 9%
$400,333
Alternative Uses
Best Use
Warehouse
$625.0K
$546.9K – $729.2K
NOI $43,751 @ 7.0% cap · market cap 9.48%
Second Best
Industrial
$514.7K
$450.4K – $600.5K
NOI $36,030 @ 7.0% cap · market cap 7.81%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
764
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43035, OH
33,032
Population
12,595
Households
2.6
Avg Household Size
35
Median Age
67%
College-Educated
97%
High-School Grad
19.6 sq mi
ZIP Area
1,685
Density / Sq Mi
$148,446
Median Household Income
$72,809
Median Earnings
$1,580
Median Rent
$423,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 3,101 SF flex space in Lewis Center available for sale.
Where is this flex space located?
The property is located at 705 Radio Dr Lewis Center, OH.
What is the asking price?
The asking price for this property is $461,538.
What are key features of this property?
This property features: 3,101 sq ft flex/office‑warehouse condominium in a highly desirable location.; Located in the Green Meadows Commerce Center in Lewis Center, a fast‑growing business corridor.; Easy access to US‑23, Polaris Parkway, and I‑71.
