Historic Office Building
For Sale
Contact for pricing
725 Bellows Ave, Columbus, OH 43222
Four-story office building with renovation underway, natural light, and prominent signage visibility from SR-315.
Property Size41,000 SF
Price / SF$150
Days on Market64
Property Features for 725 Bellows Ave
General Information
Standard status
Active
Size
41,000 SF
Property subtype
Office
Lease Type
Modified Gross
Building Details
Stories
4
Tenancy
Single
Listing Agency:
Allied Real Estate Advisors
(614) 940-2978
Listed By:
Grant Hartman · License #OH 2013-00-2507
Source:
Crexi
Added: Jun 9
Changed: Aug 11
Last Checked: Aug 8 at 12:30PM
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 Allied Real Estate Advisors
Investment Insights
Based on property information with market context.
725 Bellows Avenue is a historic, four-story office building currently undergoing a full renovation. The space is being reintroduced as a distinctive creative workspace with exposed brick and soaring ceilings, complemented by all-new windows designed to bring abundant natural light into the interiors. The property also includes opportunities for prominent signage, supported by the building’s visibility from SR-315.
The building features a large surface lot with free on-site parking, providing straightforward convenience for employees and visitors. Signage visibility from SR-315 is a key advantage for branding and wayfinding.
For tenants, this renovation-ready office building offers a character-forward environment with high-ceiling spaces and a creative aesthetic centered on exposed brick and daylight. For buyers, it presents an in-progress repositioning of a historic asset into a modernized workplace, with parking on site and a clear exterior communications component through signage visibility from SR-315.
The building features a large surface lot with free on-site parking, providing straightforward convenience for employees and visitors. Signage visibility from SR-315 is a key advantage for branding and wayfinding.
For tenants, this renovation-ready office building offers a character-forward environment with high-ceiling spaces and a creative aesthetic centered on exposed brick and daylight. For buyers, it presents an in-progress repositioning of a historic asset into a modernized workplace, with parking on site and a clear exterior communications component through signage visibility from SR-315.
Key Highlights
- Historic four‑story office building currently undergoing a full renovation
- Creative workspace features exposed brick and soaring ceilings
- All‑new windows designed to bring abundant natural light into the interiors
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
$473,685
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
7.70%
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%
$9,473,700
$9.5M
Cap Rate 7%
$6,766,929
$6.8M
Cap Rate 9%
$5,263,167
$5.3M
Market Conditions
NOI Build-Up for 41,000 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
$811.8K $19.80/SF
− Vacancy
−$180.2K −$4.40/SF
EGI
$631.6K $15.40/SF
− OpEx
−$157.9K −$3.85/SF
NOI
$473.7K $11.55/SF
Area
Columbus, OH
Vacancy
22.20%
Lease Rate
$19.80 /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%
$9,473,700
Cap Rate 7%
$6,766,929
Cap Rate 9%
$5,263,167
Alternative Uses
Best Use
Office B
$6.77M
$5.92M – $7.89M
NOI $473,685 @ 7.0% cap · market cap 7.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.54M
$7.48M – $9.97M
NOI $598,122 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,108
Businesses Nearby
Explore this area
Business Placement
Demographics for 43222, OH
4,124
Population
2,311
Households
1.8
Avg Household Size
34
Median Age
16%
College-Educated
73%
High-School Grad
1.4 sq mi
ZIP Area
2,946
Density / Sq Mi
$36,440
Median Earnings
$752
Median Rent
$215,900
Median Home Value
Market
Vacancy Rate% for Office in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four-story office building with renovation underway, natural light, and prominent signage visibility from SR-315.
Where is this office building located?
The property is located at 725 Bellows Ave Columbus, OH.
What is the asking price?
The asking price for this property is $6,150,000.
What are key features of this property?
This property features: Historic four‑story office building currently undergoing a full renovation; Creative workspace features exposed brick and soaring ceilings; All‑new windows designed to bring abundant natural light into the interiors
