Medical Office Building with Exam
New
For Sale
$850,000
85 Commerce Park Dr, Westerville, OH 43082
Purpose-built clinical layout with private offices, diagnostic space, staff areas, and convenient on-site parking.
Property Size4,494 SF
Lot Size0.72 Acres
Price / SF$189.10
Days on Market2
Property Features for 85 Commerce Park Dr
General Information
Standard status
Active
Size
4,494 SF
Class
B
Total Parking Spaces
38
Lot size
0.72 Acres
Property subtype
Office
Additional Details
Highway Access
Yes
Building Details
Building Size
4,494 SF
Year Built
2002
Buildings
1
Construction
brick
Listed By:
Mia Vennemeyer · License #OH #2024004750
(614) 515-7751
Source:
Ohioequities
Added: Sep 1
Last Checked: Sep 1 at 10:25PM
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 Mia Vennemeyer
Investment Insights
Based on property information with market context.
This 4,495-square-foot medical office building occupies 0.72 acres and was constructed in 2002 with an all-brick exterior. The interior includes a reception and waiting area, nine exam rooms, four private offices, a lab, an X-ray room, two nurses stations, a break room, and three restrooms, supporting medical or general office use.
The property provides 38 on-site parking spaces and is positioned near N. State Street and Commerce Park Road, where traffic counts exceed 20,200 vehicles per day. Access to I-71 and I-270 adds regional connectivity for staff, patients, clients, and visitors.
The property provides 38 on-site parking spaces and is positioned near N. State Street and Commerce Park Road, where traffic counts exceed 20,200 vehicles per day. Access to I-71 and I-270 adds regional connectivity for staff, patients, clients, and visitors.
Key Highlights
- 4,495 SF medical office building on 0.72 acres
- Nine exam rooms, four private offices, lab, and X‑ray room
- Reception and waiting area with two nurses stations
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
$55,342
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
6.51%
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%
$1,106,840
$1.1M
Cap Rate 7%
$790,600
$790.6K
Cap Rate 9%
$614,911
$614.9K
Market Conditions
NOI Build-Up for 4,495 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
$97.1K $21.60/SF
− Vacancy
−$23.3K −$5.18/SF
EGI
$73.8K $16.42/SF
− OpEx
−$18.4K −$4.10/SF
NOI
$55.3K $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%
$1,106,840
Cap Rate 7%
$790,600
Cap Rate 9%
$614,911
Alternative Uses
Best Use
Office B
$790.6K
$691.8K – $922.4K
NOI $55,342 @ 7.0% cap · market cap 6.51%
Second Best
Healthcare Medical
$679.0K
$594.1K – $792.1K
NOI $47,528 @ 7.0% cap · market cap 5.59%
Theoretical Best
Warehouse
$906.0K
$792.7K – $1.06M
NOI $63,418 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Balanced
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built clinical layout with private offices, diagnostic space, staff areas, and convenient on-site parking.
Where is this medical office space located?
The property is located at 85 Commerce Park Dr Westerville, OH.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 4,495 SF medical office building on 0.72 acres; Nine exam rooms, four private offices, lab, and X‑ray room; Reception and waiting area with two nurses stations
