Two-Unit Flex Space
For Sale
Contact for pricing
853-865 North Nelson Road, Columbus, OH 43219
Mixed occupancy includes a leased chapel and seller-occupied space with closing arrangements negotiable.
Property Size8,950 SF
Lot Size0.58 Acres
Price / SF$100
Days on Market15
Property Features for 853-865 North Nelson Road
General Information
Standard status
Active
Size
8,950 SF
Lot size
0.58 Acres
Property subtype
INDUSTRIAL
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Tenancy
Multi
Listing Agency:
Best Corporate Real Estate
(614) 707-8432
Listed By:
Noah Kahkonen · License #2020001513
(614) 707-8432
Source:
Moodyscre
Added: Aug 10
Changed: Aug 23
Last Checked: Aug 23 at 12:55PM
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 Best Corporate Real Estate
Investment Insights
Based on property information with market context.
This two-unit flex space property contains approximately 8,950 square feet within a 0.5768-acre site. One unit, approximately 3,000 SF, is leased to Affinity Memorial Chapel for use as a funeral home. The remaining space is occupied by the Seller, with occupancy negotiable at closing.
The property is positioned on the near east side of Columbus with access to I-670 and the broader Columbus area. The cell tower lease associated with unit 859 has been sold and will not convey with the real estate. County records indicate the property has remained under the same ownership since 1985.
The property is positioned on the near east side of Columbus with access to I-670 and the broader Columbus area. The cell tower lease associated with unit 859 has been sold and will not convey with the real estate. County records indicate the property has remained under the same ownership since 1985.
Key Highlights
- Two‑unit property containing approximately 8,950 square feet
- 0.5768‑acre site on the near east side of Columbus
- Approximately 3,000 SF leased to Affinity Memorial Chapel
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
$35,389
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
3.95%
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%
$707,780
$707.8K
Cap Rate 7%
$505,557
$505.6K
Cap Rate 9%
$393,211
$393.2K
Market Conditions
NOI Build-Up for 8,950 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
$54.8K $6.12/SF
− Vacancy
−$4.2K −$0.47/SF
EGI
$50.6K $5.65/SF
− OpEx
−$15.2K −$1.69/SF
NOI
$35.4K $3.95/SF
Area
Columbus, OH
Vacancy
7.70%
Lease Rate
$6.12 /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%
$707,780
Cap Rate 7%
$505,557
Cap Rate 9%
$393,211
Alternative Uses
Best Use
Retail
$1.47M
$1.29M – $1.72M
NOI $103,185 @ 7.0% cap · market cap 11.53%
Second Best
Flex RnD
$1.27M
$1.11M – $1.48M
NOI $88,938 @ 7.0% cap · market cap 9.94%
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,566 @ 7.0% cap · market cap 14.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43219, OH
30,457
Population
13,210
Households
2.3
Avg Household Size
33
Median Age
22%
College-Educated
82%
High-School Grad
16.0 sq mi
ZIP Area
1,904
Density / Sq Mi
$51,860
Median Household Income
$32,459
Median Earnings
$1,191
Median Rent
$173,600
Median Home Value
Market
Vacancy Rate% for Industrial in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Mixed occupancy includes a leased chapel and seller-occupied space with closing arrangements negotiable.
Where is this flex space located?
The property is located at 853-865 North Nelson Road Columbus, OH.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two‑unit property containing approximately 8,950 square feet; 0.5768‑acre site on the near east side of Columbus; Approximately 3,000 SF leased to Affinity Memorial Chapel
