Historic Office
For Sale
Contact for pricing
871 N Park St, Columbus, OH 43215
Converted office property with a finished, furnished lower level and adjacent private parking.
Property Size11,563 SF
Lot Size0.50 Acres
Price / SF$172.97
Days on Market288
Property Features for 871 N Park St
General Information
Standard status
Active
Size
11,563 SF
Lot size
0.50 Acres
Property subtype
OFFICE
Additional Details
Asking Price
$2,000,000
Building Details
Buildings
1
Listing Agency:
CBRE | Columbus
(614) 224-1492
Listed By:
Don Matsanoff
(614) 430-5000
Source:
Moodyscre
Added: Nov 18, 2025
Changed: Aug 29
Last Checked: Sep 1 at 4:37PM
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.
This 11,563-square-foot office property occupies a 0.5 AC lot and incorporates a church-to-office conversion with distinctive architectural character. The stated building area excludes a lower level that is fully finished and furnished for office use. Lease availability ranges from 4,500+ SF to 11,543+ SF.
The property is one block from High Street and the Short North Arts District. A private parking lot directly beside the building provides 12+ spaces, adding convenient on-site parking for occupants and visitors.
The property is one block from High Street and the Short North Arts District. A private parking lot directly beside the building provides 12+ spaces, adding convenient on-site parking for occupants and visitors.
Key Highlights
- 11,563 SF office property, exclusive of the lower level
- Finished lower level furnished as office space
- Church‑to‑office conversion with historic character
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
$133,591
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
6.68%
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%
$2,671,820
$2.7M
Cap Rate 7%
$1,908,443
$1.9M
Cap Rate 9%
$1,484,344
$1.5M
Market Conditions
NOI Build-Up for 11,563 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
$228.9K $19.80/SF
− Vacancy
−$50.8K −$4.40/SF
EGI
$178.1K $15.40/SF
− OpEx
−$44.5K −$3.85/SF
NOI
$133.6K $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%
$2,671,820
Cap Rate 7%
$1,908,443
Cap Rate 9%
$1,484,344
Alternative Uses
Best Use
Office B
$1.91M
$1.67M – $2.23M
NOI $133,591 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,685 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,177
Businesses Nearby
Explore this area
Business Placement
Demographics for 43215, OH
20,761
Population
13,428
Households
1.5
Avg Household Size
32
Median Age
71%
College-Educated
97%
High-School Grad
5.1 sq mi
ZIP Area
4,071
Density / Sq Mi
$74,469
Median Household Income
$59,521
Median Earnings
$1,487
Median Rent
$508,300
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 - Converted office property with a finished, furnished lower level and adjacent private parking.
Where is this office building located?
The property is located at 871 N Park St Columbus, OH.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 11,563 SF office property, exclusive of the lower level; Finished lower level furnished as office space; Church‑to‑office conversion with historic character
