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    921-929 Eastwind Dr Westerville, OH 43081

    Sponsored
    For Lease
    $8 SF/Yr ($7,462 /Mo)

    Westerville Office & Warehouse Space Available

    Lot size:
    10,005 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    407
    The Spectrum Commerce Center, located at 921-929 Eastwind Dr in Westerville, Ohio (zip code 43081), offers a unique blend of executive office and warehouse space. This Franklin County property boasts a total of 10,005 square feet, with 9,549 square feet currently vacant and available for lease. Multiple tenancy options are available, with spaces ranging from a minimum of 1,879 square feet to a maximum contiguous space of 4,831 square feet. The property's convenient location provides tremendous access to I-270 via Route 3, situated within a tranquil wooded campus setting. Ample parking is available for tenants and their guests. The building is classified as both Office and Industrial, making it suitable for a variety of businesses requiring a combination of office and storage or light industrial space. This versatile property presents an excellent opportunity for businesses seeking a well-located and functional space in a desirable Westerville setting. Interested parties should inquire about available space and lease terms. The property's latitude and longitude coordinates are 40.1003039 and -82.9167489 respectively.

    Property Features for 921-929 Eastwind Dr

    General Information

    Property type
    Distribution properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    10,005 SF
    Total Rate
    7462.06

    Unit(s) available at that property

    Space
    Suite 219
    Size
    2,839 SF
    Rate per SF
    $8
    Space
    Suite 114
    Size
    1,879 SF
    Rate per SF
    $8
    Space
    Suite 225
    Size
    4,831 SF
    Rate per SF
    $8

    We can help!

    Listing Contact
    Brett Cisler
    Brett Cisler

    Learn more

    HighLights

    • $3.55/SF estimated operating expenses.
    • Monument and tenant signage available.
    • Professionally managed by Colliers International.
    • Excellent freeway visibility.
    • Ample parking.
    • No CAM charges.
    Property Profile Location Intelligence

    Current Use by Public Records

    Distribution centers

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9167489
    Latitude
    40.1003039

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    FAQs

    What type of property is this?
    Distribution property - Westerville Office & Warehouse Space Available
    Where is this distribution property located?
    The property is located at 921-929 Eastwind Dr Westerville, OH.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    What are key features of this property?
    This property features: $3.55/SF estimated operating expenses.; Monument and tenant signage available.; Professionally managed by Colliers International.
    Request Owner's contact information
    921-929 Eastwind Dr Westerville, OH 43081
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    921-929 Eastwind Dr Westerville, OH 43081
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    We can help!
    Listing Contact
    Brett Cisler
    Brett Cisler
    Real Estate License ID: OH 2003014855
    Learn more
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