Furnished Office Condo with Private
For Sale
$485,000
B-616 Office Pkwy, Westerville, OH 43082
Built-out professional suite includes reception, consultation rooms, lounge, and an ADA-compliant restroom.
Property Size2,487 SF
Price / SF$195.01
Days on Market9
Property Features for B-616 Office Pkwy
General Information
Standard status
Active
Size
2,487 SF
Additional Details
Furnished
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$10,229
Listing Agency:
RE/MAX Impact
(614) 563-9634
Listed By:
Saba Shujaat · License #2012001243
(614) 563-9634
Source:
Exprealty
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 6:20PM
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 RE/MAX Impact
Investment Insights
Based on property information with market context.
This 2,487-square-foot office condo is offered fully furnished with desks, tables, couches, and other chattels included. The interior provides a reception and waiting area, multiple private offices, consultation rooms arranged along a central hallway, an open lounge, and an ADA-compliant restroom. Carpet and wood-look laminate flooring, crown molding, and six-panel doors complete the finish package.
The property is located at 616-B Office Parkway in Westerville, near N. State Street and Polaris Parkway. It is positioned within a professional office condo park with access to I-71 and I-270, and is near Mount Carmel St. Ann's Hospital and OhioHealth Westerville Medical Campus. The configuration supports medical, dental, behavioral health, general professional, and legal office uses as identified in the property information.
The property is located at 616-B Office Parkway in Westerville, near N. State Street and Polaris Parkway. It is positioned within a professional office condo park with access to I-71 and I-270, and is near Mount Carmel St. Ann's Hospital and OhioHealth Westerville Medical Campus. The configuration supports medical, dental, behavioral health, general professional, and legal office uses as identified in the property information.
Key Highlights
- 2,487 SF office condo at 616‑B Office Parkway
- Furniture and chattels included, including desks, tables, and couches
- Multiple private offices and consultation rooms along a central hallway
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
$30,620
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
6.31%
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%
$612,400
$612.4K
Cap Rate 7%
$437,429
$437.4K
Cap Rate 9%
$340,222
$340.2K
Market Conditions
NOI Build-Up for 2,487 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
$53.7K $21.60/SF
− Vacancy
−$12.9K −$5.18/SF
EGI
$40.8K $16.42/SF
− OpEx
−$10.2K −$4.10/SF
NOI
$30.6K $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%
$612,400
Cap Rate 7%
$437,429
Cap Rate 9%
$340,222
Alternative Uses
Best Use
Office B
$437.4K
$382.8K – $510.3K
NOI $30,620 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$501.3K
$438.6K – $584.8K
NOI $35,088 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
972
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office units - Built-out professional suite includes reception, consultation rooms, lounge, and an ADA-compliant restroom.
Where is this office units located?
The property is located at B-616 Office Pkwy Westerville, OH.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 2,487 SF office condo at 616‑B Office Parkway; Furniture and chattels included, including desks, tables, and couches; Multiple private offices and consultation rooms along a central hallway
