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    Property profile & analytics

    380 Polaris Pkwy Westerville, OH 43082

    • Office buildings
    • 112,384 SF
    • 6.30 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Last Sale
    Dec 14, 2020
    $15,721,700
    Value Estimations
    $16,950,000
    Cap Rate Potential
    9.4%
    Office buildings
    Location Intelligence
    Property ID
    US66-4377693
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Champion Companies / Real Estate Agency / Investment Service
    • New York Bakery / Wholesaler
    • Chatham Village Croutons / Wholesaler
    • Sister Schubert's / Wholesaler
    • Amish Kitchens Egg Noodles / Restaurant

    Property Details for 380 Polaris Pkwy

    Year built
    2014
    Lot size
    6.30 lot acres
    Property size
    112,384 SF
    Property type
    Office buildings
    APN
    317-332-02-018-010
    APU
    31733202018010

    Description

    This exceptional four-story office building, totaling 106,000 square feet, presents a prime opportunity for businesses seeking executive office space in Westerville, Ohio. Constructed in 2014, the building boasts a highly desirable location at 380 Polaris Parkway, offering convenient access to I-71, Route 3, and the numerous amenities of the Polaris area. The building features a total of 106,000 square feet, with a minimum divisible space of 4,500 square feet and a maximum contiguous space of 10,948 square feet currently available. This presents a flexible solution for businesses of various sizes. The building provides ample parking with a ratio of 5 spaces per 1,000 square feet, all free of charge to tenants. Furthermore, the property benefits from a significant advantage: a 100% real estate tax abatement on improvements. To enhance communication, a cellular signal amplifier is installed within the building. Utilities and janitorial services are included in the operating expenses, simplifying budgeting and management. This location offers unparalleled convenience and accessibility, making it an ideal choice for businesses seeking a modern, efficient, and well-located workspace in the thriving Polaris area of Delaware County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $15,680,000
      ML approach
      $8,715,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $24,600,000
      6.5%
      $22,705,000
      7%
      $21,085,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $15,981,000
      Market price range: $9.99M - $18.1M
      AI Estimate
      $10,750,000
      Market price range: $3.38M - $14.0M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $14,390,000
      Current use
      COMMERCIAL (GENERAL)
      $22,210,000
      Change: +54% Conversion: Easy
      MEDICAL BUILDING
      $19,375,000
      Change: +35% Conversion: Easy
      AUTO REPAIR, GARAGE
      $16,480,000
      Change: +15% Conversion: Difficult
      WAREHOUSE, STORAGE
      $14,130,000
      Change: -2% Conversion: Difficult
      RETAIL STORES
      $12,995,000
      Change: -10% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9416
    Latitude
    40.1475
    CBSA code
    18140
    CBSA name
    COLUMBUS, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $35,320
    $478,240
    $5,117,560
    $5,595,800
    -
    $1,366,400
    $14,621,600
    $15,988,000

    Comparable in this City

    • Value Estimation by Request
      1,848 SF

      6730 Henschen Cir

      OFFICE BUILDING • 1,848 SF
      6730 Henschen Cir, Westerville, OH 43082-9143
      View Details
    • Value Estimation
      $255,000
      2,169 SF

      385 County Line Rd W Ste, Unit 160

      OFFICE BUILDING • 2,169 SF
      385 County Line Rd W Ste, Westerville, OH 43082-6062
      View Details
    • Value Estimation
      $675,000
      95,598 SF

      600 Cleveland Ave

      OFFICE BUILDING • 95,598 SF
      600 Cleveland Ave, Westerville, OH 43082-6920
      View Details
    • Value Estimation
      $280,000
      1,687 SF

      103 Commerce Park Dr Ste A

      OFFICE BUILDING • 1,687 SF
      103 Commerce Park Dr Ste A, Westerville, OH 43082-6056
      View Details
    • Value Estimation
      $160,000
      1,026 SF

      105 Commerce Park Dr Ste A

      OFFICE BUILDING • 1,026 SF
      105 Commerce Park Dr Ste A, Westerville, OH 43082-6060
      View Details
    • Value Estimation
      $305,000
      2,000 SF

      333 County Line Rd W Ste B

      OFFICE BUILDING • 2,000 SF
      333 County Line Rd W Ste B, Westerville, OH 43082-6907
      View Details

    Similar Nearby for Sale

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    • Contact for pricing
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      Land in amenity-rich area with strong traffic and access.
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    • $377,000
      0.88 Acres

      Prime Westerville Commercial Land

      0.88 Acres, $377,000, High Visibility
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    • $474,900
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    Similar Nearby for Lease

    • $13 SF/Yr
      29,500 SF

      Class A Office Space Available

      Five-story office building near Polaris Centers of Commerce.
      460 Polaris Pkwy, Westerville, OH 43082
      View Details
    • $2,700,000
      16,800 SF

      Westerville Office and Warehouse Space

      Office and warehouse spaces available for lease in Westerville, OH.
      8692-8724 Olde Worthington Rd, Westerville, OH 43082
      View Details
    • $12 SF/Yr
      24,000 SF

      Westerville Retail Land Opportunity

      Prime 1.42-acre site, build-to-suit potential.
      600 State St, Westerville, OH 43082
      View Details
    • $13 SF/Yr
      2,601 SF

      Class A Office Space Available

      Five-story office building in Westerville's Westar area for rent.
      440 Polaris Pkwy, Westerville, OH 43082
      View Details
    • $9 SF/Yr
      30,006 SF

      6111 Maxtown Rd

      Flex space • 30,006 SF
      6111 Maxtown Rd, Westerville, OH 43082
      View Details
    • $15 SF/Yr
      2,668 SF

      Westerville Office Space Available

      Professional office space in Westerville, convenient location, ample parking.
      128 County Line Rd W, Westerville, OH 43082
      View Details
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    380 Polaris Pkwy
    Westerville, OH 43082
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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
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