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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15 Bishop Dr Westerville, OH 43081-2275

    • Office buildings
    • 0.19 lot acres
    OFF-MARKET
    Value Estimations
    $290,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-3820949
    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

    • Mitch Garner - Financial Advisor, Ameriprise Financial Services, LLC / Investment Service / Financial Planner
    • Act of Hope Counseling / Social Worker / Mental Health Service
    • R. David Bonham and Associates Insurance Services / Insurance Agency / Auto Insurance Agency
    • T & W Employer Services Inc / Insurance Agency / Human Resource Consulting
    • Kristen Mizumoto / Nurse Practitioner

    Property Details for 15 Bishop Dr

    Lot size
    0.19 lot acres
    Property type
    Office buildings
    APN
    080-002896
    APU
    80002896

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $290,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9295
    Latitude
    40.1188
    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
    $3,031
    $34,410
    $2,490
    $36,900
    -
    $98,300
    $7,100
    $105,400

    Comparable in this City

    • Value Estimation
      $345,000
      3,996 SF

      124 Dorchester S Sq

      OFFICE BUILDING • 3,996 SF
      124 Dorchester S Sq, Westerville, OH 43081-7302
      View Details
    • Value Estimation
      $160,000
      3,036 SF

      483 Dempsey Rd

      OFFICE BUILDING • 3,036 SF
      483 Dempsey Rd, Westerville, OH 43081-8978
      View Details
    • Value Estimation
      $770,000
      82,092 SF

      4111 Executive Pkwy

      OFFICE BUILDING (MULTI-STORY) • 82,092 SF
      4111 Executive Pkwy, Westerville, OH 43081-3869
      View Details
    • Value Estimation
      $1,665,000
      1,344 SF

      5541 Westerville Rd

      OFFICE BUILDING • 1,344 SF
      5541 Westerville Rd, Columbus, OH 43081-9367
      View Details
    • Value Estimation
      $405,000
      7,040 SF

      519 Otterbein Ave

      OFFICE BUILDING • 7,040 SF
      519 Otterbein Ave, Westerville, OH 43081-2953
      View Details
    • Value Estimation
      $965,000
      41,356 SF

      235 Schrock Rd, Unit 241

      OFFICE BUILDING • 41,356 SF
      235 Schrock Rd, Westerville, OH 43081
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      13,122 SF

      Eastwind Professional Building Office Suites

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      Westerville Office Building For Sale

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      162,490 SF

      Westerville Multi-Building Office Campus

      Multi-building office campus in Westerville, Ohio, totaling 162,490 square feet.
      340-350 N Cleveland Ave, Westerville, OH 43081
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    • Contact for pricing
      7.50 Acres

      Westerville Land: 7.5 Acres

      Prime Westerville development land near Otterbein University.
      0 Cooper Rd, Westerville, OH 43081
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    • $3,750,000
      25,840 SF

      Westerville Flex Space Available

      Flex space suitable for owner-occupant or investor.
      733 Green Crest Dr, Westerville, OH 43081
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    Similar Nearby for Lease

    • Contact for pricing
      100,800 SF

      Westerville Office Building on Campus

      100,800 SF building on 9.869-acre campus available for lease.
      220 W Schrock Rd, Westerville, OH 43081
      View Details
    • $29 SF/Yr
      1,100 SF

      Westerville Office Space for Lease

      Move-in ready office space in Westerville's thriving commercial corridor.
      269 S State St, Westerville, OH 43081
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    • $25 SF/Yr
      5,783 SF

      Westerville Executive Office Suite

      Prime Westerville Office Space Available
      519 Otterbein Ave, Westerville, OH 43081
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    • $10 SF/Yr
      2,559 SF

      Medical Office Space For Rent

      Office space available across from St. Ann’s Hospital.
      595 Copeland Mill Rd, Westerville, OH 43081
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    • $21 SF/Yr
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      Westerville Office Space Available

      Office space available for lease in Westerville, Ohio.
      1245 Sunbury Rd, Westerville, OH 43081
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    • $21 SF/Yr
      1,704 SF

      Updated Office Space Available

      Executive office space with remodeling options near I-270.
      124 Dorchester Sq, Westerville, OH 43081
      View Details
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    15 Bishop Dr
    Westerville, OH 43081-2275
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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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