Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    185 State St Westerville, OH 43081-2232

    • Medical Office Space
    • 4,862 SF
    • 0.27 lot acres
    OFF-MARKET
    Value Estimations
    $645,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2338705
    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

    • Professional VisionCare - Westerville / Eye Care Center / Contact Lenses Supplier
    • Stacy L. Stutler, OD / Physician
    • Bradley J. Johnson, OD / Physician
    • Nancy Evans, OD / Physician
    • William Lay, OD / Physician

    Property Details for 185 State St

    Year built
    1994
    Construction
    WOOD
    Lot size
    0.27 lot acres
    Property size
    4,862 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    080-000939
    APU
    80000939

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $800,000
      6.5%
      $740,000
      7%
      $685,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $659,000
      Market price range: $645k - $1.02M
      AI Estimate
      $528,000
      Market price range: $222k - $854k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $840,000
      Current use
      AUTO REPAIR, GARAGE
      $800,000
      Change: -4% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $800,000
      Change: -5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9303
    Latitude
    40.121
    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
    $12,744
    $34,200
    $120,930
    $155,130
    -
    $97,700
    $345,500
    $443,200

    Comparable in this City

    • Value Estimation by Request
      3,237 SF

      528 Otterbein Ave

      MEDICAL BUILDING • 3,237 SF
      528 Otterbein Ave, Westerville, OH 43081-2913
      View Details
    • Value Estimation
      $1,185,000
      8,834 SF

      568 Cleveland Ave

      MEDICAL BUILDING • 8,834 SF
      568 Cleveland Ave, Westerville, OH 43081-8970
      View Details
    • Value Estimation by Request
      2,100 SF

      158 Wetherby Ln

      MEDICAL BUILDING • 2,100 SF
      158 Wetherby Ln, Westerville, OH 43081-4957
      View Details
    • Value Estimation
      $1,255,000
      9,600 SF

      137 Schrock Rd, Unit 151

      MEDICAL BUILDING • 9,600 SF
      137 Schrock Rd, Westerville, OH 43081
      View Details
    • Value Estimation
      $1,290,000
      5,148 SF

      895 State St

      MEDICAL BUILDING • 5,148 SF
      895 State St, Westerville, OH 43081-3345
      View Details
    • Value Estimation
      $3,325,000
      19,482 SF

      575 Copeland Ml Rd

      MEDICAL BUILDING • 19,482 SF
      575 Copeland Ml Rd, Westerville, OH 43081-8977
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Westerville Office Building Near Hospital

      9,600 SF office building with suite available near St. Ann's.
      137-151 W Schrock Rd, Westerville, OH 43081
      View Details
    • 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
    • Contact for pricing
      7.50 Acres

      Westerville Land: 7.5 Acres

      Prime Westerville development land near Otterbein University.
      0 Cooper Rd, Westerville, OH 43081
      View Details
    • $175,000
      1,100 SF

      Westerville Office Suite Investment Opportunity

      First-floor office suite near I-270 with immediate income potential.
      Westerville, OH 43081
      View Details
    • Contact for pricing
      60,133 SF

      Westerville Office Building For Sale

      Corporate HQ quality office building with move-in ready suites.
      501 W Schrock Rd, Westerville, OH 43081
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      14,295 SF

      Medical Office Space Near Hospital

      Medical office space attached to St. Ann’s Hospital.
      495 Cooper Rd, Westerville, OH 43081
      View Details
    • Contact for pricing
      4,648 SF

      Office Space Near Hospital Campus

      Four-story office building connected to Mount Carmel St. Ann’s Hospital.
      477 Cooper Rd, Westerville, OH 43081
      View Details
    • $18 SF/Yr
      9,600 SF

      Schrock Road Office Suites

      Westerville office space, 1,200-2,400 SF
      137-151 Schrock Rd, Westerville, OH 43081
      View Details
    • $15 SF/Yr
      15,368 SF

      Medical Space Available For Lease

      Medical suites available for lease, ranging from 3,845 to 15,368 SF.
      955 Eastwind Dr, Westerville, OH 43081
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    185 State St
    Westerville, OH 43081-2232
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!