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

    2000 Newark Granville Rd Granville, OH 43023-7009

    • Office buildings
    • 16,262 SF
    • 1.80 lot acres
    OFF-MARKET
    Value Estimations
    $2,535,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1749348
    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

    • Larrimer & Larrimer / Law Firm
    • Hartshorn Todd W / Insurance Agency
    • Jason M. Winterhalter, MD / Pediatrician / Physician
    • Patrick J. Scarpitti, M.D. / Pediatrician / Physician
    • Dr. David F. Geiss, DO / Physician / Medical Clinic

    Property Details for 2000 Newark Granville Rd

    Year built
    2007
    Lot size
    1.80 lot acres
    Property size
    16,262 SF
    Property type
    Office buildings
    APN
    020-042348-01.127
    APU
    2004234801127

    Description

    This exceptional sublease opportunity presents a 19,456 square foot medical office space located at 2000 Newark Granville Road, Granville, Ohio 43023. Situated within the Offices at Cherrywood, this single-tenant building offers convenient access to both Granville and Newark. The property boasts a generous 1.8-acre lot and ample parking with 100 spaces. The interior is meticulously designed for medical use, featuring four exam rooms, two larger operating rooms equipped with sinks, a dedicated physician's office, a comfortable break area, a nurses' station, and substantial administrative space. Previously occupied by a dermatology practice, the space is move-in ready and well-suited for a variety of medical specialties. The current lease extends until January 2028, providing a subtenant with significant time to establish and expand their practice. The property's APN is 020-042348-01.127. This turnkey solution offers a rare opportunity to secure a prime medical office space in a thriving location. The building is conveniently located on Newark Granville Road. This is an ideal opportunity for a growing medical practice seeking a well-equipped and established space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,560,000
      6.5%
      $3,285,000
      7%
      $3,050,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,823,000
      Market price range: $814k - $2.22M
      AI Estimate
      $2,495,000
      Market price range: $1.29M - $2.87M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,540,000
      Current use
      RESTAURANT
      $2,155,000
      Change: +40% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,585,000
      Change: +3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Granville
    County
    Licking
    State
    Ohio
    Longitude
    -82.4833
    Latitude
    40.0601
    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
    $68,328
    $157,500
    $886,270
    $1,043,770
    -
    $450,000
    $2,532,200
    $2,982,200

    Comparable in this City

    • Value Estimation
      $6,840,000
      61,166 SF

      4009 Columbus Rd

      OFFICE BUILDING (MULTI-STORY) • 61,166 SF
      4009 Columbus Rd, Granville, OH 43023-8612
      View Details
    • Value Estimation
      $8,290,000
      6.51 Acres

      Columbus Rd

      OFFICE BUILDING (MULTI-STORY) • 6.51 Acres
      Columbus Rd, Granville, OH 43023
      View Details
    • Value Estimation by Request
      3,710 SF

      1718 Columbus Rd

      OFFICE BUILDING • 3,710 SF
      1718 Columbus Rd, Granville, OH 43023-1234
      View Details
    • Value Estimation by Request
      636 SF

      950 Old Riv Rd

      OFFICE BUILDING • 636 SF
      950 Old Riv Rd, Granville, OH 43023-9576
      View Details
    • Value Estimation
      $1,500,000
      5,626 SF

      1919 Lancaster Rd

      OFFICE BUILDING • 5,626 SF
      1919 Lancaster Rd, Granville, OH 43023-9417
      View Details
    • Value Estimation by Request
      2,200 SF

      1911 Newark Granville Rd

      OFFICE BUILDING • 2,200 SF
      1911 Newark Granville Rd, Granville, OH 43023-9166
      View Details

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      Prime .56-acre lot, build your dream home!
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    Similar Nearby for Lease

    • Contact for pricing
      2,250 SF

      Modern Office and Warehouse Space

      New office and warehouse space near Intel facilities for lease.
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      Medical Office Space Available

      Medical office space for rent with multiple exam rooms.
      2750 Newark Granville Rd, Granville, OH 43023
      View Details
    • Contact for pricing

      Commercial Development Land Opportunity

      Vacant commercial land near Denison University and Intel site.
      1904 Lancaster Rd, Granville, OH 43023
      View Details
    • Contact for pricing

      Land Available For Lease

      Land available for lease at 1310 Columbus Rd SW, Granville, OH.
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      View Details
    • $3,500 /Mo
      11,360 SF

      Retail Space on Columbus Road

      Retail space for rent in Granville Township, Licking County.
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      View Details
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    2000 Newark Granville Rd
    Granville, OH 43023-7009
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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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