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    2405 N Columbus St Lancaster, OH 43130

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    2405 N Columbus St Lancaster, OH 43130

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    • Medical Office Space
    • 76,509 SF
    • 7.21 lot acres
    For Lease
    $13,270,000
    View Listing →
    Medical Building with Custom Build-Out For Lease
    $13,270,000
    12,969 SF

    Medical Building with Custom Build-Out

    Multi-tenant medical building with build-out options and ample parking.

    2405 N Columbus St, Lancaster, OH 43130
    View Listing
    Property ID
    US66-1307976
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Gital Patel, MD / Physician / Medical Clinic
    • River Valley Sportsmed / Physician
    • Lancaster Sleep Diagnostic Center / Medical Clinic
    • Montgomery Jason R / Medical Clinic
    • Central Ohio Neurological / Medical Clinic

    Property Details for 2405 N Columbus St

    Year built
    1997
    Lot size
    7.21 lot acres
    Property size
    76,509 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    053-22388.10
    APU
    532238810

    Description

    This exceptional multi-tenant medical office building in Lancaster, Ohio, presents a unique investment opportunity. Located at 2405 N Columbus St, 43130, this property boasts a total of 23,159 square feet, with significant space currently available for lease. Multiple suites are available, ranging from 1,490 square feet to a maximum contiguous space of 23,159 square feet. Currently, 15,797 square feet are vacant, offering flexibility for various medical practices. The building features a convenient parking ratio of 5 spaces per 1000 square feet. Specific suite availabilities include: Suite 110 (1,490 sq ft available for sublease), Suites 120, 150, and 160 (8,852 sq ft available November 1, 2023), Suite 140 (14,307 sq ft available for sublease), Suite 205 (4,271 sq ft available November 1, 2023), and Suite 235 (2,552 sq ft available). The property also benefits from recently renovated common areas and an on-site surgical center. Generous tenant improvement allowances are available, along with opportunities for custom build-outs to suit specific needs. This Fairfield County location provides excellent access and visibility. The property is categorized as a medical office building with multiple tenancies.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $15,105,000
      6.5%
      $13,945,000
      7%
      $12,945,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $9,283,000
      Market price range: $2.77M - $9.28M

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Fairfield
    State
    Ohio
    Longitude
    -82.6352
    Latitude
    39.7411
    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
    $365,125
    $266,210
    $3,763,870
    $4,030,080
    -
    $760,600
    $10,753,920
    $11,514,520

    Comparable in this City

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    • Value Estimation
      $1,010,000
      8,916 SF

      1532 Wesley Way

      MEDICAL BUILDING • 8,916 SF
      1532 Wesley Way, Lancaster, OH 43130-7642
      View Details
    • Value Estimation
      $1,515,000
      13,549 SF

      1241 Riv Vly Blvd

      MEDICAL BUILDING • 13,549 SF
      1241 Riv Vly Blvd, Lancaster, OH 43130-1653
      View Details
    • Value Estimation by Request
      924 SF

      103 Cedar Hl Rd

      MEDICAL BUILDING • 924 SF
      103 Cedar Hl Rd, Lancaster, OH 43130-3637
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    • Value Estimation by Request
      1,854 SF

      616 Columbus St

      MEDICAL BUILDING • 1,854 SF
      616 Columbus St, Lancaster, OH 43130-2535
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    • Value Estimation by Request
      15,488 SF

      1500 Main St

      MEDICAL BUILDING • 15,488 SF
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      View Details

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    Similar Nearby for Lease

    • $14 SF/Yr
      12,584 SF

      Medical Office Building For Lease

      Multi-tenant medical office building with renovated common areas.
      2405 North Columbus St, Lancaster, OH 43130
      View Details
    • Contact for pricing

      Medical Building with Custom Build-Out

      Multi-tenant medical building with build-out options and ample parking.
      2405 N Columbus St, Lancaster, OH 43130
      View Details
    • Contact for pricing

      Versatile Retail/Office Space Available

      Adaptable space suitable for retail, medical, or office use.
      1145 E Main St, Lancaster, OH 43130
      View Details
    • Contact for pricing
      30,000 SF

      Lancaster Office Space Available

      30,000 square feet of office space for rent.
      1432 NW Collins Rd, Lancaster, OH 43130
      View Details
    View Listing
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    Lancaster, OH 43130
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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.

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    2405 N Columbus St, Lancaster, OH, 43130

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