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Property profile & analytics
FOR LEASE
Medical Office Space
444 N Cleveland Ave Westerville, OH 43082
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US66-2345733
For Lease
1 / 8
Contact for pricing
444 N Cleveland Ave, Westerville, OH 43082
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Property summary
AI-generated overview
This exceptional three-story medical office building, totaling 41,739 square feet, boasts a coveted location on Westerville's "Medical Mile." The Class B building, constructed in 2002, offers multiple tenancy options ranging from 2,709 to 28,365 contiguous square feet, with a total of 10 suites. Currently, there is 106,071 square feet of vacant space available. The property features ample parking with a 5:1,000 square foot ratio, ensuring convenient access for patients and staff. Its strategic location provides easy access to major thoroughfares, including I-270 and I-71, enhancing visibility and accessibility. The building is situated at the intersection of N Cleveland Ave and County Line Rd W in Delaware County's Northeast submarket (Westerville/Polaris cluster), offering excellent monument signage opportunities. Elevators are available for convenient access to all three floors. This property presents a unique opportunity for medical practices seeking a prominent and well-equipped space in a thriving medical hub.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2001
Total area
41,880 SF
Lot
3.82 ac (166,486 SF)
APN
317-333-01-014-003
UPID
US66-2345733
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Mount Carmel Rehab Services Westerville Medical Clinic
-
Westar Ob Gyn Medical Clinic
-
Dr. Alan J. Murnane, MD Physician
-
Riverside Hearing Services Medical Clinic
-
Mount Carmel Heart & Vascular Center Westar Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$6.92M
CAP Approach
CAP
$6.82M
Comparable Approach
Comparable
$8.74M
Blend (final)
Blend
$7.33M
Owner & transaction history
Westerville Rik Mp LLC · 4 yrs held
Westerville Rik Mp LLC
since 2021
Last sale
$8.3M
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$8.3M
+14.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Westerville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Westerville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$7,205,000
ML approach
$6,920,000
CAP Approach
CAP Return
Estimation
6%
$7,380,000
6.5%
$6,815,000
7%
$6,325,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$7,220,000
Current use
COMMERCIAL (GENERAL)
$8,275,000
Change: +15% · Conversion: Easy
AUTO REPAIR, GARAGE
$6,140,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$7.33M
Range $6.59M – $8.06M · ±10% · vs last sale $8.25M (Oct 21 2021)
Last sale anchor
$8.25M
Oct 21 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$175 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$230,991
Tax year 2023
Assessed value
$3,127,640
Assessed 2023
Previous assessed
$2,866,510
+9.1% YoY
Effective rate
7.39%
On assessed value
Assessed land
$393,330
Assessed improvement
$2,734,310
Land market value
$1,123,800
Improvement market value
$7,812,300
Total market value
$8,936,100
Applied tax rate
18.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2001
Heating
YES
Cooling
YES
Stories
2
Total area
41,880 SF
Lot
3.82 ac (166,486 SF)
APN
317-333-01-014-003
UPID
US66-2345733
Jurisdiction
DELAWARE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$7.2M
COMMERCIAL (GENERAL)
Est. value
$8.3M
AUTO REPAIR, GARAGE
Est. value
$6.1M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2001
Heating
YES
Cooling
Yes
Stories
2
Lot
3.82 ac
Current owner
From public records · entity-resolved
Westerville Rik Mp LLC
Entity
Mailing address
444 N CLEVELAND AVE, WESTERVILLE, OH 43082-8387
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 21, 2021
$8,250,000
Westerville Rik Mp LLC
Westerville Medical Properties LLC
Limited Warranty Deed
$298,000,000 · Capital One NA
Mar 31, 2020
—
Westerville Medical Prop0erties LLC
—
Deed
related
$175,000 · Capital One NA
Oct 6, 2016
$7,200,000
Westerville Medical Properties
Welltower INC
Trustees Deed
$27,939,851 · Healthcare Financial Solutions LLC Healthcare Financial Solutions LLC
Dec 6, 2012
$7,516,000
Health Care Reit INC
Mount Carmel Health System
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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