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    480 Olde Worthington Rd Westerville, OH 43082

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    480 Olde Worthington Rd Westerville, OH 43082

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    • Office buildings
    • 102,487 SF
    • 8.94 lot acres
    For Lease
    $6,025,000
    View Listing →
    Westerville Office Space for Lease For Lease
    $6,025,000
    15,312 SF

    Westerville Office Space for Lease

    Office space available in Westerville, close to I-71.

    480 Olde Worthington Rd, Westerville, OH 43082
    View Listing
    Property ID
    US66-0559558
    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
    $6,025,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The SmarTV Company, LLC / (Bike/Boat/Book/etc) Store / Corporate Office
    • Tiller Tracking / (Bike/Boat/Book/etc) Store / Corporate Office
    • Lake Shore Cryotronics World Headquarters / Corporate Office
    • NRL Mortgage- Columbus / Loan Service / Bank
    • Abby Solutions Group / Landscaping / General Contractor

    Property Details for 480 Olde Worthington Rd

    Year built
    2000
    Lot size
    8.94 lot acres
    Property size
    102,487 SF
    Property type
    Office buildings
    APN
    318-443-01-008-001
    APU
    31844301008001

    Description

    This Class A, three-story office building at 480 Olde Worthington Rd in Westerville, Ohio offers 102,487 square feet of space, with 15,312 square feet currently vacant and divisible into units as small as 1,206 square feet. The building, constructed in 2000, features a traditional and creative office layout, situated on 8.96 acres of land in the Polaris submarket of Delaware County. The property boasts ample parking (5.5 spaces per 1,000 square feet) and convenient access to I-71. The available space is located on the third floor, offering views of the surrounding campus. The building's efficient design, with a 9% common area factor, maximizes usable space. The location provides employees and visitors with easy access to a wide array of amenities. The property's APN is 318-443-01-008-001. The building has two suites and elevators are available. This is a multi-tenant building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,985,000
      ML approach
      $6,110,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,029,000
      Market price range: $3.08M - $12.7M

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

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Delaware
    State
    Ohio
    Longitude
    -82.962
    Latitude
    40.1398
    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
    $212,239
    $623,950
    $1,993,990
    $2,617,940
    -
    $1,782,700
    $5,697,100
    $7,479,800

    Comparable in this City

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      2,169 SF

      385 County Line Rd W Ste, Unit 160

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      95,598 SF

      600 Cleveland Ave

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      1,687 SF

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      105 Commerce Park Dr Ste A

      OFFICE BUILDING • 1,026 SF
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      2,000 SF

      333 County Line Rd W Ste B

      OFFICE BUILDING • 2,000 SF
      333 County Line Rd W Ste B, Westerville, OH 43082-6907
      View Details

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      Westerville Office and Flex Asset

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      Westerville Office and Warehouse Space

      Office and warehouse spaces available for lease in Westerville, OH.
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      Westerville Office and Flex Asset

      Three-story office and flex asset in Westerville, Ohio.
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      Class A Office Building

      Class A office building in Westerville/Polaris sub-market.
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      9,644 SF

      Westerville Office Building For Sale

      Two-story office building with studio room in Westerville, Ohio.
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    Similar Nearby for Lease

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      Class A Office Building

      Class A office building in Westerville/Polaris sub-market.
      579 Executive Campus Dr, Westerville, OH 43082
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    • $12 SF/Yr

      Professional Office Campus Near I-71

      Office suites available in a well-located, easily accessible professional campus.
      480 Olde Worthington Rd, Westerville, OH 43082
      View Details
    • Contact for pricing
      12,764 SF

      Class A Office Space Available

      Five-story office building in Westerville's Westar area for rent.
      440 Polaris Pkwy, Westerville, OH 43082
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      30,000 SF

      Prestigious Office Building in Polaris

      Premier office space in a highly desirable Columbus submarket.
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      Prestigious Office Building in Columbus

      Located in the heart of Polaris, Westerville, Ohio.
      550 Polaris Pkwy, Westerville, OH 43082
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      29,500 SF

      Class A Office Space Available

      Five-story office building near Polaris Centers of Commerce.
      460 Polaris Pkwy, Westerville, OH 43082
      View Details
    View Listing
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    Westerville, OH 43082
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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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    480 Olde Worthington Rd, Westerville, OH, 43082

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