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    Property profile & analytics

    500 Main St Columbus, OH 43215

    • Medical Office Space
    • 55,236 SF
    • 0.48 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2268809
    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

    • Zimmer Inc / Industrial Manufacturer / Production Facility
    • OhioHealth Laboratory Services - Market Exchange Building / Medical Laboratory
    • Fat Pat's BBQ / Restaurant
    • Dr. James B. Colombo, MD / Physician / Medical Clinic
    • Downtown Laboratory Patient Service Site / Medical Laboratory / Laboratory

    Property Details for 500 Main St

    Year built
    2001
    Lot size
    0.48 lot acres
    Property size
    55,236 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    010-056407
    APU
    10056407

    Description

    This exceptional three-story medical office building, located at 500 E Main St, Columbus, OH 43215, offers a variety of lease options for medical professionals. The building boasts a total of 55,844 square feet, with ample on-site parking for tenants and their patients. Currently, there is 6,462 square feet of vacant space available, divisible into units ranging from a minimum of 1,979 square feet to a maximum contiguous space of 4,483 square feet. This presents a unique opportunity for practices seeking expansion or relocation in a thriving Columbus location within Franklin County. The building's multi-tenant structure provides a collaborative environment, while the individual suite sizes cater to practices of varying sizes. The property's strategic location in Columbus ensures high visibility and easy access for patients. This is an excellent opportunity to secure prime medical office space in a desirable area. The building's modern design and ample parking make it an attractive option for medical professionals seeking a comfortable and convenient workspace. Interested parties are encouraged to inquire about available space and lease terms. The property is conveniently located in Franklin County, Ohio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $10,975,000
      6.5%
      $10,130,000
      7%
      $9,410,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,998,000
      Market price range: $5.04M - $10.7M
      AI Estimate
      $4,798,000
      Market price range: $2.18M - $6.68M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $7,460,000
      Current use
      RESTAURANT
      $12,595,000
      Change: +69% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $8,760,000
      Change: +17% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $8,005,000
      Change: +7% Conversion: Moderate
      OFFICE BUILDING
      $7,825,000
      Change: +5% Conversion: Easy
      COMMERCIAL (GENERAL)
      $6,500,000
      Change: -13% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $5,970,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Franklin
    State
    Ohio
    Longitude
    -82.9863
    Latitude
    39.958
    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
    $195,526
    $224,460
    $2,452,210
    $2,676,670
    -
    $641,300
    $7,006,300
    $7,647,600

    Comparable in this City

    • Value Estimation
      $16,095,000
      110,611 SF

      285 State St

      MEDICAL BUILDING • 110,611 SF
      285 State St, Columbus, OH 43215-4354
      View Details
    • Value Estimation by Request
      1,652 SF

      270 Grant Ave

      MEDICAL BUILDING • 1,652 SF
      270 Grant Ave, Columbus, OH 43215-5334
      View Details
    • Value Estimation
      $4,055,000
      17,600 SF

      495 Main St

      MEDICAL BUILDING • 17,600 SF
      495 Main St, Columbus, OH 43215-5679
      View Details
    • Value Estimation
      $1,660,000
      9,992 SF

      1127 Dublin Rd

      MEDICAL BUILDING • 9,992 SF
      1127 Dublin Rd, Columbus, OH 43215-1005
      View Details
    • Value Estimation
      $3,180,000
      33,305 SF

      720 Broad St

      MEDICAL BUILDING • 33,305 SF
      720 Broad St, Columbus, OH 43215-3988
      View Details
    • Value Estimation by Request
      0.08 Acres

      666 Broad St, Unit 696

      MEDICAL BUILDING • 0.08 Acres
      666 Broad St, Columbus, OH 43215-3947
      View Details

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      Columbus Medical Office Space

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      55,844 SF

      Columbus Medical Office Space For Lease

      Prime Medical Office Suites Available in Columbus
      500 Main St, Columbus, OH 43215
      View Details
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    Columbus, OH 43215
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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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