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    5175 Morse Rd Columbus, OH 43230
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    Property profile & analytics

    5175 Morse Rd Columbus, OH 43230

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    • Medical Office Space
    • 20,706 SF
    • 2.03 lot acres
    For Lease
    $15 SF/Yr
    View Listing →
    Gahanna Medical Office Space Available For Lease
    $15 SF/Yr
    2,639 SF

    Gahanna Medical Office Space Available

    Medical office suites available for lease in Gahanna, Ohio.

    5175 Morse Road, Columbus, OH 43230
    View Listing
    Property ID
    US66-1636377
    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

    • Ohio State Stonybrook Gahanna / Medical Clinic / Physician
    • Ohio State Dermatology Stonybrook Gahanna / Medical Group
    • Dr. Vishal Chitkara / Dental Office
    • Small World Pediatrics - Central Ohio Primary Care / Medical Clinic
    • Smith Jr Stephen P MD / Physician / Medical Clinic

    Property Details for 5175 Morse Rd

    Year built
    2008
    Construction
    WOOD
    Lot size
    2.03 lot acres
    Property size
    20,706 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    025-011233
    APU
    25011233

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,993,000
      Market price range: $814k - $2.20M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,795,000
      Current use
      AUTO REPAIR, GARAGE
      $3,285,000
      Change: +17% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,000,000
      Change: +7% Conversion: Moderate
      OFFICE BUILDING
      $2,790,000
      Change: -0% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,240,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Gahanna
    County
    Franklin
    State
    Ohio
    Longitude
    -82.8546
    Latitude
    40.0542
    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
    $111,067
    $248,330
    $1,090,710
    $1,339,040
    -
    $709,500
    $3,116,300
    $3,825,800

    Comparable in this City

    • Value Estimation
      $4,350,000
      38,324 SF

      701 Tech Ctr Dr

      MEDICAL BUILDING • 38,324 SF
      701 Tech Ctr Dr, Columbus, OH 43230-1987
      View Details
    • Value Estimation
      $1,050,000
      7,608 SF

      496 Havens Cors Rd

      MEDICAL BUILDING • 7,608 SF
      496 Havens Cors Rd, Gahanna, OH 43230-3107
      View Details
    • Value Estimation
      $930,000
      8,430 SF

      1085 Johnstown Rd

      MEDICAL BUILDING • 8,430 SF
      1085 Johnstown Rd, Gahanna, OH 43230-6849
      View Details
    • Value Estimation
      $7,870,000
      0.88 Acres

      765 Hamilton Rd

      MEDICAL BUILDING • 0.88 Acres
      765 Hamilton Rd, Gahanna, OH 43230-8703
      View Details
    • Value Estimation
      $1,730,000
      1.01 Acres

      175 Johnstown Rd

      MEDICAL BUILDING • 1.01 Acres
      175 Johnstown Rd, Gahanna, OH 43230-5714
      View Details
    • Value Estimation
      $1,440,000
      14,499 SF

      1329 Cherry Way Dr

      MEDICAL BUILDING • 14,499 SF
      1329 Cherry Way Dr, Gahanna, OH 43230-6777
      View Details

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      32,340 SF

      Two-Story Multi-Tenant Office Building

      Two-story, 32,340 SF multi-tenant office building built in 1999.
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      Gahanna Warehouse Unit For Lease

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      38,462 SF

      Versatile Industrial Property with Office Space

      Industrial complex featuring office, warehouse, and storage buildings for lease.
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      Gahanna Warehouse Unit For Lease

      2,900 SF warehouse unit with office space available 2026.
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      View Details
    • $2,750,000
      17,413 SF

      Gahanna Executive Office Building

      Class A Office, 17,413 SF, $2.75M
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    Similar Nearby for Lease

    • Contact for pricing
      1,285 SF

      Medical Office Space For Rent

      Medical office space near Easton Town Center and I-270.
      1329 Cherry Way Dr, Columbus, OH 43230
      View Details
    • Contact for pricing

      Dental Space For Lease

      Dental space available for lease.
      1375 Cherry Way Dr, Columbus, OH 43230
      View Details
    • Contact for pricing
      2,448 SF

      Medical/Office Space Near Easton

      Well-maintained medical or office space with ample parking.
      1375 Cherry Way Dr, Columbus, OH 43230
      View Details
    • $15 SF/Yr
      2,639 SF

      Gahanna Medical Office Space Available

      Medical office suites available for lease in Gahanna, Ohio.
      5175 Morse Rd, Columbus, OH 43230
      View Details
    • Contact for pricing
      5,313 SF

      Medical Office Space Available

      Class B office building with medical build-out available for lease.
      600-604 Morrison Rd, Columbus, OH 43230
      View Details
    View Listing
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    Columbus, OH 43230
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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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