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Property profile & analytics
FOR LEASE
Office buildings
550 Polaris Pkwy, Westerville, OH 43082
Entity Owned
1-yr Hold
Free & Clear
Property ID
US66-6108296
For Lease
1 / 53
$12 SF/Yr
550 Polaris Pkwy, Westerville, OH 43082
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Property summary
AI-generated overview
Westar II, a Class A, four-story office building totaling 150,641 square feet, offers executive office suites in the highly desirable Polaris submarket of Westerville, Ohio. Built in 2003, this single building sits on a 10.87-acre lot at 550 Polaris Parkway, zip code 43082, in Delaware County. The property boasts convenient access to Interstates 71 and 270, placing it minutes from Polaris Fashion Place, hotels, and restaurants. Multiple tenancy options are available, with spaces ranging from a minimum of 1,019 square feet to a maximum contiguous space of 11,050 square feet
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2003
Total area
150,641 SF
Lot
10.86 ac (472,887 SF)
APN
318-441-01-003-005
UPID
US66-6108296
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
-
Merilee Luka-Keller Williams Excel Realty Real Estate Agency
-
Connie Farabaugh-Keller Williams Excel Realty Real Estate Agency
-
D.R. Horton Columbus Construction Company General Contractor
-
The Orsatti Home Team Real Estate Agency
-
Ashley A Kress - Keller Williams Excel Realty Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
D R Horton Indiana LLC · 1 yrs held
D R Horton Indiana LLC
since 2025
Last sale
$3.0M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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
$412,133
Tax year 2023
Assessed value
$5,083,610
Assessed 2023
Previous assessed
$4,550,010
+11.7% YoY
Effective rate
8.11%
On assessed value
Assessed land
$646,730
Assessed improvement
$4,436,880
Land market value
$1,847,800
Improvement market value
$12,676,800
Total market value
$14,524,600
Applied tax rate
49.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
2003
Heating
YES
Cooling
YES
Stories
4
Total area
150,641 SF
Lot
10.86 ac (472,887 SF)
APN
318-441-01-003-005
UPID
US66-6108296
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
Building & site characteristics
From public records
Year built
2003
Heating
YES
Cooling
Yes
Stories
4
Lot
10.86 ac
Current owner
From public records · entity-resolved
D R Horton Indiana LLC
Entity
Free & Clear · 1 yrs held
Mailing address
550 POLARIS PKWY, WESTERVILLE, OH 43082-7045
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 24, 2025
$3,035,000
D R Horton Indiana LLC
Forestar Real Estate Group INC
Deed
—
Feb 16, 2023
$16,120,000
Melrose Westar Holdings LLC
550 Polaris LLC
Limited Warranty Deed
$21,700,000 · Wells Fargo Bank NA
Aug 28, 2019
—
550 Polaris LLC
—
Loan Modification
related
$9,558,171 · First Cmnwlt Bk
Oct 8, 2013
—
550 Polaris LLC
Cabot 550 Polaris Pkwy 1 LLC
Quit Claim Deed
$11,189,000 · First Commonwealth Bank
May 27, 2005
$18,800,000
Cabot 550 Polaris Parkway 1 LLC
Westar Polaris Office II LLC
Limited Warranty Deed
$13,160,000 · Citigroup Global Markets Realty Cor
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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