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    5508-5584 Hilliard Rome Rd Hilliard, OH 43026
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    Property profile & analytics

    5508-5584 Hilliard Rome Rd Hilliard, OH 43026

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    • Office buildings
    • 25,000 SF
    • 4.94 lot acres
    For Lease
    $13 SF/Yr
    View Listing →
    Hilliard Rome Road Office Building For Lease
    $13 SF/Yr
    3,750 SF

    Hilliard Rome Road Office Building

    Class B office building with move-in ready medical suites.

    5508-5584 Hilliard Rome Road, Hilliard, OH 43026
    View Listing
    Property ID
    US66-2169478
    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

    • Office buildings

    Property Details for 5508-5584 Hilliard Rome Rd

    Year built
    2008
    Lot size
    4.94 lot acres
    Property size
    25,000 SF
    Property type
    Office buildings
    APN
    560-168624
    APU
    560168624

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,470,000
      6.5%
      $5,050,000
      7%
      $4,690,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,138,000
      Market price range: $2.06M - $5.80M
      AI Estimate
      $3,496,000
      Market price range: $1.18M - $4.54M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,390,000
      Current use
      RESTAURANT
      $7,265,000
      Change: +66% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $4,120,000
      Change: -6% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $4,100,000
      Change: -7% Conversion: Difficult
      MEDICAL BUILDING
      $3,760,000
      Change: -14% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $3,625,000
      Change: -17% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hilliard
    County
    Franklin
    State
    Ohio
    Longitude
    -83.1539
    Latitude
    39.9928
    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
    $102,793
    $406,280
    $1,012,100
    $1,418,380
    -
    $1,160,800
    $2,891,700
    $4,052,500

    Comparable in this City

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      0.24 Acres

      4143 Main St

      OFFICE BUILDING • 0.24 Acres
      4143 Main St, Hilliard, OH 43026-1403
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    • Value Estimation by Request
      1,056 SF

      4975 Cemetery Rd

      OFFICE BUILDING • 1,056 SF
      4975 Cemetery Rd, Hilliard, OH 43026-1641
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      2,024 SF

      5375 Grace St

      OFFICE BUILDING • 2,024 SF
      5375 Grace St, Hilliard, OH 43026-1411
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    • Value Estimation by Request
      2,096 SF

      2490 Hilliard Rome Rd

      OFFICE BUILDING • 2,096 SF
      2490 Hilliard Rome Rd, Hilliard, OH 43026-9467
      View Details
    • Value Estimation
      $940,000
      7,600 SF

      4010 Main St

      OFFICE BUILDING • 7,600 SF
      4010 Main St, Hilliard, OH 43026-1423
      View Details

    Similar Nearby for Sale

    • $810,000

      Medical Office Building Opportunity

      New Class A medical office building suitable for various uses.
      2876 Hilliard Rome Rd, Hilliard, OH 43026
      View Details
    • Contact for pricing

      Class A Medical/Office Building

      Two-story Class A medical/office building in Mill Run area.
      3535 Fishinger Blvd, Hilliard, OH 43026
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      3,234 SF

      Medical/Office Building with Drive Thru

      Standalone medical/office building with drive-thru in Hilliard, OH.
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      4,700 SF

      Office/Warehouse Building on One Acre

      Well-maintained office/warehouse with expansion potential on over one acre.
      2910 Scioto Darby Ex Ct, Hilliard, OH 43026
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      Class A Medical/Office Building

      Two-story Class A medical/office building in Mill Run area.
      3535 Fishinger Blvd, Hilliard, OH 43026
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      7,493 SF

      Hilliard Office/Warehouse Multi-Tenant Property

      Multi-tenant office/warehouse with dock and drive-in access in Hilliard.
      4700 Northwest Pkwy, Hilliard, OH 43026
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      55,000 SF

      Office Building Near Tuttle Crossing

      Office building near I-270 with on-site amenities.
      5550 Britton Pkwy, Hilliard, OH 43026
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      10,000 SF

      Hilliard Office Space Available

      Office space available for rent in Hilliard, Ohio.
      2876 Hilliard Rome Rd, Hilliard, OH 43026
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    • Contact for pricing

      Office Space Available For Rent

      Office spaces available, ranging from 8,000 to 16,260 SqFt.
      4640 Trueman Blvd, Hilliard, OH 43026
      View Details
    • $13 SF/Yr

      Hilliard Medical/Office Space Available

      Medical/Office space available for lease in Hilliard, Ohio.
      5528 Hilliard Rome Rd, Hilliard, OH 43026
      View Details
    • $25 SF/Yr
      20,400 SF

      Hilliard Retail and Medical Space

      Commercial site with retail and medical space in Hilliard, Ohio.
      Scioto Darby Rd & Alton Darby Crk Rd, Hilliard, OH 43026
      View Details
    • $13 SF/Yr
      2,500 SF

      Move-In Ready Office and Medical

      Office and medical suites available for rent.
      5528 Hilliard Rome Office Park, Hilliard, OH 43026
      View Details
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    Hilliard, OH 43026
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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.

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