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    8800 Lyra Dr Columbus, OH 43240

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    Property profile & analytics

    8800 Lyra Dr Columbus, OH 43240

    View on Map
    • Office buildings
    • 163,358 SF
    • 9.98 lot acres
    For Lease
    $15,010,000
    View Listing →
    Six-Story Office Building For Rent For Lease
    $15,010,000
    162,000 SF

    Six-Story Office Building For Rent

    Multi-tenant office building with 162,000 square feet available for rent.

    8800 Lyra Dr, Columbus, OH 43240
    View Listing
    Property ID
    US66-1421763
    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

    • Carol J. Huber - Realtor, Coldwell Banker King Thompson / Real Estate Agency
    • Barber & Hoffman Inc / Structural Engineer
    • OuterBox / Advertising Agency / Marketing & Advertising
    • Community Bankers Association of Ohio (CBAO) / Charitable Organization / Social Service Agency
    • Colliers International | Greater Columbus Region / Property Management Company / Commercial Real Estate Agency

    Property Details for 8800 Lyra Dr

    Year built
    1999
    Lot size
    9.98 lot acres
    Property size
    163,358 SF
    Property type
    Office buildings
    APN
    318-434-01-025-000
    APU
    31843401025000

    Description

    8800 Lyra Drive offers exceptional executive office space in Columbus, Ohio's Polaris submarket. This Class B, six-story building, constructed in 1999, boasts a total of 162,000 square feet. Multiple tenancy options are available, with spaces ranging from a minimum of 5,698 square feet to a maximum contiguous space of 28,360 square feet. Currently, 56,154 square feet are vacant, presenting a significant opportunity for businesses seeking modern, efficient office accommodations. The building features ample parking with a ratio of 5 spaces per 1000 square feet, ensuring convenient access for employees and clients. High-speed elevators efficiently service all six floors. The building's common area factor is 13%. This location provides easy access to major transportation routes and amenities within the thriving Polaris area of Columbus. The property is ideal for companies seeking flexible and well-appointed office space in a desirable business environment. Inquire today to learn more about the available suites and customize your ideal workspace within this impressive Columbus office building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $20,950,000
      Market price range: $12.3M - $36.1M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $23,315,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $23,680,000
      Change: +2% Conversion: Easy
      MEDICAL BUILDING
      $22,060,000
      Change: -5% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbus
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9736
    Latitude
    40.1445
    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
    $436,044
    $1,005,480
    $5,419,120
    $6,424,600
    -
    $2,872,800
    $15,483,200
    $18,356,000

    Comparable in this City

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      170,317 SF

      8787 Orion Pl

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      57,594 SF

      8720 Orion Pl

      OFFICE BUILDING • 57,594 SF
      8720 Orion Pl, Columbus, OH 43240-2111
      View Details
    • Value Estimation
      $14,745,000
      152,540 SF

      8850 Lyra Dr

      OFFICE BUILDING • 152,540 SF
      8850 Lyra Dr, Columbus, OH 43240-2295
      View Details
    • Value Estimation
      $1,190,000
      8,850 SF

      8820 Commerce Loop Dr

      OFFICE BUILDING • 8,850 SF
      8820 Commerce Loop Dr, Columbus, OH 43240-2121
      View Details
    • Value Estimation
      $6,635,000
      74,200 SF

      2001 Polaris Pkwy

      OFFICE BUILDING • 74,200 SF
      2001 Polaris Pkwy, Columbus, OH 43240-2000
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      8900 Lyra Drive, Columbus, OH

      Commercial real estate at 8900 Lyra Drive, Columbus, OH 43240.
      8900 Lyra Dr, Columbus, OH 43240
      View Details
    • Contact for pricing
      22,853 SF

      Polaris Parkway Office Opportunity

      Office building with frontage, visibility, and renovated common areas.
      999 Polaris Pkwy, Columbus, OH 43240
      View Details
    • $8,000,000
      72,588 SF

      Move-in Ready Office Building

      72,588 SF office building ready for occupancy Q1 2023.
      1000 Polaris Pkwy, Columbus, OH 43240
      View Details
    • Contact for pricing
      4,884 SF

      Multi-Tenant Office Property For Sale

      Three-story office building in Polaris location with immediate suite availability.
      8740 Orion Pl, Columbus, OH 43240
      View Details
    • $1,025,000
      5,130 SF

      Polaris Area Flex/Retail/Office Building

      5,130 SF building ideal for flex, office, or retail.
      9015 Antares Ave, Columbus, OH 43240
      View Details
    • Contact for pricing
      4,061 SF

      Retail Space Near Polaris Fashion

      Retail space across from the most visited Ohio retail center.
      8787 Sancus Blvd, Columbus, OH 43240
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Three-Story Multi-Tenant Office Building

      Three-story office building with 52,027 square feet available for rent.
      8760 Orion Pl, Columbus, OH 43240
      View Details
    • Contact for pricing

      Polaris Center of Commerce

      Master-planned development with over 8 million square feet.
      1070 Polaris Pkwy, Columbus, OH 43240
      View Details
    • Contact for pricing
      8,537 SF

      Class A Office Space Available

      Four-story Class A office buildings near Polaris I-71 Interchange.
      8425 Pulsar Pl, Columbus, OH 43240
      View Details
    • Contact for pricing

      Six-Story Office Building For Rent

      Multi-tenant office building with 162,000 square feet available for rent.
      8800 Lyra Dr, Columbus, OH 43240
      View Details
    • Contact for pricing

      Class A Office Building

      Six-story office building near I-71 and Polaris Parkway.
      1900 Polaris Pkwy, Columbus, OH 43240
      View Details
    • Contact for pricing

      Class A Office Buildings

      Four-story office buildings near Polaris I-71 Interchange available for rent.
      8415-8425 Pulsar Pl, Columbus, OH 43240
      View Details
    View Listing
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    Columbus, OH 43240
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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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