4485 Northland Ridge BlvdColumbus, OH 43224

Property Details for 4485 Northland Ridge Blvd

Year built

1963

Lot size

10.88 AC

Property size (Sq ft)

263,068 SF

Property type

Office properties

Property subtype

Office buildings

APN

010-270389

APU

10270389

Description

This exceptional investment opportunity presents a fee-simple ownership interest in a 320,000 square foot, three-story executive office building located at 4485 Northland Ridge Blvd, Columbus, OH 43224. Currently serving as the headquarters for the Ohio Department of Taxation, this stabilized property boasts a 100% occupancy rate with a credit-rated tenant under a gross lease. The existing lease, commencing January 1, 2025, and expiring June 30, 2037, includes a 12.5-year term with six two-year renewal options, each featuring a 3% rent increase. The asking price is $30,888,000, representing a compelling $96.52 per square foot and a 9.40% cap rate based on a Net Operating Income (NOI) of $2,903,497. The property sits on a 10.88-acre lot and includes 1,000 parking spaces. The building underwent a complete redevelopment in 2004 and is situated in a C-4 zoned area, offering significant growth potential. As part of the new lease agreement, the owner will complete substantial improvements, including exterior and interior cleaning, parking lot repairs, concrete repairs, lighting and bollard replacements, and roof repairs and replacements. The property's strategic location near other government agencies and the upcoming Intel investment further enhances its value. This is a mission-critical investment with strong fundamentals and a long-term, secure lease.

• CAP approach

  CAP return

  Valuation

  6%

  $49,549,028

  6.5%

  $45,737,564

  7%

  $42,470,596

• Comparable approach

  Method

  Valuation

  Relative Method

  $24,607,380

  Geo Method

  $24,607,380

• Alternative Use

  Use

  Valuation

  Residential

  $56,714,580

  Hospitality

  $51,950,252

  Educational

  $43,222,000

  Medical

  $44,708,468

  Retail

  $67,234,224

Location Insight

City

Columbus

County

Franklin

State

Ohio

Latitude

40.0585

Longitude

-82.9755

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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