Three-Floor Restaurant and
For Sale
$399,900
23 Monument Square, Urbana, OH 43078
Commercial Sale, Urbana, OH
Property Size4,769 SF
Lot Size0.04 Acres
Price / SF$83.85
Days on Market122
Property Features for 23 Monument Square
General Information
Property type
Commercial Sale
Property subtype
Other
Basement
Unfinished, Full
Subdivision
City/Urbana
Directions
Downtown Urbana in the Southwest corner of Monument Square.
Standard status
Active
APN
K482500011602000
Size
4,769 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Building materials
Brick
Listing Agency:
RE/MAX Alliance Realty
(937) 652-1100
Listed By:
V. Patrick Hamilton · License #2004002933
(937) 869-1809
Added: May 9
Changed: Sep 3
Last Checked: Sep 7 at 2:06PM
MLS# 1045544
Copyright © 2026 Western Regional Information System & Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-floor brick building contains 4,769 square feet plus a full basement at 23 Monument Square in downtown Urbana. The sale includes Abuela’s Kitchen, a Latin American restaurant and bar, along with the commercial kitchen, prep areas, dining furnishings, décor, equipment, inventory, and operating essentials. D5L and D6 liquor licenses are included, supporting continued bar service and entertainment use.
The second floor is currently leased, while the third floor is unfinished space that can accommodate future expansion, private events, offices, or additional rental use. Carryout and catering operations are also established within the business. The property was built in 1900 and features natural gas forced-air heat, central air, and public sewer service.
The second floor is currently leased, while the third floor is unfinished space that can accommodate future expansion, private events, offices, or additional rental use. Carryout and catering operations are also established within the business. The property was built in 1900 and features natural gas forced-air heat, central air, and public sewer service.
Key Highlights
- 4,769‑square‑foot building across three floors plus a full basement
- Sale includes Abuela’s Kitchen Latin American restaurant and bar
- Commercial kitchen, prep areas, dining furnishings, décor, equipment, and inventory included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,597
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$391,940
$391.9K
Cap Rate 7%
$279,957
$280.0K
Cap Rate 9%
$217,744
$217.7K
Market Conditions
NOI Build-Up for 4,769 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.6K $6.41/SF
− Vacancy
−$2.6K −$0.54/SF
EGI
$28.0K $5.87/SF
− OpEx
−$8.4K −$1.76/SF
NOI
$19.6K $4.11/SF
Area
Champaign County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$391,940
Cap Rate 7%
$279,957
Cap Rate 9%
$217,744
Alternative Uses
Best Use
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $93,115 @ 7.0% cap · market cap 23.28%
Second Best
Industrial
$280.0K
$245.0K – $326.6K
NOI $19,597 @ 7.0% cap · market cap 4.90%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
19k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
United Dairy Farmers
Shops & Services
12,775 visits/mo
0.1 miles
Marathon
Shops & Services
4,155 visits/mo
0.1 miles
Fifth Third Bank & ATM
Shops & Services
1,619 visits/mo
0.1 miles
Demographics for 43078, OH
20,067
Population
8,904
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
133
Density / Sq Mi
$72,500
Median Household Income
$40,854
Median Earnings
$909
Median Rent
$176,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Downtown restaurant property with a commercial kitchen, dining furnishings, bar service, and additional space for expansion.
Where is this conventional restaurant located?
The property is located at 23 Monument Square Urbana, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 4,769‑square‑foot building across three floors plus a full basement; Sale includes Abuela’s Kitchen Latin American restaurant and bar; Commercial kitchen, prep areas, dining furnishings, décor, equipment, and inventory included
