Tim Hortons | White Castle
For Sale
Contact for pricing
1000-1020 N Bridge St, Chillicothe, OH 45601
Ground lease investment with long-term tenants in prime location.
Property Size5,424 SF
Price / SF$372.42
Days on Market207
Property Features for 1000-1020 N Bridge St
General Information
Standard status
Active
Size
5,424 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Net Operating Income
$121,205
Building Details
Buildings
2
Stories
1
Tenancy
Multi
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0288
Listed By:
Deno Bistolarides · License #6502378067
Source:
Crexi
Added: Jan 26
Changed: Aug 8
Last Checked: Aug 8 at 6:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
This investment opportunity features a ground lease with Tim Hortons and White Castle, located at 1000-1020 North Bridge Street, Chillicothe, OH 45601. The tenants have demonstrated commitment to the location for over 15 years. The property is situated in a retail corridor along Bridge Street, which sees over 30,000 vehicles daily, and is located across from the Chillicothe Place shopping center. Tim Hortons is a coffee and breakfast brand, and White Castle is a fast-food chain. The property size is 5,424 square feet. The property offers potential for increased rent and corporate guarantees. The Net Operating Income (NOI) is $121,205.
Key Highlights
- Long‑term ground leases with Tim Hortons and White Castle, showing commitment to the location.
- Stable income stream with a Net Operating Income (NOI) of $121,205 and a 6.0% cap rate.
- Prime retail corridor location on Bridge Street with high traffic count (over 30,000 vehicles daily).
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
$58,457
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
2.89%
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%
$1,169,140
$1.2M
Cap Rate 7%
$835,100
$835.1K
Cap Rate 9%
$649,522
$649.5K
Market Conditions
NOI Build-Up for 5,424 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
$81.4K $15.00/SF
− Vacancy
−$3.4K −$0.63/SF
EGI
$77.9K $14.37/SF
− OpEx
−$19.5K −$3.59/SF
NOI
$58.5K $10.78/SF
Area
Ross County, OH
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,169,140
Cap Rate 7%
$835,100
Cap Rate 9%
$649,522
Alternative Uses
Best Use
Specialty Retail
$835.1K
$730.7K – $974.3K
NOI $58,457 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$895.6K – $1.19M
NOI $71,649 @ 7.0% cap · market cap 3.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 45601, OH
56,849
Population
23,358
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
348.7 sq mi
ZIP Area
163
Density / Sq Mi
$57,430
Median Household Income
$39,973
Median Earnings
$858
Median Rent
$160,800
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.
Similar Off Market Nearby
- Cofe Roaster — 6 Consumer Center Dr, Chillicothe, OH 45601
- Starbucks — 888 N Bridge St, Chillicothe, OH 45601
Frequently Asked Questions
What type of property is this?
Coffee shop - Ground lease investment with long-term tenants in prime location.
Where is this coffee shop located?
The property is located at 1000-1020 N Bridge St Chillicothe, OH.
What is the asking price?
The asking price for this property is $2,020,000.
What are key features of this property?
This property features: Long‑term ground leases with Tim Hortons and White Castle, showing commitment to the location.; Stable income stream with a Net Operating Income (NOI) of $121,205 and a 6.0% cap rate.; Prime retail corridor location on Bridge Street with high traffic count (over 30,000 vehicles daily).
