Building Details

Year Built 2009

Tenancy Single

Listing Agency: SURMOUNT

Listed By: Glen Kunofsky · License #NY 49KU1129178 Show Phone

Source: Crexi

Added: Apr 29 Changed: Sep 3 Last Checked: Sep 8 at 5:45AM

Report an Issue

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 SURMOUNT

Investment Insights

Based on property information with market context.

This for-sale Bob Evans restaurant property consists of approximately 6,595 rentable square feet on an estimated 2.95-acre parcel. The site is subject to a 20-year Triple Net (NNN) lease, which commenced on 7/24/2023.

The current annual rent is listed as $136,896, with scheduled 2.00% annual increases.

The offering is presented as an exclusive listing for the existing Bob Evans location at 11477 Allen Road in Jeffersonville, Ohio.

Key Highlights

• Standalone Bob Evans restaurant on an estimated 2.95‑acre parcel
• 6,595 rentable SF building
• 20‑year Triple Net (NNN) lease in place

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

$128,768

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

6.11%

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%

$2,575,360 $2.6M

Cap Rate 7%

$1,839,543 $1.8M

Cap Rate 9%

$1,430,756 $1.4M

Market Conditions

NOI Build-Up for 6,595 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

$178.1K $27.00/SF

− Vacancy

−$6.4K −$0.97/SF

EGI

$171.7K $26.03/SF

− OpEx

−$42.9K −$6.51/SF

NOI

$128.8K $19.53/SF

Area

Fayette County, OH

Vacancy

3.58%

Lease Rate

$27.00 /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%

$2,575,360

Cap Rate 7%

$1,839,543

Cap Rate 9%

$1,430,756

Alternative Uses

Best Use

Specialty Retail

$1.84M

$1.61M – $2.15M (±1% cap)

NOI $128,768 @ 7.0% cap · market cap 6.11%

Second Best

—

—

no second resolved use

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Bob Evans Restaurant

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Furniture & Home Goods Bakery Cafe & Coffee Shop Pet Grooming Service Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

198

Businesses Nearby

484

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Hotels & Casinos 100%

Rodeway Inn Hotels & Casinos

484 visits/mo 0.4 miles

Demographics for 43128, OH

2,267

Population

954

Households

2.4

Avg Household Size

41

Median Age

9%

College-Educated

92%

High-School Grad

48.6 sq mi

ZIP Area

47

Density / Sq Mi

$45,515

Median Household Income

$35,437

Median Earnings

$688

Median Rent

$139,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Drive-Through Restaurant Building

10260 Carr Road Nw, Jeffersonville, OH 43128

$349,900

1,200 SF

View details

Retail and Flex Units Available

1100 McArthur Rd, Jeffersonville, OH 43128

Contact for pricing

336,242 SF

View details

Four-Storefront Commercial Property

3-9 S Main Street, 9, Jeffersonville, OH 43128

Contact for pricing

View details

Church Property with Alley Access

23 Maple St, Jeffersonville, OH 43128

$30,000

View details

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Standalone Bob Evans restaurant is offered for sale with a 20-year NNN lease in place.

Where is this conventional restaurant located?

The property is located at 11477 Allen Road Jeffersonville, OH.

What is the asking price?

The asking price for this property is $2,106,000.

What are key features of this property?

This property features: Standalone Bob Evans restaurant on an estimated 2.95‑acre parcel; 6,595 rentable SF building; 20‑year Triple Net (NNN) lease in place