Former Restaurant Building Near
For Sale
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517 Griswold Rd, Elyria, OH
Former restaurant building near retail area, major highways, and retailers.
Property Size3,800 SF
Lot Size0.81 Acres
Price / SF$117.11
Days on Market686
Property Features for 517 Griswold Rd
General Information
Standard status
Active
Size
3,800 SF
Lot size
0.81 Acres
Property subtype
RETAIL
Properties For Sale
at 517 Griswold Rd Contact us- Floor
- Bldg
- Size
- 3,800 SF
- Type
- RETAIL
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
517 Griswold Rd
- Former Country Kitchen restaurant building surrounding Midway Mall retail area...
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Listing Agency:
Hoff & Leigh
(330) 990-0847
Listed By:
Joe Zumpano · License #SAL.2015004596
(330) 990-0847
Source:
Moodyscre
Added: Sep 27, 2024
Changed: Aug 8
Last Checked: May 19 at 8:24PM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
The property is a former Country Kitchen restaurant building with a size of 3800 square feet. It is located in the Midway Mall retail area and is near major highways and other national retailers. The building requires major renovation. It is suitable for restaurants, retail properties, or other restaurant businesses.
Key Highlights
- Located near major highways and other national retailers.
- Surrounding Midway Mall retail area.
- Former Country Kitchen restaurant building.
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
$40,955
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
9.20%
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%
$819,100
$819.1K
Cap Rate 7%
$585,071
$585.1K
Cap Rate 9%
$455,056
$455.1K
Market Conditions
NOI Build-Up for 3,800 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
$57.0K $15.00/SF
− Vacancy
−$2.4K −$0.63/SF
EGI
$54.6K $14.37/SF
− OpEx
−$13.7K −$3.59/SF
NOI
$41.0K $10.78/SF
Area
Lorain 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%
$819,100
Cap Rate 7%
$585,071
Cap Rate 9%
$455,056
Alternative Uses
Best Use
Specialty Retail
$585.1K
$511.9K – $682.6K
NOI $40,955 @ 7.0% cap · market cap 9.20%
Second Best
Retail
$546.1K
$477.8K – $637.1K
NOI $38,224 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$957.6K
$837.9K – $1.12M
NOI $67,032 @ 7.0% cap · market cap 15.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
78k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Shops & Services 30%
Home Improvements & Furnishings 28%
Hotels & Casinos 4%
Lowe's
Home Improvements & Furnishings
21,701 visits/mo
0.4 miles
Speedway
Shops & Services
17,023 visits/mo
0.2 miles
Wendy's
Dining
13,475 visits/mo
0.5 miles
BIGGBY COFFEE
Dining
9,858 visits/mo
0.4 miles
Jimmy John's
Dining
5,640 visits/mo
0.4 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Restaurant - Former restaurant building near retail area, major highways, and retailers.
Where is this restaurant located?
The property is located at 517 Griswold Rd Elyria, OH.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Located near major highways and other national retailers.; Surrounding Midway Mall retail area.; Former Country Kitchen restaurant building.
