Renovated Restaurant with
For Sale
$1,500,000
Pending
1192 Noe Bixby Road Columbus, Columbus, OH 43213
Operating full-service restaurant with outdoor seating, prominent signage, and substantial on-site parking.
Property Size6,448 SF
Lot Size2.19 Acres
Days on Market55
Property Features for 1192 Noe Bixby Road Columbus
General Information
Standard status
Pending
Size
6,448 SF
Total Parking Spaces
131
Lot size
2.19 Acres
Restaurant
Seating Capacity
350
Patio
Yes
Equipment Included
No
Liquor License
No
Additional Details
Furnished
No
Taxes and HOA fees
Annual Taxes
$34,668
Amenities
No
2.19
131.0
6448.0
Building Details
Building Size
6,448 SF
Year Built
1995
Year Renovated
2019
Buildings
1
Stories
1
Listing Agency:
(614) 660-5959
Listed By:
Joe Herban
(614) 660-5959
Source:
Movenowohio
Added: Jul 7
Changed: Aug 30
Last Checked: Aug 30 at 1:17PM
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 Joe Herban
Investment Insights
Based on property information with market context.
This full-service restaurant includes a 6,448 SF building and a 3,140 SF outdoor patio. The property accommodates 350 guests, with 204 indoor seats and 146 patio seats, and was renovated in 2019 following its original 1995 construction. On-site amenities include 131 parking spaces and prominent signage.
Located at 1192 Noe Bixby Road in Columbus, the property sits along Main St., where traffic counts exceed 21,000 vehicles per day. The site also offers freeway access and is positioned within an established traffic corridor. Liquor licenses identified for the restaurant include D1, D2, D3, D3A, and D6.
Located at 1192 Noe Bixby Road in Columbus, the property sits along Main St., where traffic counts exceed 21,000 vehicles per day. The site also offers freeway access and is positioned within an established traffic corridor. Liquor licenses identified for the restaurant include D1, D2, D3, D3A, and D6.
Key Highlights
- 6,448 SF restaurant building with 3,140 SF outdoor patio
- 350‑person seating capacity: 204 indoor and 146 patio seats
- Renovated in 2019; original build completed in 1995
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
$86,352
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
5.76%
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%
$1,727,040
$1.7M
Cap Rate 7%
$1,233,600
$1.2M
Cap Rate 9%
$959,467
$959.5K
Market Conditions
NOI Build-Up for 6,448 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
$123.8K $19.20/SF
− Vacancy
−$8.7K −$1.34/SF
EGI
$115.1K $17.86/SF
− OpEx
−$28.8K −$4.46/SF
NOI
$86.4K $13.39/SF
Area
Columbus, OH
Vacancy
7.00%
Lease Rate
$19.20 /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%
$1,727,040
Cap Rate 7%
$1,233,600
Cap Rate 9%
$959,467
Alternative Uses
Best Use
Specialty Retail
$1.23M
$1.08M – $1.44M
NOI $86,352 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,066 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43213, OH
35,105
Population
17,069
Households
2.1
Avg Household Size
37
Median Age
23%
College-Educated
90%
High-School Grad
10.3 sq mi
ZIP Area
3,408
Density / Sq Mi
$53,908
Median Household Income
$37,753
Median Earnings
$1,107
Median Rent
$197,700
Median Home Value
Market
Vacancy Rate% for Retail in Columbus, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating full-service restaurant with outdoor seating, prominent signage, and substantial on-site parking.
Where is this conventional restaurant located?
The property is located at 1192 Noe Bixby Road Columbus Columbus, OH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 6,448 SF restaurant building with 3,140 SF outdoor patio; 350‑person seating capacity: 204 indoor and 146 patio seats; Renovated in 2019; original build completed in 1995
