Building Details

Building Size 5,248 SF

Year Built 1917

Listing Agency: Miller Diversified Brokerage c***@millerdiversified.com Show Phone

Listed By: Chris Murphy · License #SAL.2022006382 Show Phone

Source: Millerdiversified

Added: Aug 28 Changed: Aug 29 Last Checked: Aug 30 at 1:31PM

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Investment Insights

Based on property information with market context.

Located at 122 W Morenci St in Lyons, Ohio, this wedding venue occupies a commercial property built in 1917. The interior offers a flexible arrangement for gatherings ranging from intimate occasions to larger events, with room for dining and entertainment.

A commercial kitchen supports full-service catering operations, while the event area can be configured for different functions. The property’s existing hospitality-oriented layout may continue as an event and catering venue or be adapted for another supported use.

Key Highlights

• Commercial kitchen designed to support full‑service catering operations
• Flexible event area for intimate gatherings and larger events
• Interior layout includes space for dining and entertaining

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

$31,836

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

9.10%

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%

$636,720 $636.7K

Cap Rate 7%

$454,800 $454.8K

Cap Rate 9%

$353,733 $353.7K

Market Conditions

NOI Build-Up for 5,248 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

$47.2K $9.00/SF

− Vacancy

−$1.8K −$0.33/SF

EGI

$45.5K $8.67/SF

− OpEx

−$13.6K −$2.60/SF

NOI

$31.8K $6.07/SF

Area

Fulton County, OH

Vacancy

3.71%

Lease Rate

$9.00 /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%

$636,720

Cap Rate 7%

$454,800

Cap Rate 9%

$353,733

Alternative Uses

Best Use

Specialty Retail

$570.8K

$499.5K – $666.0K (±1% cap)

NOI $39,958 @ 7.0% cap · market cap 11.42%

Second Best

Industrial

$454.8K

$398.0K – $530.6K (±1% cap)

NOI $31,836 @ 7.0% cap · market cap 9.10%

Theoretical Best

Office A

$873.4K

$764.2K – $1.02M (±1% cap)

NOI $61,137 @ 7.0% cap · market cap 17.47%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Mi Casa Mexican ... Hardware & Home Improvement Wolf It Down ... Restaurant

Suggested Use

Top Pick HVAC Service Furniture & Home Goods Grocery & Convenience Store Auto Repair Shop Hair Salon Electrical Service

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

47

Businesses Nearby

Explore this area Business Placement

Demographics for 43533, OH

1,509

Population

675

Households

2.2

Avg Household Size

42

Median Age

13%

College-Educated

98%

High-School Grad

23.3 sq mi

ZIP Area

65

Density / Sq Mi

$63,333

Median Household Income

$41,602

Median Earnings

$900

Median Rent

$169,800

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

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What type of property is this? Where is this wedding venues located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Wedding venue - Flexible event space accommodates dining, entertaining, and catered functions.

Where is this wedding venue located?

The property is located at 122 W Morenci St Lyons, OH.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: Commercial kitchen designed to support full‑service catering operations; Flexible event area for intimate gatherings and larger events; Interior layout includes space for dining and entertaining