Freestanding Drive-Through
For Sale
Contact for pricing
1256 Columbus Rd, Granville, OH 43023
Renovated freestanding facility with commercial kitchen, dedicated parking, and an existing drive-through lane.
Property Size2,898 SF
Price / SF$276.05
Days on Market153
Property Features for 1256 Columbus Rd
General Information
Standard status
Active
Size
2,898 SF
Class
B
Property subtype
Retail
Investment Type
Owner/User
Building Details
Year Renovated
2021
Buildings
1
Stories
1
Listing Agency:
Roth Real Estate Group
Listed By:
William Roth · License #OH 2001005010
Source:
Crexi
Added: Mar 31
Changed: Aug 30
Last Checked: Aug 30 at 8:14AM
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 Roth Real Estate Group
Investment Insights
Based on property information with market context.
This freestanding restaurant facility at 1256 Columbus Road includes 2,898 SF on a 0.85-acre site. The building was renovated in 2021 and contains a commercial kitchen, restaurant improvements, 50 dedicated parking spaces, and an existing drive-through lane.
The property is in Granville, Ohio, with proximity to Downtown Granville and Denison University, which has more than 2,000 students. Nearby retail and food-service operators include Kroger, CVS, McDonald’s, Taco Bell, Speedway, and Whit’s Frozen Custard. The site’s existing restaurant configuration, parking, and drive-through infrastructure support continued restaurant use without the need to develop a new building.
The property is in Granville, Ohio, with proximity to Downtown Granville and Denison University, which has more than 2,000 students. Nearby retail and food-service operators include Kroger, CVS, McDonald’s, Taco Bell, Speedway, and Whit’s Frozen Custard. The site’s existing restaurant configuration, parking, and drive-through infrastructure support continued restaurant use without the need to develop a new building.
Key Highlights
- 2,898 SF freestanding restaurant building
- 0.85‑acre site on Columbus Road
- Existing drive‑through lane
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
$33,672
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
4.21%
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%
$673,440
$673.4K
Cap Rate 7%
$481,029
$481.0K
Cap Rate 9%
$374,133
$374.1K
Market Conditions
NOI Build-Up for 2,898 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
$63.3K $21.84/SF
− Vacancy
−$15.2K −$5.24/SF
EGI
$48.1K $16.60/SF
− OpEx
−$14.4K −$4.98/SF
NOI
$33.7K $11.62/SF
Area
Licking County, OH
Vacancy
24.00%
Lease Rate
$21.84 /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%
$673,440
Cap Rate 7%
$481,029
Cap Rate 9%
$374,133
Alternative Uses
Best Use
Industrial
$481.0K
$420.9K – $561.2K
NOI $33,672 @ 7.0% cap · market cap 4.21%
Second Best
Specialty Retail
$172.4K
$150.9K – $201.2K
NOI $12,071 @ 7.0% cap · market cap 1.51%
Theoretical Best
Flex RnD
$2.33M
$2.04M – $2.72M
NOI $162,921 @ 7.0% cap · market cap 20.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
526
Businesses Nearby
35k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 54%
Shops & Services 46%
Ross' Granville Market
Groceries
18,948 visits/mo
0.5 miles
Marathon Petroleum
Shops & Services
11,863 visits/mo
0.4 miles
Park National Bank
Shops & Services
4,469 visits/mo
0.5 miles
Demographics for 43023, OH
14,462
Population
5,344
Households
2.7
Avg Household Size
36
Median Age
55%
College-Educated
98%
High-School Grad
49.9 sq mi
ZIP Area
290
Density / Sq Mi
$136,127
Median Household Income
$48,318
Median Earnings
$1,094
Median Rent
$428,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Renovated freestanding facility with commercial kitchen, dedicated parking, and an existing drive-through lane.
Where is this drive through restaurant located?
The property is located at 1256 Columbus Rd Granville, OH.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 2,898 SF freestanding restaurant building; 0.85‑acre site on Columbus Road; Existing drive‑through lane
