Turnkey Restaurant with Income
For Sale
$750,000
227 E Cecil Street Springfield, Springfield, OH 45503
Updated restaurant with a large deck and patio, offered with an ADA-compliant mixed-use building generating additional rental flexibility.
Property Size2,500 SF
Price / SF$300
Days on Market47
Property Features for 227 E Cecil Street Springfield
General Information
Standard status
Active
Size
2,500 SF
Units
Multifamily Units
1
Office Units
8
Additional Details
Business Included
Yes
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$1,924
Amenities
No
Public
0.14
2500.0
Building Details
Building Size
2,500 SF
Tenancy
Multi
Listing Agency:
(614) 660-5959
Listed By:
Sinath Johnson
(614) 660-5959
Source:
Movenowohio
Added: Jul 6
Changed: Aug 15
Last Checked: Aug 21 at 4:10AM
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 Sinath Johnson
Investment Insights
Based on property information with market context.
Offered as a hospitality and real estate package, the sale includes the restaurant property known as Cecil and Lime at 227 E Cecil Street along with the neighboring building at 914 N. Fountain Avenue (3 parcels conveyed). Cecil and Lime has been extensively updated in recent years, including a newer roof, remodeled interior, upgraded bar area, updated flooring, fresh paint, and improvements to many building mechanical systems. The property also features a large deck and patio area designed for outdoor dining, and the offering contemplates a largely turnkey setup, with the possibility that furniture, fixtures, equipment, décor, inventory, and even a liquor license may remain with the sale.
The adjacent building at 914 N. Fountain Avenue is ADA compliant and offers additional income opportunity. The main floor includes approximately eight professional office suites, while the upper level features a spacious three-bedroom apartment accessible by elevator. The building also provides a full unfinished attic for future expansion and a full walkout basement with a break room and full bathroom.
The adjacent building at 914 N. Fountain Avenue is ADA compliant and offers additional income opportunity. The main floor includes approximately eight professional office suites, while the upper level features a spacious three-bedroom apartment accessible by elevator. The building also provides a full unfinished attic for future expansion and a full walkout basement with a break room and full bathroom.
Key Highlights
- Package includes the Cecil and Lime restaurant plus adjacent income‑producing property at 914 N. Fountain Avenue (3 parcels conveyed).
- Restaurant has extensive recent updates, including newer roof, remodeled interior, upgraded bar area, updated flooring, fresh paint, and improved mechanical systems.
- Large deck and patio area added for outdoor dining.
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
$48,813
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
6.51%
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%
$976,260
$976.3K
Cap Rate 7%
$697,329
$697.3K
Cap Rate 9%
$542,367
$542.4K
Market Conditions
NOI Build-Up for 2,500 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
$67.5K $27.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$65.1K $26.03/SF
− OpEx
−$16.3K −$6.51/SF
NOI
$48.8K $19.53/SF
Area
Clark 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%
$976,260
Cap Rate 7%
$697,329
Cap Rate 9%
$542,367
Alternative Uses
Best Use
Specialty Retail
$697.3K
$610.2K – $813.6K
NOI $48,813 @ 7.0% cap · market cap 6.51%
Second Best
Office B
$475.7K
$416.2K – $555.0K
NOI $33,298 @ 7.0% cap · market cap 4.44%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
1
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45503, OH
32,870
Population
15,458
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
89%
High-School Grad
17.5 sq mi
ZIP Area
1,878
Density / Sq Mi
$54,561
Median Household Income
$36,761
Median Earnings
$871
Median Rent
$153,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Updated restaurant with a large deck and patio, offered with an ADA-compliant mixed-use building generating additional rental flexibility.
Where is this conventional restaurant located?
The property is located at 227 E Cecil Street Springfield Springfield, OH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Package includes the Cecil and Lime restaurant plus adjacent income‑producing property at 914 N. Fountain Avenue (3 parcels conveyed).; Restaurant has extensive recent updates, including newer roof, remodeled interior, upgraded bar area, updated flooring, fresh paint, and improved mechanical systems.; Large deck and patio area added for outdoor dining.
