Renovated Retail Restaurant
For Sale
$249,000
720 Medina St Lodi, Medina, OH 44256
Renovated retail building with a wide-open floor plan, new roof and siding, and room for expansion of parking.
Property Size2,337 SF
Lot Size0.75 Acres
Price / SF$106.55
Days on Market49
Property Features for 720 Medina St Lodi
General Information
Standard status
Active
Size
2,337 SF
Total Parking Spaces
50
Lot size
0.75 Acres
Zoning
Commercial
Site & Location
Traffic Count
10,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Amenities
No
OFF
Public Records
Public
50.00
0.7500
332000.00
Stone,Vinyl Siding
Building Details
Year Built
1940
Listing Agency:
(614) 660-5959
Listed By:
Jim Fallieras
(614) 660-5959
Source:
Movenowohio
Added: Jul 4
Changed: Aug 7
Last Checked: Aug 21 at 4:08AM
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 Jim Fallieras
Investment Insights
Based on property information with market context.
Zoned Commercial and formerly used as a longtime community diner, this property was renovated beginning around 2019 with a complete gut job. Improvements include new framing and trusses, a new roof, new white vertical siding, and new black vinyl windows, resulting in a refreshed interior layout with a wide-open floor plan. The building contains approximately 2,337 total square feet. A shed built in 1980 is also on-site and could be finished for additional use or kept for storage.
The property is situated on a site described as approximately 0.75 acres, with room for a large parking lot right off Rt 224. It is noted as being in close proximity to I-71, and the surrounding area is characterized by access, parking, and traffic. Nearby traffic counts are provided as 3,000–10,000 cars per day.
The interior configuration is designed to accommodate flexible tenant needs, and the renovations position the building to be finished to the specific requirements of an incoming business or organization.
The property is situated on a site described as approximately 0.75 acres, with room for a large parking lot right off Rt 224. It is noted as being in close proximity to I-71, and the surrounding area is characterized by access, parking, and traffic. Nearby traffic counts are provided as 3,000–10,000 cars per day.
The interior configuration is designed to accommodate flexible tenant needs, and the renovations position the building to be finished to the specific requirements of an incoming business or organization.
Key Highlights
- Renovated 2,337 SF commercial building on a 0.75‑acre lot (stone and vinyl siding).
- Renovations began around 2019 with a complete gut job, including new framing and trusses.
- New roof, new white vertical siding, and new black vinyl windows.
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
$9,275
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
3.72%
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%
$185,500
$185.5K
Cap Rate 7%
$132,500
$132.5K
Cap Rate 9%
$103,056
$103.1K
Market Conditions
NOI Build-Up for 2,337 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
$13.7K $5.88/SF
− Vacancy
−$492 −$0.21/SF
EGI
$13.2K $5.67/SF
− OpEx
−$4.0K −$1.70/SF
NOI
$9.3K $3.97/SF
Area
Medina County, OH
Vacancy
3.58%
Lease Rate
$5.88 /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%
$185,500
Cap Rate 7%
$132,500
Cap Rate 9%
$103,056
Alternative Uses
Best Use
Retail
$132.5K
$115.9K – $154.6K
NOI $9,275 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$651.9K
$570.4K – $760.5K
NOI $45,630 @ 7.0% cap · market cap 18.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,180
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Minit Mart
Shops & Services
6,752 visits/mo
0.4 miles
Huntington Bank
Shops & Services
4,608 visits/mo
0.5 miles
BP
Shops & Services
3,483 visits/mo
0.4 miles
Shell
Shops & Services
761 visits/mo
0.3 miles
Demographics for 44256, OH
64,815
Population
26,740
Households
2.4
Avg Household Size
43
Median Age
42%
College-Educated
96%
High-School Grad
130.8 sq mi
ZIP Area
496
Density / Sq Mi
$100,345
Median Household Income
$55,180
Median Earnings
$1,120
Median Rent
$292,000
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?
Retail space - Renovated retail building with a wide-open floor plan, new roof and siding, and room for expansion of parking.
Where is this retail space located?
The property is located at 720 Medina St Lodi Medina, OH.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Renovated 2,337 SF commercial building on a 0.75‑acre lot (stone and vinyl siding).; Renovations began around 2019 with a complete gut job, including new framing and trusses.; New roof, new white vertical siding, and new black vinyl windows.
