Building Details

Year Built 1870

Listing Agency: Tanner Real Estate Co. l***@gmail.com Show Phone

Listed By: Lisa M Trummer · License #2006001890

Source: Theacclaimedrealty

Added: Aug 3 Changed: Aug 30 Last Checked: Aug 30 at 7:50PM

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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 Tanner Real Estate Co.

Investment Insights

Based on property information with market context.

This conventional restaurant property includes a commercial kitchen with ovens, refrigerators, walk-in coolers, freezers, and additional equipment, along with the existing seating and furnishings. The dining room accommodates 102 guests. An upstairs area may function as a 3-bedroom apartment, while a separate 2-car garage includes a loft. The main building and garage are undergoing installation of new roofs.

The property is located at 1281 State Route 183 in Atwater, Ohio, where reported daily traffic counts range from 10,000 to 15,000. The site includes restaurant improvements, kitchen infrastructure, customer seating, and supporting garage space. Built in 1870, the property combines an operating restaurant layout with additional areas that may support residential or storage use as described.

Key Highlights

• Commercial kitchen with ovens, refrigerators, walk‑in coolers, freezers, and additional equipment
• Dining area seats 102 guests
• Possible upstairs 3‑bedroom apartment

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

$16,788

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

3.36%

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%

$335,760 $335.8K

Cap Rate 7%

$239,829 $239.8K

Cap Rate 9%

$186,533 $186.5K

Market Conditions

NOI Build-Up for 4,271 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

$25.5K $5.98/SF

− Vacancy

−$1.6K −$0.36/SF

EGI

$24.0K $5.62/SF

− OpEx

−$7.2K −$1.68/SF

NOI

$16.8K $3.93/SF

Area

Portage County, OH

Vacancy

6.10%

Lease Rate

$5.98 /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%

$335,760

Cap Rate 7%

$239,829

Cap Rate 9%

$186,533

Alternative Uses

Best Use

Specialty Retail

$796.5K

$697.0K – $929.3K (±1% cap)

NOI $55,756 @ 7.0% cap · market cap 11.15%

Second Best

Industrial

$239.8K

$209.9K – $279.8K (±1% cap)

NOI $16,788 @ 7.0% cap · market cap 3.36%

Theoretical Best

Office A

$860.3K

$752.8K – $1.00M (±1% cap)

NOI $60,220 @ 7.0% cap · market cap 12.05%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Conventional restaurants

Suggested Use

Top Pick Parking Lot & Garage Real Estate Agency Auto Parts Store Grocery & Convenience Store Law Firm Catering 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

35

Businesses Nearby

21k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Circle K Shops & Services

15,915 visits/mo 0.3 miles

Dollar General Shops & Services

5,397 visits/mo 0.3 miles

Demographics for 44201, OH

6,658

Population

2,673

Households

2.5

Avg Household Size

46

Median Age

17%

College-Educated

91%

High-School Grad

52.8 sq mi

ZIP Area

126

Density / Sq Mi

$77,264

Median Household Income

$42,009

Median Earnings

$1,000

Median Rent

$213,700

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

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Includes commercial cooking equipment, seating, refrigeration, and a dining area configured for established restaurant operations.

Where is this conventional restaurant located?

The property is located at 1281 State Route 183 Atwater, OH.

What is the asking price?

The asking price for this property is $499,900.

What are key features of this property?

This property features: Commercial kitchen with ovens, refrigerators, walk‑in coolers, freezers, and additional equipment; Dining area seats 102 guests; Possible upstairs 3‑bedroom apartment