Two-Building Retail
For Sale
$1,290,844
731 Columbus Avenue, Lebanon, OH 45036
Two retail buildings include Hot Head Burritos and Little Caesars, with additional space available for lease.
Property Size4,768 SF
Lot Size1.25 Acres
Price / SF$270.73
Days on Market40
Property Features for 731 Columbus Avenue
General Information
Standard status
Active
Size
4,768 SF
Lot size
1.25 Acres
Property subtype
Retail
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
6.7%
Building Details
Tenancy
Multi
Listing Agency:
NAI Bergman
(513) 823-0068
Listed By:
Hayden Batchelor · License #OH #SAL.2021004901
Source:
Naiglobal
Added: Jul 3
Changed: Jul 22
Last Checked: Aug 11 at 5:58AM
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 NAI Bergman
Investment Insights
Based on property information with market context.
This offering consists of two separate retail buildings on approximately 1.25 acres, totaling 4,768 square feet. One building is completely occupied by Hot Head Burritos. The second building is partly occupied by Little Caesars Pizza and includes an additional 1,495 square feet available for rent.
Located along Columbus Avenue (US-42) in Lebanon, Ohio, the property is positioned to benefit from high visibility and convenient access. Access is noted via SR-48, SR-63, and I-71.
The asking price is $1,290,844. Pro-forma CAP is 8.5% assuming 100% leased, and current CAP is 6.7% as-is occupancy.
Located along Columbus Avenue (US-42) in Lebanon, Ohio, the property is positioned to benefit from high visibility and convenient access. Access is noted via SR-48, SR-63, and I-71.
The asking price is $1,290,844. Pro-forma CAP is 8.5% assuming 100% leased, and current CAP is 6.7% as-is occupancy.
Key Highlights
- Two separate retail buildings totaling 4,768 SF on approximately 1.25 AC in Lebanon’s retail corridor
- Hot Head Burritos occupies one building (completely occupied)
- Little Caesars Pizza occupies part of the second building; additional 1,495 SF is available for rent
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
$46,560
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
3.61%
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%
$931,200
$931.2K
Cap Rate 7%
$665,143
$665.1K
Cap Rate 9%
$517,333
$517.3K
Market Conditions
NOI Build-Up for 4,768 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
$71.5K $15.00/SF
− Vacancy
−$5.0K −$1.05/SF
EGI
$66.5K $13.95/SF
− OpEx
−$20.0K −$4.19/SF
NOI
$46.6K $9.76/SF
Area
Warren County, OH
Vacancy
7.00%
Lease Rate
$15.00 /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%
$931,200
Cap Rate 7%
$665,143
Cap Rate 9%
$517,333
Alternative Uses
Best Use
Retail
$665.1K
$582.0K – $776.0K
NOI $46,560 @ 7.0% cap · market cap 3.61%
Second Best
Specialty Retail
$283.7K
$248.3K – $331.0K
NOI $19,860 @ 7.0% cap · market cap 1.54%
Theoretical Best
Office A
$1.07M
$931.9K – $1.24M
NOI $74,550 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45036, OH
41,060
Population
15,036
Households
2.7
Avg Household Size
39
Median Age
32%
College-Educated
92%
High-School Grad
81.2 sq mi
ZIP Area
506
Density / Sq Mi
$97,944
Median Household Income
$51,565
Median Earnings
$1,090
Median Rent
$317,600
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?
Conventional restaurant - Two retail buildings include Hot Head Burritos and Little Caesars, with additional space available for lease.
Where is this conventional restaurant located?
The property is located at 731 Columbus Avenue Lebanon, OH.
What is the asking price?
The asking price for this property is $1,290,844.
What are key features of this property?
This property features: Two separate retail buildings totaling 4,768 SF on approximately 1.25 AC in Lebanon’s retail corridor; Hot Head Burritos occupies one building (completely occupied); Little Caesars Pizza occupies part of the second building; additional 1,495 SF is available for rent
