Bar and Restaurant with
For Sale
$250,000
54 Benedict Avenue Norwalk, Norwalk, OH 44857
Established bar and restaurant offering indoor bar seating, kitchen, and a fenced patio partially covered for events.
Property Size1,551 SF
Price / SF$161.19
Days on Market47
Property Features for 54 Benedict Avenue Norwalk
General Information
Standard status
Active
Size
1,551 SF
Total Parking Spaces
20
Additional Details
Business Included
Yes
Fenced Yard
Yes
Amenities
pool table area
DJ booth
bar ledge
high top tables
wrap around bar
kitchen
fenced patio
partially covered outdoor area
Yes
ON
Public Records
Public
20.00
65 x 124
0.1850
1351351.35
No
Vinyl Siding
Building Details
Year Built
1948
Stories
1
Listing Agency:
(614) 660-5959
Listed By:
Neil (Tony) Mason
(614) 660-5959
Source:
Movenowohio
Added: Jul 6
Changed: Aug 14
Last Checked: Aug 21 at 4:04AM
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 Neil (Tony) Mason
Investment Insights
Based on property information with market context.
This long-established bar and restaurant for sale includes more than 1,500 square feet of interior space featuring exposed industrial-style ceilings and a wraparound bar with bar ledge along the exterior wall. The layout includes an area suited for a pool table, a DJ booth, high-top tables, and a kitchen currently supporting a small menu. Outside, there is a large, poured, fenced patio that is partially covered and set up for live music and cornhole tournaments.
The business has seen multiple updates over the last four years, including work to electrical and plumbing. Furniture has been replaced during that period, and new televisions have been added.
The property includes both interior and exterior entertainment and dining areas, supporting bar service with ongoing patron accommodation and use of the covered, fenced patio.
The business has seen multiple updates over the last four years, including work to electrical and plumbing. Furniture has been replaced during that period, and new televisions have been added.
The property includes both interior and exterior entertainment and dining areas, supporting bar service with ongoing patron accommodation and use of the covered, fenced patio.
Key Highlights
- Long‑established bar and restaurant in the heart of Norwalk with indoor bar seating, kitchen, and event space
- Over 1,500 SF of interior space with exposed industrial ceiling and wraparound bar area
- Fenced, poured patio that is partially covered for live music and cornhole tournaments
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
$22,566
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
9.03%
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%
$451,320
$451.3K
Cap Rate 7%
$322,371
$322.4K
Cap Rate 9%
$250,733
$250.7K
Market Conditions
NOI Build-Up for 1,551 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
$31.1K $20.04/SF
− Vacancy
−$995 −$0.64/SF
EGI
$30.1K $19.40/SF
− OpEx
−$7.5K −$4.85/SF
NOI
$22.6K $14.55/SF
Area
Huron County, OH
Vacancy
3.20%
Lease Rate
$20.04 /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%
$451,320
Cap Rate 7%
$322,371
Cap Rate 9%
$250,733
Alternative Uses
Best Use
Specialty Retail
$322.4K
$282.1K – $376.1K
NOI $22,566 @ 7.0% cap · market cap 9.03%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44857, OH
23,619
Population
10,579
Households
2.2
Avg Household Size
41
Median Age
21%
College-Educated
93%
High-School Grad
81.6 sq mi
ZIP Area
289
Density / Sq Mi
$62,227
Median Household Income
$42,100
Median Earnings
$795
Median Rent
$170,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Charlie's Bar — 54 Benedict Ave, Norwalk, OH 44857
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- Buckeye Pub & Grub — 71 Jefferson St, Norwalk, OH 44857
- Berry's on Main — 15 W Main St, Norwalk, OH 44857
- Glass Bar — 45 E Main St, Norwalk, OH 44857
Frequently Asked Questions
What type of property is this?
Bar & Pub - Established bar and restaurant offering indoor bar seating, kitchen, and a fenced patio partially covered for events.
Where is this bar & pub located?
The property is located at 54 Benedict Avenue Norwalk Norwalk, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Long‑established bar and restaurant in the heart of Norwalk with indoor bar seating, kitchen, and event space; Over 1,500 SF of interior space with exposed industrial ceiling and wraparound bar area; Fenced, poured patio that is partially covered for live music and cornhole tournaments
