Turn-Key Diner with
For Sale
$449,900
1565 Marion Waldo Road Marion, Marion, OH 43302
Turn-key restaurant with two dining areas, banquet room, bar seating, and a rear drive-through window, plus large parking area.
Property Size3,840 SF
Lot Size1.00 Acre
Price / SF$117.16
Days on Market46
Property Features for 1565 Marion Waldo Road Marion
General Information
Standard status
Active
Size
3,840 SF
Total Parking Spaces
45
Lot size
1.00 Acre
Additional Details
Furnished
Yes
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$5,514
Amenities
No
1.0
45.0
3840.0
Building Details
Building Size
3,840 SF
Year Built
1973
Year Renovated
2016
Stories
1
Listing Agency:
(614) 660-5959
Listed By:
Angelique LaFon-Hammond
(614) 660-5959
Source:
Movenowohio
Added: Jul 7
Changed: Aug 14
Last Checked: Aug 21 at 3:58AM
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 Angelique LaFon-Hammond
Investment Insights
Based on property information with market context.
This turn-key restaurant property is offered for sale as a long-running diner concept. The interior includes seating for approximately 180 guests across two main dining areas, along with a banquet room and bar seating. Recent improvements include a $100,000 interior renovation in 2016. A walk-up basement provides space suitable for storage and deliveries, and a rear drive-through window adds operational flexibility.
The property sits on over 1 acre along a high-traffic road and is served by an expansive parking lot with approximately 50 spaces. The diner’s location is described as surrounded by thriving businesses, shopping centers, and industrial hubs.
For a buyer considering alternatives, the property is presented with versatile future use potential with proper zoning. The rear drive-through window and existing restaurant layout may support continued foodservice operations, while the site configuration and improvements provide a platform for other commercial uses as allowed by zoning.
The property sits on over 1 acre along a high-traffic road and is served by an expansive parking lot with approximately 50 spaces. The diner’s location is described as surrounded by thriving businesses, shopping centers, and industrial hubs.
For a buyer considering alternatives, the property is presented with versatile future use potential with proper zoning. The rear drive-through window and existing restaurant layout may support continued foodservice operations, while the site configuration and improvements provide a platform for other commercial uses as allowed by zoning.
Key Highlights
- 1.0‑acre restaurant property with 45 total parking spaces and an expansive parking lot for customer access
- Seating for around 180 guests across two main dining areas plus a banquet room and bar seating
- Rear drive‑through window adds operational flexibility for ordering and service
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
$15,995
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
3.56%
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%
$319,900
$319.9K
Cap Rate 7%
$228,500
$228.5K
Cap Rate 9%
$177,722
$177.7K
Market Conditions
NOI Build-Up for 3,840 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
$22.1K $5.76/SF
− Vacancy
−$792 −$0.21/SF
EGI
$21.3K $5.55/SF
− OpEx
−$5.3K −$1.39/SF
NOI
$16.0K $4.17/SF
Area
Marion County, OH
Vacancy
3.58%
Lease Rate
$5.76 /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%
$319,900
Cap Rate 7%
$228,500
Cap Rate 9%
$177,722
Alternative Uses
Best Use
Specialty Retail
$228.5K
$199.9K – $266.6K
NOI $15,995 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$775.1K
$678.3K – $904.3K
NOI $54,260 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
198k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 24%
Groceries 24%
Home Improvements & Furnishings 5%
Kroger
Groceries
47,051 visits/mo
0.2 miles
McDonald's
Dining
30,855 visits/mo
0.2 miles
Speedway
Shops & Services
19,332 visits/mo
0.3 miles
Wendy's
Dining
15,694 visits/mo
0.4 miles
Kroger Fuel Center
Shops & Services
13,228 visits/mo
0.2 miles
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
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?
Breakfast & diner - Turn-key restaurant with two dining areas, banquet room, bar seating, and a rear drive-through window, plus large parking area.
Where is this breakfast & diner located?
The property is located at 1565 Marion Waldo Road Marion Marion, OH.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 1.0‑acre restaurant property with 45 total parking spaces and an expansive parking lot for customer access; Seating for around 180 guests across two main dining areas plus a banquet room and bar seating; Rear drive‑through window adds operational flexibility for ordering and service
