Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Perrysville Restaurant and Bakery Title is generated by Realmo AI

    167 Third St., Perrysville, OH 44864

    View on Map
    Claim this Listing
    For Sale
    $550,000

    COMMERCIAL - Perrysville, OH

    Property size:
    3,728 SF
    Lot size:
    0.27 Acres
    Price / SF:
    $147/SF
    Added:
    Dec 4, 2025
    Days on Market:
    173
    Last Refresh:
    May 26 at 2:06 pm

    Property Features for 167 Third St.

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    B07-060-0-0073-00,
    Size
    3,728 SF
    Lot size
    0.27 Acres

    Taxes and HOA fees

    Tax Description
    167 E THIRD ST R=60 LOT 180-A
    Tax Annual Amount
    1161

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Year built
    1983

    We can help!

    Listing Contact
    Michael Seveigny
    Michael Seveigny

    Listing agent Michael Seveigny

    Listing office Red 1 Realty 921 Eastwind Dr. #102, Columbus, OH

    Listing date Dec 4, 2025

    MLS# 9070077

    Copyright © 2026 Mansfield Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Established Restaurant & Bakery: A landmark business with a strong local reputation.
    • Complete Turnkey Operation: Includes all cooking equipment, furnishings, and recipes for a smooth transition.
    • Ample Parking: Features two parcels of land, providing extensive parking space.
    • Prime Location: Centrally located, serving as a hub for the community and Ashland County news.
    • Owner Transition Support: Retiring owners offer insight and recipes to help ensure continued success.
    • Financial Transparency: Complete financials available for interested parties.

    Overview

    Located in the heart of Perrysville, Ohio, this commercial property features a restaurant and bakery. Known as the town's central hub, the Wedgewing Family Restaurant and Bakery is available for new ownership. The sale includes the restaurant, two parcels of land providing ample parking, all cooking equipment, and fully furnished dining rooms. The property size is 3728 square feet on a lot of 0.2651 acres. This restaurant is a town landmark and is a complete package. The property is located in Ashland County.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $476.9K
    NOI $42,917 @ 9.00% cap · cautious / downside scenario
    Moderate
    $613.1K
    NOI $42,917 @ 7.00% cap · market / base-case scenario
    Aggressive
    $858.3K
    NOI $42,917 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $60.4k $16.20
    − Vacancy −$3.2k −$0.85
    EGI $57.2k $15.35
    − OpEx −$14.3k −$3.84
    NOI $42.9k $11.51
    3,728 SF · lease $16.20/SF/yr · vacancy 5.25% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $613.1K
    $536.5K – $715.3K (±1% cap)
    NOI $42,917 @ 7.0% cap · market cap 7.80%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $668.4K
    $584.8K – $779.8K (±1% cap)
    NOI $46,785 @ 7.0% cap · market cap 8.51%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Real Estate Agency Restaurant Building Supply Auto Repair Shop Big Box & Wholesale Store Kitchen & Bath Showroom Department Store Bar & Pub Daycare Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Perrysville
    County
    Hamilton
    State
    Ohio
    Longitude
    -82.3165
    Latitude
    40.6625

    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant and bakery in the heart of Perrysville, Ohio.
    Where is this conventional restaurant located?
    The property is located at 167 Third St. Perrysville, OH.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Established Restaurant & Bakery: A landmark business with a strong local reputation.; Complete Turnkey Operation: Includes all cooking equipment, furnishings, and recipes for a smooth transition.; Ample Parking: Features two parcels of land, providing extensive parking space.
    (419) 545-7800
    We can help!
    Listing Contact
    Michael Seveigny
    Michael Seveigny
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    167 Third St., Perrysville, OH 44864
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!