Turnkey Charleys Restaurant
For Sale
$550,000
1777 Hilliard Rome Rd, Hilliard, OH 43026
Fully built-out Charleys Cheesesteaks & Wings restaurant space with existing kitchen infrastructure along a high-traffic retail corridor.
Property Size2,049 SF
Days on Market49
Property Features for 1777 Hilliard Rome Rd
General Information
Standard status
Active
Size
2,049 SF
Property subtype
Retail
Additional Details
Business Included
Yes
Building Details
Building Size
2,049 SF
Year Built
1993
Listing Agency:
Passov Real Estate Group
Listed By:
Austin Loconti · License #SAL2017000328
(216) 970-5122
Source:
Passovgroup
Added: Jul 18
Changed: Sep 3
Last Checked: Sep 4 at 3:25AM
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 Passov Real Estate Group
Investment Insights
Based on property information with market context.
1777 Hilliard Rome Road offers a fully built-out Charleys Cheesesteaks & Wings restaurant space with existing kitchen infrastructure in place, designed for a turnkey operation. The opportunity includes a prepared interior for restaurant use, supporting immediate occupancy and continued food service operations.
The property is located along the Hilliard-Rome Road corridor with excellent frontage and access to Interstate 70 for both local residents and commuter traffic. The surrounding area is described as a well-established retail and service hub with national retailers including Target, Kohl’s, Aldi, and Old Navy, as well as quick-service restaurants such as Chick-fil-A and McDonald’s.
The remarks also note continued area growth, including the TruePointe mixed-use development and the Hill Farm expansion proposing approximately 300 new homes, along with nearby West70 Logistics Center contributing to increased daytime population.
The property is located along the Hilliard-Rome Road corridor with excellent frontage and access to Interstate 70 for both local residents and commuter traffic. The surrounding area is described as a well-established retail and service hub with national retailers including Target, Kohl’s, Aldi, and Old Navy, as well as quick-service restaurants such as Chick-fil-A and McDonald’s.
The remarks also note continued area growth, including the TruePointe mixed-use development and the Hill Farm expansion proposing approximately 300 new homes, along with nearby West70 Logistics Center contributing to increased daytime population.
Key Highlights
- Fully built‑out Charleys Cheesesteaks & Wings restaurant space with existing kitchen infrastructure
- Built in 1993
- Located along the highly traveled Hilliard‑Rome Road corridor with strong daily traffic and prominent frontage
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
$29,241
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
5.32%
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%
$584,820
$584.8K
Cap Rate 7%
$417,729
$417.7K
Cap Rate 9%
$324,900
$324.9K
Market Conditions
NOI Build-Up for 2,049 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
$40.1K $19.56/SF
− Vacancy
−$1.1K −$0.53/SF
EGI
$39.0K $19.03/SF
− OpEx
−$9.7K −$4.76/SF
NOI
$29.2K $14.27/SF
Area
Franklin County, OH
Vacancy
2.72%
Lease Rate
$19.56 /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%
$584,820
Cap Rate 7%
$417,729
Cap Rate 9%
$324,900
Alternative Uses
Best Use
Specialty Retail
$417.7K
$365.5K – $487.4K
NOI $29,241 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
1.1M
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 28%
Shops & Services 19%
Apparel 18%
Superstores 18%
Sam's Club
Superstores
103,196 visits/mo
0.1 miles
Meijer
Groceries
95,386 visits/mo
0.2 miles
Target
Superstores
93,432 visits/mo
0.3 miles
Kohl's
Apparel
56,234 visits/mo
0.3 miles
Chick-fil-A
Dining
47,412 visits/mo
0.3 miles
Demographics for 43026, OH
64,607
Population
25,671
Households
2.5
Avg Household Size
35
Median Age
55%
College-Educated
96%
High-School Grad
35.3 sq mi
ZIP Area
1,830
Density / Sq Mi
$110,369
Median Household Income
$59,770
Median Earnings
$1,430
Median Rent
$324,300
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 - Fully built-out Charleys Cheesesteaks & Wings restaurant space with existing kitchen infrastructure along a high-traffic retail corridor.
Where is this conventional restaurant located?
The property is located at 1777 Hilliard Rome Rd Hilliard, 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: Fully built‑out Charleys Cheesesteaks & Wings restaurant space with existing kitchen infrastructure; Built in 1993; Located along the highly traveled Hilliard‑Rome Road corridor with strong daily traffic and prominent frontage
