Pizza Restaurant with Real
For Sale
$599,900
1794 Harrington Memorial Road Mansfield, Mansfield, OH 44903
Operating pizza business with an established commercial building, land, central air, and two bathrooms.
Property Size1,854 SF
Price / SF$323.57
Days on Market130
Property Features for 1794 Harrington Memorial Road Mansfield
General Information
Standard status
Active
Size
1,854 SF
Total Parking Spaces
15
Zoning
Commercial
Amenities
Yes
ON
Public Records
Public
15.00
0.5000
1199800.00
No
Block
Building Details
Year Built
1976
Listing Agency:
Danhoff-Donnamiller
(614) 660-5959
Listed By:
Angelique LaFon-Hammond
(614) 660-5959
Source:
Movenowohio
Added: Apr 24
Changed: Aug 30
Last Checked: Jul 1 at 12:06AM
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 Danhoff-Donnamiller
Investment Insights
Based on property information with market context.
The offering includes The Pizza Company business, its commercial building, and associated land at 1794 HARRINGTON MEMORIAL Road in Mansfield, Ohio. The 1,854-square-foot property sits on 0.5 acres pending lot split and includes a dining and food-service operation with two bathrooms and central air. The building was constructed in 1976.
The property is located within Mansfield's industrial park, near Lahm Regional Airport and the Air National Guard Base. Current operating hours are Monday through Friday from 9:30 AM to 6:00 PM. Recent capital improvements include a roof replacement completed 1 year ago and a furnace installed 2 years ago.
The property is located within Mansfield's industrial park, near Lahm Regional Airport and the Air National Guard Base. Current operating hours are Monday through Friday from 9:30 AM to 6:00 PM. Recent capital improvements include a roof replacement completed 1 year ago and a furnace installed 2 years ago.
Key Highlights
- Business, building, and land offered together
- 1,854‑square‑foot commercial building on 0.5 acres pending lot split
- Located in Mansfield's industrial park near Lahm Regional Airport and the Air National Guard Base
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
$25,257
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
4.21%
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%
$505,140
$505.1K
Cap Rate 7%
$360,814
$360.8K
Cap Rate 9%
$280,633
$280.6K
Market Conditions
NOI Build-Up for 1,854 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
$35.2K $18.96/SF
− Vacancy
−$1.5K −$0.80/SF
EGI
$33.7K $18.16/SF
− OpEx
−$8.4K −$4.54/SF
NOI
$25.3K $13.62/SF
Area
Richland County, OH
Vacancy
4.20%
Lease Rate
$18.96 /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%
$505,140
Cap Rate 7%
$360,814
Cap Rate 9%
$280,633
Alternative Uses
Best Use
Specialty Retail
$360.8K
$315.7K – $421.0K
NOI $25,257 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$373.0K
$326.4K – $435.2K
NOI $26,110 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44903, OH
25,613
Population
11,425
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
114.1 sq mi
ZIP Area
224
Density / Sq Mi
$65,421
Median Household Income
$36,553
Median Earnings
$811
Median Rent
$177,900
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 - Operating pizza business with an established commercial building, land, central air, and two bathrooms.
Where is this conventional restaurant located?
The property is located at 1794 Harrington Memorial Road Mansfield Mansfield, OH.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Business, building, and land offered together; 1,854‑square‑foot commercial building on 0.5 acres pending lot split; Located in Mansfield's industrial park near Lahm Regional Airport and the Air National Guard Base
