Restaurant Building with
For Sale
$2,495,000
1805 W 1st St, Springfield, OH 45504
Vacant upon sale, the property supports restaurant, cafeteria, and bar uses under land use code 430.
Property Size10,620 SF
Lot Size1.67 Acres
Price / SF$234.93
Days on Market193
Property Features for 1805 W 1st St
General Information
Standard status
Active
Size
10,620 SF
Class
B
Total Parking Spaces
160
Lot size
1.67 Acres
Property subtype
Restaurant
Zoning
430
Site & Location
Traffic Count
30,000 vehicles/day
Highway Access
Yes
Additional Details
Patio
Yes
Amenities
Porch
Building Details
Building Size
10,620 SF
Year Built
1999
Buildings
1
Construction
masonry
Listing Agency:
SVN | Creviston Realty, Inc.
(678) 308-8742
Listed By:
Jacob Bower · License #414707
(678) 308-8742
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 9:43AM
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 SVN | Creviston Realty, Inc.
Investment Insights
Based on property information with market context.
This 10,620-square-foot restaurant building occupies 1.67 acres at 1805 W 1st St. Constructed in 1999, the masonry structure combines concrete block, brick walls, and metal support beams. The improvements include a newer pitched roof, a metal flat roof, a dining room with fiberglass and composite faux wood beams, and a porch and patio. The building will be vacant at closing, providing flexibility for the next owner’s planned use.
The property sits just off Highway 68 in Springfield, Ohio, with prominent exposure along Troy Road, where approximately 30,000 vehicles pass daily. Easy ingress and egress serve the site, which includes a paved blacktop lot with 160 parking spaces. Land use code 430 allows restaurant, cafeteria, and bar operations.
The property sits just off Highway 68 in Springfield, Ohio, with prominent exposure along Troy Road, where approximately 30,000 vehicles pass daily. Easy ingress and egress serve the site, which includes a paved blacktop lot with 160 parking spaces. Land use code 430 allows restaurant, cafeteria, and bar operations.
Key Highlights
- 10,620‑square‑foot restaurant building on 1.67 acres
- Built in 1999 with concrete block, brick walls, and metal support beams
- Newer pitched roof plus metal flat roof
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
$207,356
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
8.31%
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%
$4,147,120
$4.1M
Cap Rate 7%
$2,962,229
$3.0M
Cap Rate 9%
$2,303,956
$2.3M
Market Conditions
NOI Build-Up for 10,620 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
$286.7K $27.00/SF
− Vacancy
−$10.3K −$0.97/SF
EGI
$276.5K $26.03/SF
− OpEx
−$69.1K −$6.51/SF
NOI
$207.4K $19.53/SF
Area
Clark County, OH
Vacancy
3.58%
Lease Rate
$27.00 /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%
$4,147,120
Cap Rate 7%
$2,962,229
Cap Rate 9%
$2,303,956
Alternative Uses
Best Use
Specialty Retail
$2.96M
$2.59M – $3.46M
NOI $207,356 @ 7.0% cap · market cap 8.31%
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
30,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
450k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 27%
Groceries 26%
Apparel 24%
Shops & Services 15%
Meijer
Groceries
77,441 visits/mo
0.4 miles
Kohl's
Apparel
48,450 visits/mo
0.4 miles
Marshalls
Apparel
42,096 visits/mo
0.4 miles
Kroger
Groceries
40,489 visits/mo
0.3 miles
Raising Cane's Chicken Fingers
Dining
37,138 visits/mo
0.2 miles
Demographics for 45504, OH
17,343
Population
7,100
Households
2.4
Avg Household Size
41
Median Age
27%
College-Educated
92%
High-School Grad
22.0 sq mi
ZIP Area
788
Density / Sq Mi
$67,334
Median Household Income
$38,813
Median Earnings
$889
Median Rent
$167,700
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?
Conventional restaurant - Vacant upon sale, the property supports restaurant, cafeteria, and bar uses under land use code 430.
Where is this conventional restaurant located?
The property is located at 1805 W 1st St Springfield, OH.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 10,620‑square‑foot restaurant building on 1.67 acres; Built in 1999 with concrete block, brick walls, and metal support beams; Newer pitched roof plus metal flat roof
