Former Restaurant on Wheeling
For Sale
$225,000
1821 E Wheeling Ave, Cambridge, OH 43725
Restaurant building for sale with high traffic and dense demographics.
Property Size3,000 SF
Lot Size0.48 Acres
Price / SF$75
Days on Market169
Property Features for 1821 E Wheeling Ave
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.48 Acres
Property subtype
Retail
Building Details
Building Size
3,000 SF
Listing Agency:
Legacy Real Estate
(248) 450-3255
Listed By:
Jay Dakhoo · License ##6506047766
Source:
Legacycrea
Added: Mar 5
Changed: Aug 8
Last Checked: Apr 5 at 10:07PM
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 Legacy Real Estate
Investment Insights
Based on property information with market context.
The property includes a 3,000-square-foot building situated on 0.48 acres. The location benefits from high traffic counts, with over 11,500 vehicles passing the site daily on Wheeling Avenue. The surrounding area has dense demographics, with over 13,000 residents within a 3-mile radius. Daytime employment in the same radius exceeds 11,000 people. Previously operated as a Long John Silver's restaurant.
Key Highlights
- High Traffic Counts: Over 11,500 vehicles pass the site daily on Wheeling Ave.
- Dense Demographics: Over 13,000 residents within a 3‑mile radius.
- High Daytime Employment: Over 11,000 employees within a 3‑mile radius.
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
$12,496
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
5.55%
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%
$249,920
$249.9K
Cap Rate 7%
$178,514
$178.5K
Cap Rate 9%
$138,844
$138.8K
Market Conditions
NOI Build-Up for 3,000 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
$17.3K $5.76/SF
− Vacancy
−$619 −$0.21/SF
EGI
$16.7K $5.55/SF
− OpEx
−$4.2K −$1.39/SF
NOI
$12.5K $4.17/SF
Area
Guernsey 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%
$249,920
Cap Rate 7%
$178,514
Cap Rate 9%
$138,844
Alternative Uses
Best Use
Specialty Retail
$178.5K
$156.2K – $208.3K
NOI $12,496 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$697.3K
$610.2K – $813.6K
NOI $48,813 @ 7.0% cap · market cap 21.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
54k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Dining 37%
Speedway
Shops & Services
20,372 visits/mo
0.5 miles
Burger King
Dining
11,373 visits/mo
0.5 miles
Taco Bell
Dining
8,884 visits/mo
0.5 miles
Marathon
Shops & Services
7,894 visits/mo
0.4 miles
Circle K
Shops & Services
5,505 visits/mo
0.5 miles
Demographics for 43725, OH
19,520
Population
9,667
Households
2
Avg Household Size
43
Median Age
17%
College-Educated
88%
High-School Grad
124.2 sq mi
ZIP Area
157
Density / Sq Mi
$51,612
Median Household Income
$35,781
Median Earnings
$789
Median Rent
$160,400
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?
Drive through restaurant - Restaurant building for sale with high traffic and dense demographics.
Where is this drive through restaurant located?
The property is located at 1821 E Wheeling Ave Cambridge, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: High Traffic Counts: Over 11,500 vehicles pass the site daily on Wheeling Ave.; Dense Demographics: Over 13,000 residents within a 3‑mile radius.; High Daytime Employment: Over 11,000 employees within a 3‑mile radius.
