Grocery Store and Gas
For Sale
Contact for pricing
Pending
200 E Perkins Ave, Sandusky, OH 44870
38,000 sq ft grocery store and gas station for sale.
Property Size38,000 SF
Days on Market898
Property Features for 200 E Perkins Ave
General Information
Standard status
Pending
Size
38,000 SF
Property subtype
Retail
Investment Type
Owner/User
Listing Agency:
NextHome Experience
Listed By:
Vasilios Bill Michailidis · License #2020001062
(614) 332-8762
Source:
Crexi
Added: Mar 21, 2024
Changed: Sep 1
Last Checked: Sep 1 at 4:56PM
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 NextHome Experience
Investment Insights
Based on property information with market context.
This is a 38,000 sq ft property featuring a grocery store and branded gas station. The property offers significant upside potential through a realignment of profit centers. The gas station can be repositioned as a core profit center. The grocery store can be optimized for operational efficiency through strategic rightsizing. Approximately 18,000 sq ft is available to lease at market rates, creating a stable revenue stream. The property includes a supermarket offering groceries, meat, seafood, produce, bakery, dairy, frozen, and deli items, as well as a floral center, cafe, and gas station. Other income is generated from lottery commission, pull tabs, gas profit from 3 dispensers selling 28,000 gallons per month, ATM, patronage income, and money orders. There is room to expand offerings, plus plenty of parking. Additional income centers can be added, such as delivery and curbside pick up. The property is located in Sandusky, OH.
Key Highlights
- 38,000 sq ft property including a grocery store and branded gas station.
- Significant upside potential through realignment of profit centers.
- Approximately 18,000 sq ft available for lease at market rates.
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
$156,149
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
8.92%
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%
$3,122,980
$3.1M
Cap Rate 7%
$2,230,700
$2.2M
Cap Rate 9%
$1,734,989
$1.7M
Market Conditions
NOI Build-Up for 38,000 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
$243.6K $6.41/SF
− Vacancy
−$20.5K −$0.54/SF
EGI
$223.1K $5.87/SF
− OpEx
−$66.9K −$1.76/SF
NOI
$156.1K $4.11/SF
Area
Erie County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
30.00%
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%
$3,122,980
Cap Rate 7%
$2,230,700
Cap Rate 9%
$1,734,989
Alternative Uses
Best Use
Retail
$9.83M
$8.60M – $11.47M
NOI $688,036 @ 7.0% cap · market cap 39.32%
Second Best
Specialty Retail
$7.85M
$6.87M – $9.16M
NOI $549,437 @ 7.0% cap · market cap 31.40%
Theoretical Best
Multifamily LT 5
$418.19M
$365.91M – $487.88M
NOI $29,273,021 @ 7.0% cap · market cap 1,672.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44870, OH
40,416
Population
19,991
Households
2
Avg Household Size
43
Median Age
25%
College-Educated
90%
High-School Grad
60.7 sq mi
ZIP Area
666
Density / Sq Mi
$58,797
Median Household Income
$36,056
Median Earnings
$863
Median Rent
$148,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - 38,000 sq ft grocery store and gas station for sale.
Where is this grocery and convenience store located?
The property is located at 200 E Perkins Ave Sandusky, OH.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 38,000 sq ft property including a grocery store and branded gas station.; Significant upside potential through realignment of profit centers.; Approximately 18,000 sq ft available for lease at market rates.
