Listing Agency: Goodman Real Estate Show Phone

Listed By: Larry Klein · License #SAL.2020006496 Show Phone

Source: Moodyscre

Added: Jul 5, 2023 Changed: Oct 12 Last Checked: Oct 15 at 2:36AM

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Investment Insights

Based on property information with market context.

This 944 SF freestanding restaurant building sits on a 0.31 AC parcel and has been newly remodeled. The property is offered for sale with the existing Pizza Hut lease in place.

Located at 204 N Benton St in Oak Harbor, Ohio, the building is on a main street and includes ample parking for customer access.

A permanent parcel number is listed as 027-10712-14338-000.

Key Highlights

• 944 SF freestanding restaurant building on 0.31 AC
• Currently leased to Pizza Hut by a major multi‑unit Pizza Hut operator
• Newly remodeled restaurant located on a busy main street

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,914

Cap Rate

3.32%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$258,280 $258.3K

Cap Rate 7%

$184,486 $184.5K

Cap Rate 9%

$143,489 $143.5K

Market Conditions

NOI Build-Up for 944 SF

Gross rent

$17.9K $18.96/SF

− Vacancy

−$680 −$0.72/SF

EGI

$17.2K $18.24/SF

− OpEx

−$4.3K −$4.56/SF

NOI

$12.9K $13.68/SF

Area

Ottawa County, OH

Vacancy

3.80%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$258,280

Cap Rate 7%

$184,486

Cap Rate 9%

$143,489

Alternative Uses

Best Use

Specialty Retail

$184.5K

$161.4K – $215.2K (±1% cap)

NOI $12,914 @ 7.0% cap · market cap 3.32%

Second Best

—

—

no second resolved use

Theoretical Best

Retail

$336.4K

$294.4K – $392.5K (±1% cap)

NOI $23,549 @ 7.0% cap · market cap 6.05%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Dental Office Real Estate Agency HVAC Service Grocery & Convenience Store (Bike/Boat/Book/etc) Store Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

237

Businesses Nearby

4k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 64% Shops & Services 36%

SUBWAY Dining

2,690 visits/mo 0.3 miles

U.S. Bank Shops & Services

1,511 visits/mo 0.4 miles

Demographics for 43449, OH

8,057

Population

4,311

Households

1.9

Avg Household Size

47

Median Age

23%

College-Educated

95%

High-School Grad

83.8 sq mi

ZIP Area

96

Density / Sq Mi

$71,496

Median Household Income

$38,333

Median Earnings

$821

Median Rent

$174,600

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Freestanding 944 SF restaurant building with ample parking, currently leased to Pizza Hut.

Where is this conventional restaurant located?

The property is located at 204 N Benton St Oak Harbor, OH.

What is the asking price?

The asking price for this property is $389,000.

What are key features of this property?

This property features: 944 SF freestanding restaurant building on 0.31 AC; Currently leased to Pizza Hut by a major multi‑unit Pizza Hut operator; Newly remodeled restaurant located on a busy main street