Drive-Thru Restaurant
For Sale
Contact for pricing
2081 Morse Rd, Columbus, OH 43224
Second-generation restaurant with drive-thru, positioned near major retailers and minutes from Interstate 71.
Property Size2,537 SF
Price / SF$433.58
Days on Market518
Property Features for 2081 Morse Rd
General Information
Standard status
Active
Size
2,537 SF
Property subtype
RETAIL
Site & Location
Drive-Thru
Yes
Traffic Count
34,000 vehicles/day
Highway Access
Yes
Listing Agency:
Colliers | Columbus
(614) 436-9800
Listed By:
Andrew White
(614) 410-5617
Source:
Moodyscre
Added: Apr 15, 2025
Changed: Sep 12
Last Checked: Sep 14 at 11:09AM
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 Colliers | Columbus
Investment Insights
Based on property information with market context.
This second-generation restaurant offers a drive-thru setup and is available for lease or sale. The property is positioned to support fast service concepts given the existing drive-thru configuration.
The site is just minutes from Interstate 71 and provides visibility to more than 34,000 vehicles per day on Morse Rd. Surrounding retail includes top-performing in-market Kroger, a new construction Aldi, Menards, Guitar Center, and multiple automotive retailers.
Numerous national and regional fast-casual and quick-service operators are located in the immediate area, including Chipotle, Charley’s Cheesesteaks, Wendy’s, Taco Bell, Arby’s, and McDonald’s.
The site is just minutes from Interstate 71 and provides visibility to more than 34,000 vehicles per day on Morse Rd. Surrounding retail includes top-performing in-market Kroger, a new construction Aldi, Menards, Guitar Center, and multiple automotive retailers.
Numerous national and regional fast-casual and quick-service operators are located in the immediate area, including Chipotle, Charley’s Cheesesteaks, Wendy’s, Taco Bell, Arby’s, and McDonald’s.
Key Highlights
- Second‑generation restaurant with drive‑thru available for lease or sale
- Located minutes from Interstate 71
- Visibility to over 34,000 vehicles per day on Morse Rd.
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
$33,976
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
3.09%
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%
$679,520
$679.5K
Cap Rate 7%
$485,371
$485.4K
Cap Rate 9%
$377,511
$377.5K
Market Conditions
NOI Build-Up for 2,537 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
$48.7K $19.20/SF
− Vacancy
−$3.4K −$1.34/SF
EGI
$45.3K $17.86/SF
− OpEx
−$11.3K −$4.46/SF
NOI
$34.0K $13.39/SF
Area
Columbus, OH
Vacancy
7.00%
Lease Rate
$19.20 /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%
$679,520
Cap Rate 7%
$485,371
Cap Rate 9%
$377,511
Alternative Uses
Best Use
Specialty Retail
$485.4K
$424.7K – $566.3K
NOI $33,976 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$528.7K
$462.6K – $616.9K
NOI $37,011 @ 7.0% cap · market cap 3.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
34,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
Explore this area
Business Placement
Demographics for 43224, OH
43,544
Population
19,238
Households
2.3
Avg Household Size
34
Median Age
22%
College-Educated
79%
High-School Grad
8.3 sq mi
ZIP Area
5,246
Density / Sq Mi
$50,934
Median Household Income
$34,966
Median Earnings
$1,025
Median Rent
$159,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Columbus, OH
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Second-generation restaurant with drive-thru, positioned near major retailers and minutes from Interstate 71.
Where is this drive through restaurant located?
The property is located at 2081 Morse Rd Columbus, OH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Second‑generation restaurant with drive‑thru available for lease or sale; Located minutes from Interstate 71; Visibility to over 34,000 vehicles per day on Morse Rd.
