Turn-Key Restaurant with Liquor
For Sale
$499,000
2228 Shawnee Road, Lima, OH 45805
COMMERCIAL - Lima, OH
Property Size2,788 SF
Price / SF$178.98
Days on Market228
Property Features for 2228 Shawnee Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
Parking Lot
Standard status
Active
APN
45-1004-02-002.000
Size
2,788 SF
Taxes and HOA fees
Tax Description
PT SE 1/4 RTS 06-04-10
Tax Annual Amount
5747
Legal Description
PT SE 1/4 RTS 06-04-10
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1971
Floors in Building
1
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Gregory Stolly
(419) 302-1890
Added: Jan 6
Changed: Aug 4
Last Checked: Aug 22 at 12:06AM
MLS# 309148
Copyright © 2026 West Central Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Turn-key restaurant opportunity featuring 2,788 SF of remodeled interior space with kitchen and dining areas. The property was remodeled in 2021 with a new roof, all new electrical, and a total interior remodel. The restaurant is offered fully equipped, with equipment purchased brand new.
A liquor license is in place. The building was built in 1971 and is set up with forced air heating using electric and natural gas, plus central air conditioning. On-site parking is provided via a parking lot, and the property is served by public water and public sewer.
This configuration is well-suited for an operator seeking a ready-to-open restaurant layout with core foodservice improvements already completed.
A liquor license is in place. The building was built in 1971 and is set up with forced air heating using electric and natural gas, plus central air conditioning. On-site parking is provided via a parking lot, and the property is served by public water and public sewer.
This configuration is well-suited for an operator seeking a ready-to-open restaurant layout with core foodservice improvements already completed.
Key Highlights
- Liquor license in place
- 2,788 SF restaurant remodeled in 2021 with kitchen and dining areas
- New roof and all new electrical as part of the 2021 remodel
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
$37,861
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
7.59%
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%
$757,220
$757.2K
Cap Rate 7%
$540,871
$540.9K
Cap Rate 9%
$420,678
$420.7K
Market Conditions
NOI Build-Up for 2,788 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
$52.9K $18.96/SF
− Vacancy
−$2.4K −$0.85/SF
EGI
$50.5K $18.11/SF
− OpEx
−$12.6K −$4.53/SF
NOI
$37.9K $13.58/SF
Area
Allen County, OH
Vacancy
4.50%
Lease Rate
$18.96 /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%
$757,220
Cap Rate 7%
$540,871
Cap Rate 9%
$420,678
Alternative Uses
Best Use
Specialty Retail
$540.9K
$473.3K – $631.0K
NOI $37,861 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$671.5K
$587.6K – $783.5K
NOI $47,007 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
190
Businesses Nearby
72k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 39%
McDonald's
Dining
19,723 visits/mo
0.2 miles
Arby's
Dining
10,569 visits/mo
0.2 miles
Dollar Tree
Shops & Services
9,854 visits/mo
0.3 miles
Burger King
Dining
8,107 visits/mo
0.2 miles
Dollar General
Shops & Services
7,240 visits/mo
0.3 miles
Demographics for 45805, OH
22,740
Population
10,560
Households
2.2
Avg Household Size
39
Median Age
24%
College-Educated
94%
High-School Grad
14.6 sq mi
ZIP Area
1,558
Density / Sq Mi
$65,954
Median Household Income
$37,126
Median Earnings
$944
Median Rent
$153,700
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 - Fully equipped restaurant space remodeled in 2021 with central air, parking lot, and public utilities.
Where is this conventional restaurant located?
The property is located at 2228 Shawnee Road Lima, OH.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Liquor license in place; 2,788 SF restaurant remodeled in 2021 with kitchen and dining areas; New roof and all new electrical as part of the 2021 remodel
