Turnkey Restaurant and Mixed-Use
227 E Cecil St Springfield, OH 45503
227 E Cecil St, Springfield, OH, 45503
Contact for pricing
For Sale
Contact for pricing
Updated Cecil and Lime restaurant is paired with an ADA-compliant building offering office suites and an apartment.
Property Size6,000 SF
Price / SF$183.33
Days on Market128
Property Features for 227 E Cecil St
General Information
- Standard status
- Active
- Size
- 6,000 SF
- Property subtype
- Business for Sale, Mixed Use
Building Details
- Year Built
- 1913
Listing agency
Coldwell Banker Commercial Heritage
(937) 631-5562
Listed by
Arthur Solomon · License #2014003166
Source
Crexi
Added: Mar 16 Updated: Jul 20 at 10:52PM Checked: Jul 20 at 10:52PM
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 Coldwell Banker Commercial Heritage
Investment Insights
Based on property information with market context.
This offering combines the Cecil and Lime restaurant property with adjacent income-producing real estate, conveyed together as a three-parcel package. The restaurant has received extensive recent updates, including a newer roof, remodeled interior, upgraded bar area, updated flooring and fresh paint, along with improvements to many mechanical systems. Outdoor dining is supported by a large deck and patio area.
The package also includes 914 N. Fountain Avenue, an ADA-compliant mixed-use building. The main floor features approximately eight professional office suites, while the upper level includes a spacious three-bedroom apartment accessible by elevator. Additional space includes a full unfinished attic and a full walkout basement with a break room and a full bathroom.
For the right buyer, the restaurant may be acquired as a largely turnkey operation, with the potential for certain furnishings, fixtures, equipment, décor, inventory, and even the liquor license to remain as part of the sale.
The package also includes 914 N. Fountain Avenue, an ADA-compliant mixed-use building. The main floor features approximately eight professional office suites, while the upper level includes a spacious three-bedroom apartment accessible by elevator. Additional space includes a full unfinished attic and a full walkout basement with a break room and a full bathroom.
For the right buyer, the restaurant may be acquired as a largely turnkey operation, with the potential for certain furnishings, fixtures, equipment, décor, inventory, and even the liquor license to remain as part of the sale.
Key Highlights
- Cecil and Lime restaurant (Year built 1913) with extensive updates including newer roof, remodeled interior, upgraded bar, updated flooring, and fresh paint.
- Large deck and patio added, creating one of the largest outdoor dining areas for the restaurant.
- Package includes adjacent income‑producing property at 914 N. Fountain Avenue (3 parcels conveyed).
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $131.6k | $21.93 |
| − Vacancy | −$25.0k | −$4.17 |
| EGI | $106.6k | $17.76 |
| − OpEx | −$26.6k | −$4.44 |
| NOI | $79.9k | $13.32 |
6,000 SF · lease $21.93/SF/yr · vacancy 19.02% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.67M
$1.46M – $1.95M
NOI $117,150 @ 7.0% cap · market cap 10.65%
Second Best
Office B
$1.14M
$998.9K – $1.33M
NOI $79,915 @ 7.0% cap · market cap 7.27%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Cecil and Lime
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Updated Cecil and Lime restaurant is paired with an ADA-compliant building offering office suites and an apartment.
Where is this conventional restaurant located?
The property is located at 227 E Cecil St Springfield, 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: Cecil and Lime restaurant (Year built 1913) with extensive updates including newer roof, remodeled interior, upgraded bar, updated flooring, and fresh paint.; Large deck and patio added, creating one of the largest outdoor dining areas for the restaurant.; Package includes adjacent income‑producing property at 914 N. Fountain Avenue (3 parcels conveyed).
