Turnkey Restaurant with Income
227 E Cecil Street Springfield Springfield, OH 45503
227 E Cecil Street Springfield, Springfield, OH, 45503
$750,000
For Sale
$750,000
Updated restaurant with a large deck and patio, offered with an ADA-compliant mixed-use building generating additional rental flexibility.
Property Size2,500 SF
Price / SF$300
Days on Market16
Property Features for 227 E Cecil Street Springfield
General Information
- Standard status
- Active
- Size
- 2,500 SF
Listing agency
(614) 660-5959
Listed by
Sinath Johnson
(614) 660-5959
Source
Movenowohio
Added: Jul 6 Updated: Jul 21 at 12:04AM Checked: Jul 21 at 3:31AM
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 Sinath Johnson
Investment Insights
Based on property information with market context.
Offered as a hospitality and real estate package, the sale includes the restaurant property known as Cecil and Lime at 227 E Cecil Street along with the neighboring building at 914 N. Fountain Avenue (3 parcels conveyed). Cecil and Lime has been extensively updated in recent years, including a newer roof, remodeled interior, upgraded bar area, updated flooring, fresh paint, and improvements to many building mechanical systems. The property also features a large deck and patio area designed for outdoor dining, and the offering contemplates a largely turnkey setup, with the possibility that furniture, fixtures, equipment, décor, inventory, and even a liquor license may remain with the sale.
The adjacent building at 914 N. Fountain Avenue is ADA compliant and offers additional income opportunity. The main floor includes approximately eight professional office suites, while the upper level features a spacious three-bedroom apartment accessible by elevator. The building also provides a full unfinished attic for future expansion and a full walkout basement with a break room and full bathroom.
The adjacent building at 914 N. Fountain Avenue is ADA compliant and offers additional income opportunity. The main floor includes approximately eight professional office suites, while the upper level features a spacious three-bedroom apartment accessible by elevator. The building also provides a full unfinished attic for future expansion and a full walkout basement with a break room and full bathroom.
Key Highlights
- Package includes the Cecil and Lime restaurant plus adjacent income‑producing property at 914 N. Fountain Avenue (3 parcels conveyed).
- Restaurant has extensive recent updates, including newer roof, remodeled interior, upgraded bar area, updated flooring, fresh paint, and improved mechanical systems.
- Large deck and patio area added for outdoor dining.
Local Financial Insights For Specialty Retail
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 | $67.5k | $27.00 |
| − Vacancy | −$2.4k | −$0.97 |
| EGI | $65.1k | $26.03 |
| − OpEx | −$16.3k | −$6.51 |
| NOI | $48.8k | $19.53 |
2,500 SF · lease $27.00/SF/yr · vacancy 3.58% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$697.3K
$610.2K – $813.6K
NOI $48,813 @ 7.0% cap · market cap 6.51%
Second Best
Office B
$475.7K
$416.2K – $555.0K
NOI $33,298 @ 7.0% cap · market cap 4.44%
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 restaurant with a large deck and patio, offered with an ADA-compliant mixed-use building generating additional rental flexibility.
Where is this conventional restaurant located?
The property is located at 227 E Cecil Street Springfield Springfield, OH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Package includes the Cecil and Lime restaurant plus adjacent income‑producing property at 914 N. Fountain Avenue (3 parcels conveyed).; Restaurant has extensive recent updates, including newer roof, remodeled interior, upgraded bar area, updated flooring, fresh paint, and improved mechanical systems.; Large deck and patio area added for outdoor dining.
