Turnkey Restaurant and Mixed-Use
For Sale
$1,100,000
227 E Cecil Street, Springfield, OH 45503
Updated Cecil and Lime restaurant is paired with an ADA-compliant building offering office suites and an apartment.
Property Size2,500 SF
Price / SF$440
Days on Market167
Property Features for 227 E Cecil Street
General Information
Standard status
Active
Size
2,500 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$2,500
Amenities
Central Air
3
Parking. Corner Lot.
34 Parking Spaces. Paved Driveway, Garage, Lot.
irregular
Corner, City Road, Public Roads, Paved Road.
Building Details
Year Built
1915
Listing Agency:
Coldwell Banker Commercial Heritage
(937) 322-0352
Listed By:
Coldwell Banker Heritage · License #2014003166
(937) 322-0352
Source:
Xome
Added: Mar 10
Changed: Aug 23
Last Checked: Aug 21 at 10:30PM
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).
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
$48,813
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
4.44%
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%
$976,260
$976.3K
Cap Rate 7%
$697,329
$697.3K
Cap Rate 9%
$542,367
$542.4K
Market Conditions
NOI Build-Up for 2,500 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
$67.5K $27.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$65.1K $26.03/SF
− OpEx
−$16.3K −$6.51/SF
NOI
$48.8K $19.53/SF
Area
Clark County, OH
Vacancy
3.58%
Lease Rate
$27.00 /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%
$976,260
Cap Rate 7%
$697,329
Cap Rate 9%
$542,367
Alternative Uses
Best Use
Specialty Retail
$697.3K
$610.2K – $813.6K
NOI $48,813 @ 7.0% cap · market cap 4.44%
Second Best
Office B
$475.7K
$416.2K – $555.0K
NOI $33,298 @ 7.0% cap · market cap 3.03%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45503, OH
32,870
Population
15,458
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
89%
High-School Grad
17.5 sq mi
ZIP Area
1,878
Density / Sq Mi
$54,561
Median Household Income
$36,761
Median Earnings
$871
Median Rent
$153,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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 Street 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).
