Three-Floor Restaurant and
23 Monument Square, Urbana, OH 43078
For Sale
$399,900
Commercial Sale, Urbana, OH
Property Size4,769 SF
Lot Size0.04 Acres
Price / SF$83.85
Days on Market185
Property Features for 23 Monument Square
General Information
Property type
Property subtype
Basement
Subdivision
Directions
Standard status
APN
Size
Lot size
Tenancy & Operations
Currently Operating
Tenant in Place
Business Included
Taxes and HOA fees
Tax Year
Utilities
Sewer type
Heating system
Cooling system
Building Details
Year built
Building materials
Buildings
Listing Agency:
RE/MAX Alliance Realty
Listed By:
V. Patrick Hamilton · License #2004002933
(937) 652-1100
Added: May 9
Changed: Oct 25
Last Checked: Nov 9 at 4:06AM
MLS# 1045544
Copyright © 2026 Western Regional Information System & Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This three-floor brick building contains 4,769 square feet plus a full basement at 23 Monument Square in downtown Urbana. The sale includes Abuela’s Kitchen, a Latin American restaurant and bar, along with the commercial kitchen, prep areas, dining furnishings, décor, equipment, inventory, and operating essentials. D5L and D6 liquor licenses are included, supporting continued bar service and entertainment use.
The second floor is currently leased, while the third floor is unfinished space that can accommodate future expansion, private events, offices, or additional rental use. Carryout and catering operations are also established within the business. The property was built in 1900 and features natural gas forced-air heat, central air, and public sewer service.
The second floor is currently leased, while the third floor is unfinished space that can accommodate future expansion, private events, offices, or additional rental use. Carryout and catering operations are also established within the business. The property was built in 1900 and features natural gas forced-air heat, central air, and public sewer service.
Key Highlights
- 4,769‑square‑foot building across three floors plus a full basement
- Sale includes Abuela’s Kitchen Latin American restaurant and bar
- Commercial kitchen, prep areas, dining furnishings, décor, equipment, and inventory included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,597
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$391,940
$391.9K
Cap Rate 7%
$279,957
$280.0K
Cap Rate 9%
$217,744
$217.7K
Market Conditions
NOI Build-Up for 4,769 SF
Gross rent
$30.6K $6.41/SF
− Vacancy
−$2.6K −$0.54/SF
EGI
$28.0K $5.87/SF
− OpEx
−$8.4K −$1.76/SF
NOI
$19.6K $4.11/SF
Area
Champaign County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$391,940
Cap Rate 7%
$279,957
Cap Rate 9%
$217,744
Alternative Uses
Best Use
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $93,115 @ 7.0% cap · market cap 23.28%
Second Best
Industrial
$280.0K
$245.0K – $326.6K
NOI $19,597 @ 7.0% cap · market cap 4.90%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
19k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
United Dairy Farmers
Shops & Services
12,775 visits/mo
0.1 miles
Marathon
Shops & Services
4,155 visits/mo
0.1 miles
Fifth Third Bank & ATM
Shops & Services
1,619 visits/mo
0.1 miles
Demographics for 43078, OH
20,067
Population
8,904
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
91%
High-School Grad
150.4 sq mi
ZIP Area
133
Density / Sq Mi
$72,500
Median Household Income
$40,854
Median Earnings
$909
Median Rent
$176,300
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 Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Downtown restaurant property with a commercial kitchen, dining furnishings, bar service, and additional space for expansion.
Where is this conventional restaurant located?
The property is located at 23 Monument Square Urbana, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 4,769‑square‑foot building across three floors plus a full basement; Sale includes Abuela’s Kitchen Latin American restaurant and bar; Commercial kitchen, prep areas, dining furnishings, décor, equipment, and inventory included
