Established White Castle Restaurant For
For Sale
Contact for pricing
Pending
24599 US Hwy 23 S, Circleville, OH 43113
2,200 SF White Castle on US Highway 23.
Property Size2,200 SF
Days on Market156
Property Features for 24599 US Hwy 23 S
General Information
Standard status
Pending
Size
2,200 SF
Property subtype
Retail
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$44,000
Building Details
Year Built
1999
Buildings
1
Tenancy
Single
Listing Agency:
ParaSell Inc
(949) 942-6585
Listed By:
Scott Reid · License #10991231395
Source:
Crexi
Added: Mar 9
Changed: Aug 10
Last Checked: Aug 11 at 11:05AM
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 ParaSell Inc
Investment Insights
Based on property information with market context.
This property features a 2,200 SF White Castle restaurant located at 24599 US Highway 23 South in Circleville, Ohio, approximately 20 miles south of Columbus. The property has been successfully operated by White Castle System, Inc. since 1999. The site is positioned directly on US Highway 23, offering strong visibility and access within the Columbus MSA.
Key Highlights
- Corporate‑guaranteed ground lease by White Castle System, Inc.
- Located on US Highway 23, providing strong visibility and access.
- Located within the Columbus MSA.
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
$27,387
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
4.36%
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%
$547,740
$547.7K
Cap Rate 7%
$391,243
$391.2K
Cap Rate 9%
$304,300
$304.3K
Market Conditions
NOI Build-Up for 2,200 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
$48.0K $21.84/SF
− Vacancy
−$11.5K −$5.24/SF
EGI
$36.5K $16.60/SF
− OpEx
−$9.1K −$4.15/SF
NOI
$27.4K $12.45/SF
Area
Pickaway County, OH
Vacancy
24.00%
Lease Rate
$21.84 /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%
$547,740
Cap Rate 7%
$391,243
Cap Rate 9%
$304,300
Alternative Uses
Best Use
Specialty Retail
$391.2K
$342.3K – $456.5K
NOI $27,387 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$443.4K
$388.0K – $517.3K
NOI $31,039 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 43113, OH
24,165
Population
10,461
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
89%
High-School Grad
162.2 sq mi
ZIP Area
149
Density / Sq Mi
$63,715
Median Household Income
$39,174
Median Earnings
$935
Median Rent
$217,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Drive through restaurant - 2,200 SF White Castle on US Highway 23.
Where is this drive through restaurant located?
The property is located at 24599 US Hwy 23 S Circleville, OH.
What is the asking price?
The asking price for this property is $628,000.
What are key features of this property?
This property features: Corporate‑guaranteed ground lease by White Castle System, Inc.; Located on US Highway 23, providing strong visibility and access.; Located within the Columbus MSA.
