Olive Garden Restaurant
For Sale
Contact for pricing
2810 Navarre Avenue, Oregon, OH 43616
Newly built restaurant on a dedicated pad site with a corporately guaranteed NNN ground lease.
Property Size6,489 SF
Lot Size1.35 Acres
Price / SF$403.97
Days on Market12
Property Features for 2810 Navarre Avenue
General Information
Standard status
Active
Size
6,489 SF
Lot size
1.35 Acres
Property subtype
Retail
Listing Agency:
CBRE - Philadelphia Suburban
Listed By:
Matthew Gorman · License #PA RS287470
(484) 567-2340
Source:
Crexi
Added: Aug 31
Changed: Sep 9
Last Checked: Sep 11 at 7:44AM
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 CBRE - Philadelphia Suburban
Investment Insights
Based on property information with market context.
This newly built Olive Garden restaurant contains 6,489 square feet on a 1.35-acre pad site in Oregon, Ohio. The asset is operated under a 10-year NNN ground lease guaranteed by Olive Garden Holdings, LLC, a Darden Restaurants, Inc. subsidiary.
The lease includes 10% rent increases at five-year intervals during the initial term and option periods. The property is located at 2810 Navarre Avenue within the Toledo MSA.
The lease includes 10% rent increases at five-year intervals during the initial term and option periods. The property is located at 2810 Navarre Avenue within the Toledo MSA.
Key Highlights
- 6,489‑square‑foot Olive Garden restaurant completed as a new construction
- Situated on a 1.35‑acre pad site at 2810 Navarre Avenue
- 10‑year corporately guaranteed NNN ground lease
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
$83,134
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
3.17%
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%
$1,662,680
$1.7M
Cap Rate 7%
$1,187,629
$1.2M
Cap Rate 9%
$923,711
$923.7K
Market Conditions
NOI Build-Up for 6,489 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
$116.8K $18.00/SF
− Vacancy
−$6.0K −$0.92/SF
EGI
$110.8K $17.08/SF
− OpEx
−$27.7K −$4.27/SF
NOI
$83.1K $12.81/SF
Area
Lucas County, OH
Vacancy
5.10%
Lease Rate
$18.00 /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%
$1,662,680
Cap Rate 7%
$1,187,629
Cap Rate 9%
$923,711
Alternative Uses
Best Use
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,134 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
810
Businesses Nearby
302k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 22%
Superstores 7%
Electronics 5%
McDonald's
Dining
35,322 visits/mo
0.2 miles
Circle K
Shops & Services
32,379 visits/mo
0.4 miles
Big Lots
Superstores
22,264 visits/mo
0.4 miles
Circle K
Shops & Services
21,690 visits/mo
0.5 miles
Wendy's
Dining
20,963 visits/mo
0.2 miles
Demographics for 43616, OH
20,480
Population
8,901
Households
2.3
Avg Household Size
45
Median Age
24%
College-Educated
94%
High-School Grad
38.4 sq mi
ZIP Area
533
Density / Sq Mi
$82,105
Median Household Income
$42,696
Median Earnings
$876
Median Rent
$190,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Newly built restaurant on a dedicated pad site with a corporately guaranteed NNN ground lease.
Where is this conventional restaurant located?
The property is located at 2810 Navarre Avenue Oregon, OH.
What is the asking price?
The asking price for this property is $2,621,359.
What are key features of this property?
This property features: 6,489‑square‑foot Olive Garden restaurant completed as a new construction; Situated on a 1.35‑acre pad site at 2810 Navarre Avenue; 10‑year corporately guaranteed NNN ground lease
