NNN Restaurant
For Sale
$1,075,000
3145 Lagrange Street & 2535 Starr Ave Toledo /, Oregon, OH 43608
Two fully occupied, single-tenant NNN restaurant buildings leased to Little Caesars.
Property Size2,610 SF
Days on Market162
Property Features for 3145 Lagrange Street & 2535 Starr Ave Toledo /
General Information
Standard status
Active
Size
2,610 SF
Property subtype
Retail - Restaurant
Building Details
Building Size
2,610 SF
Year Built
19801986
Units
2
Listing Agency:
Miller Diversified Realty
Listed By:
Jerry Miller, CCIM · License #0000324835
(937) 470-9011
Source:
Commercialcafe
Added: Mar 27
Changed: Aug 16
Last Checked: Sep 4 at 2:43AM
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 Miller Diversified Realty
Investment Insights
Based on property information with market context.
This portfolio includes two single-tenant restaurant buildings under absolute NNN leases, totaling 2,610 SF. Both properties are fully occupied by a Little Caesars franchise, with new long-term leases noted in the offering and periodic updates and renovations described as being completed per the franchise agreement. The buildings were constructed in 1980 and 1986 and have been maintained, with updates conducted periodically.
The properties are offered only as a portfolio and not sold separately. The LaGrange St. property includes billboard revenue in addition to the base NNN structure, as stated in the remarks, and the overall offering highlights key locations with visibility to high traffic volumes and major arterial access in the Toledo, Ohio area.
The leases are described as new 15-year terms with built-in rent escalators.
The properties are offered only as a portfolio and not sold separately. The LaGrange St. property includes billboard revenue in addition to the base NNN structure, as stated in the remarks, and the overall offering highlights key locations with visibility to high traffic volumes and major arterial access in the Toledo, Ohio area.
The leases are described as new 15-year terms with built-in rent escalators.
Key Highlights
- Portfolio of 2 single‑tenant NNN restaurant buildings totaling 2,610 SF, both fully occupied by Little Caesars.
- Leased under new 15‑year leases with built‑in rent escalators.
- Both properties have absolute NNN lease structure.
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
$33,438
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
3.11%
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%
$668,760
$668.8K
Cap Rate 7%
$477,686
$477.7K
Cap Rate 9%
$371,533
$371.5K
Market Conditions
NOI Build-Up for 2,610 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
$47.0K $18.00/SF
− Vacancy
−$2.4K −$0.92/SF
EGI
$44.6K $17.08/SF
− OpEx
−$11.1K −$4.27/SF
NOI
$33.4K $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%
$668,760
Cap Rate 7%
$477,686
Cap Rate 9%
$371,533
Alternative Uses
Best Use
Specialty Retail
$477.7K
$418.0K – $557.3K
NOI $33,438 @ 7.0% cap · market cap 3.11%
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
365
Businesses Nearby
79k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 81%
Shops & Services 7%
Home Improvements & Furnishings 6%
Apparel 6%
Kroger
Groceries
63,451 visits/mo
0.5 miles
Dollar General
Shops & Services
5,558 visits/mo
0.5 miles
Harbor Freight Tools
Home Improvements & Furnishings
4,917 visits/mo
0.5 miles
Goodwill
Apparel
4,839 visits/mo
0.5 miles
Demographics for 43608, OH
12,948
Population
6,419
Households
2
Avg Household Size
35
Median Age
10%
College-Educated
75%
High-School Grad
3.3 sq mi
ZIP Area
3,924
Density / Sq Mi
$28,535
Median Household Income
$24,107
Median Earnings
$828
Median Rent
$41,100
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?
Conventional restaurant - Two fully occupied, single-tenant NNN restaurant buildings leased to Little Caesars.
Where is this conventional restaurant located?
The property is located at 3145 Lagrange Street & 2535 Starr Ave Toledo / Oregon, OH.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Portfolio of 2 single‑tenant NNN restaurant buildings totaling 2,610 SF, both fully occupied by Little Caesars.; Leased under new 15‑year leases with built‑in rent escalators.; Both properties have absolute NNN lease structure.
