365 N Lexington Springmill Rd, Ontario, OH 44906

Building Details

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Listing Agency: CBRE | Cleveland Show Phone

Listed By: Kevin Moss · License #SAL.2015001299 Show Phone

Source: Moodyscre

Added: Nov 5 Changed: Nov 8 Last Checked: Nov 8 at 4:12PM

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Investment Insights

Based on property information with market context.

The freestanding restaurant building includes drive-through service and occupies a 1.2-acre parcel in Ontario, Ohio. The current occupant is expected to relocate to a smaller site.

N Lexington-Springmill Rd carries 15,651 vehicles per day, according to ODOT. Retailers in the surrounding trade area include Walmart, Target, Meijer, Home Depot, Menards, Dick’s Sporting Goods, TJX, Hobby Lobby, Kohl’s, Ross, Chick-fil-A, Raising Cane’s and Panera. The population within a 20-minute drive is 125,860.

Key Highlights

• Freestanding restaurant with drive‑through service
• 1.2‑acre site in Ontario, Ohio
• 15,651 vehicles per day on N Lexington‑Springmill Rd, per ODOT

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$79,135

Cap Rate

4.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,582,700 $1.6M

Cap Rate 7%

$1,130,500 $1.1M

Cap Rate 9%

$879,278 $879.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,809 SF

Gross rent

$110.1K $18.96/SF

− Vacancy

−$4.6K −$0.80/SF

EGI

$105.5K $18.16/SF

− OpEx

−$26.4K −$4.54/SF

NOI

$79.1K $13.62/SF

Area

Richland County, OH

Vacancy

4.20%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,582,700

Cap Rate 7%

$1,130,500

Cap Rate 9%

$879,278

Alternative Uses

Best Use

Specialty Retail

$1.13M

$989.2K – $1.32M (±1% cap)

NOI $79,135 @ 7.0% cap · market cap 4.66%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.17M

$1.02M – $1.36M (±1% cap)

NOI $81,809 @ 7.0% cap · market cap 4.81%

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

Drive through restaurants

Suggested Use

Top Pick HVAC Service Parking Lot & Garage Kitchen & Bath Showroom Grocery & Convenience Store Plumbing Service Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

15,651 VPD

Traffic count

Location Intelligence

Trade Area within ½ mile

461

Businesses Nearby

Explore this area Business Placement

Demographics for 44906, OH

16,566

Population

8,613

Households

1.9

Avg Household Size

45

Median Age

22%

College-Educated

88%

High-School Grad

19.5 sq mi

ZIP Area

850

Density / Sq Mi

$51,358

Median Household Income

$36,087

Median Earnings

$783

Median Rent

$127,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Frequently Asked Questions

What type of property is this?

Drive through restaurant - A standalone restaurant property with drive-through service is situated in Ontario’s regional retail area.

Where is this drive through restaurant located?

The property is located at 365 N Lexington Springmill Rd Ontario, OH.

What is the asking price?

The asking price for this property is $1,700,000.

What are key features of this property?

This property features: Freestanding restaurant with drive‑through service; 1.2‑acre site in Ontario, Ohio; 15,651 vehicles per day on N Lexington‑Springmill Rd, per ODOT