Pizza Restaurant & D-1 Liquor
For Sale
$649,900
424 E Main Street, Russells Point, OH 43348
COMMERCIAL - Russells Point, OH
Property Size2,789 SF
Lot Size0.27 Acres
Price / SF$233.02
Days on Market167
Property Features for 424 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business, Commercial
Rooms
Dining Room
Parking
17
Patio and Porch features
Patio
Appliances
Built-In Gas Oven, Dishwasher, Gas Water Heater, Refrigerator, Water Softener Owned
Subdivision
Bellefontaine
Directions
Located on OH-366, in downtown Russells Point between SR 708 and Fantasy Island Rd (across from McDonalds's Restaurant. From the intersection of SR 708 and OH-366, go E on OH 366 to Indian Lake Pizza and Subs parking lot on the South or R side of the highway.
Standard status
Active
APN
520321006001002
Size
2,789 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water front features
Lake
Water front
1
Building Details
Year built
1975
Building materials
Brick, Cedar
Listing Agency:
Zimmerman Realty Ltd.
(937) 592-4896
Listed By:
Doug Zimmerman
(937) 592-4896
Added: Feb 27
Changed: Aug 5
Last Checked: Aug 13 at 4:06AM
MLS# 1044002
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.
Investment Insights
Based on property information with market context.
Pizza restaurant and associated property in the lakeside town of Russells Point at Indian Lake. The building is on a 0.27-acre lot and was built in 1975, then remodeled in 1999 with numerous updates since. The sale includes the business and all current equipment, inventory, and a D-1 liquor license, with the exception of one Indian Lake sign on the west dining room wall.
The restaurant features ADA-compliant seating for 64, a dining room, and separate staff and guest bathrooms. There is parking capacity for 17 and a patio. The building is described as brick with cedar materials, with natural gas forced-air heating and central air cooling. Water is served via a built-in water softener owned by the property, and sewer service is public.
Equipment and appliances noted include a built-in gas oven, dishwasher, gas water heater, and refrigerator.
The restaurant features ADA-compliant seating for 64, a dining room, and separate staff and guest bathrooms. There is parking capacity for 17 and a patio. The building is described as brick with cedar materials, with natural gas forced-air heating and central air cooling. Water is served via a built-in water softener owned by the property, and sewer service is public.
Equipment and appliances noted include a built-in gas oven, dishwasher, gas water heater, and refrigerator.
Key Highlights
- D‑1 liquor license included with the sale
- ADA‑compliant seating for 64
- Parking capacity for 17
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
$34,752
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
5.35%
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%
$695,040
$695.0K
Cap Rate 7%
$496,457
$496.5K
Cap Rate 9%
$386,133
$386.1K
Market Conditions
NOI Build-Up for 2,789 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
$50.2K $18.00/SF
− Vacancy
−$3.9K −$1.39/SF
EGI
$46.3K $16.61/SF
− OpEx
−$11.6K −$4.15/SF
NOI
$34.8K $12.46/SF
Area
Montgomery County, OH
Vacancy
7.70%
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%
$695,040
Cap Rate 7%
$496,457
Cap Rate 9%
$386,133
Alternative Uses
Best Use
Specialty Retail
$496.5K
$434.4K – $579.2K
NOI $34,752 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$26.38M
$23.08M – $30.78M
NOI $1,846,505 @ 7.0% cap · market cap 284.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
193
Businesses Nearby
54k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 43%
McDonald's
Dining
18,222 visits/mo
0.2 miles
Marathon
Shops & Services
13,214 visits/mo
0.2 miles
Taco Bell
Dining
7,078 visits/mo
0.1 miles
Dollar General
Shops & Services
5,340 visits/mo
0.1 miles
Huntington Bank
Shops & Services
3,592 visits/mo
0.1 miles
Demographics for 43348, OH
1,880
Population
1,498
Households
1.3
Avg Household Size
47
Median Age
18%
College-Educated
86%
High-School Grad
2.3 sq mi
ZIP Area
817
Density / Sq Mi
$50,658
Median Household Income
$32,132
Median Earnings
$763
Median Rent
$147,900
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 - Pizza restaurant and property with a D-1 liquor license, ADA-compliant seating for 64, and parking for 17.
Where is this conventional restaurant located?
The property is located at 424 E Main Street Russells Point, OH.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: D‑1 liquor license included with the sale; ADA‑compliant seating for 64; Parking capacity for 17
