NNN Pizza Hut Restaurant
For Sale
Contact for pricing
512 Carroll Street, New Lexington, OH 43764
Pizza Hut restaurant property leased under a long-term NNN structure with scheduled annual rent increases.
Property Size2,243 SF
Price / SF$363.25
Days on Market119
Property Features for 512 Carroll Street
General Information
Standard status
Active
Size
2,243 SF
Property subtype
Retail
Lease Type
NNN
Net Operating Income
$65,182
Building Details
Year Built
1991
Tenancy
Single
Listing Agency:
SURMOUNT
(332) 345-4222
Listed By:
Matt McParland · License #NY 49KU1129178
Source:
Crexi
Added: May 4
Changed: Aug 30
Last Checked: Aug 30 at 1:04PM
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 SURMOUNT
Investment Insights
Based on property information with market context.
This Pizza Hut restaurant property includes approximately 2,243 rentable square feet on an estimated 0.84-acre parcel. The building was constructed in 1991 and is located at 512 Carroll Street in New Lexington, Ohio.
The property is subject to a 15-year Triple Net lease that commenced on October 29, 2018. The lease includes scheduled annual increases of 1.25%, providing a defined contractual escalation structure for the term.
The property is subject to a 15-year Triple Net lease that commenced on October 29, 2018. The lease includes scheduled annual increases of 1.25%, providing a defined contractual escalation structure for the term.
Key Highlights
- Pizza Hut restaurant property at 512 Carroll Street, New Lexington, OH 43764
- Approximately 2,243 rentable square feet on an estimated 0.84‑acre parcel
- 15‑year Triple Net lease commenced 10/29/2018
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
$27,923
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
3.43%
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%
$558,460
$558.5K
Cap Rate 7%
$398,900
$398.9K
Cap Rate 9%
$310,256
$310.3K
Market Conditions
NOI Build-Up for 2,243 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
$49.0K $21.84/SF
− Vacancy
−$11.8K −$5.24/SF
EGI
$37.2K $16.60/SF
− OpEx
−$9.3K −$4.15/SF
NOI
$27.9K $12.45/SF
Area
Perry 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%
$558,460
Cap Rate 7%
$398,900
Cap Rate 9%
$310,256
Alternative Uses
Best Use
Specialty Retail
$398.9K
$349.0K – $465.4K
NOI $27,923 @ 7.0% cap · market cap 3.43%
Second Best
Retail
$372.3K
$325.8K – $434.4K
NOI $26,061 @ 7.0% cap · market cap 3.20%
Theoretical Best
Warehouse
$452.1K
$395.6K – $527.4K
NOI $31,646 @ 7.0% cap · market cap 3.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
Explore this area
Business Placement
Demographics for 43764, OH
8,177
Population
3,214
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
85%
High-School Grad
60.8 sq mi
ZIP Area
134
Density / Sq Mi
$54,388
Median Household Income
$36,581
Median Earnings
$664
Median Rent
$129,800
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?
NNN property - Pizza Hut restaurant property leased under a long-term NNN structure with scheduled annual rent increases.
Where is this nnn property located?
The property is located at 512 Carroll Street New Lexington, OH.
What is the asking price?
The asking price for this property is $814,775.
What are key features of this property?
This property features: Pizza Hut restaurant property at 512 Carroll Street, New Lexington, OH 43764; Approximately 2,243 rentable square feet on an estimated 0.84‑acre parcel; 15‑year Triple Net lease commenced 10/29/2018
