Commercial Corner Development
For Sale
Contact for pricing
Pending
6530 State Route 229, Marengo, OH 43334
3.3 acre commercial corner parcel adjacent to Highland Schools.
Property Size3,148 SF
Lot Size3.30 Acres
Days on Market175
Property Features for 6530 State Route 229
General Information
Standard status
Pending
Size
3,148 SF
Class
C
Lot size
3.30 Acres
Property subtype
Retail, Land, Business for Sale
Zoning
C-1
Investment Type
Owner/User
Listing Agency:
ARX Real Estate
(614) 260-5377
Listed By:
James Kerr · License #2014000913
Source:
Crexi
Added: Mar 8
Changed: Aug 8
Last Checked: Aug 29 at 12:29AM
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 ARX Real Estate
Investment Insights
Based on property information with market context.
This 3.3± acre commercial corner parcel is located at the intersection of State Route 229 and State Route 314 in Sparta, Ohio, directly adjacent to the Highland Local Schools (K-12) campus and across from Highland Community Park. The park is a highly active recreation complex featuring multiple baseball and softball diamonds including two turf tournament fields that host regional tournaments and community events throughout the season. The property currently operates as Highland Pizza & Ice Cream, a local establishment that has served the community for more than 30 years. The business has built a strong local following with 500+ Google reviews and approximately a 4.5-star rating, making it a recognized gathering spot for residents, school events, and tournament visitors. The site includes an existing restaurant building with utilities already in place, including an active sanitary sewer tap, providing an infrastructure advantage for future commercial development. Positioned along a regional corridor connecting Mount Vernon, Marengo, Chesterville, and surrounding communities, the location benefits from consistent commuter traffic as well as daily activity generated by the nearby school campus and tournament-level athletic complex. The parcel's size, corner configuration, and existing infrastructure support a variety of potential uses including retail, convenience store, quick-service restaurant, drive-thru concepts, or continued restaurant operation. The existing restaurant building has a size of 3148 square feet. The property may be acquired as land with improvements or with the established business operation.
Key Highlights
- Prime commercial corner location adjacent to Highland Local Schools and across from Highland Community Park.
- Existing restaurant building with utilities in place, including an active sanitary sewer tap.
- Established business (Highland Pizza & Ice Cream) with a strong local following.
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
$39,189
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
4.13%
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%
$783,780
$783.8K
Cap Rate 7%
$559,843
$559.8K
Cap Rate 9%
$435,433
$435.4K
Market Conditions
NOI Build-Up for 3,148 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
$68.8K $21.84/SF
− Vacancy
−$16.5K −$5.24/SF
EGI
$52.3K $16.60/SF
− OpEx
−$13.1K −$4.15/SF
NOI
$39.2K $12.45/SF
Area
Morrow 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%
$783,780
Cap Rate 7%
$559,843
Cap Rate 9%
$435,433
Alternative Uses
Best Use
Specialty Retail
$559.8K
$489.9K – $653.2K
NOI $39,189 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$634.5K
$555.2K – $740.2K
NOI $44,414 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
7k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
7,101 visits/mo
0.1 miles
Demographics for 43334, OH
6,721
Population
2,470
Households
2.7
Avg Household Size
43
Median Age
18%
College-Educated
95%
High-School Grad
66.1 sq mi
ZIP Area
102
Density / Sq Mi
$84,510
Median Household Income
$47,736
Median Earnings
$991
Median Rent
$245,700
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 - 3.3 acre commercial corner parcel adjacent to Highland Schools.
Where is this conventional restaurant located?
The property is located at 6530 State Route 229 Marengo, OH.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Prime commercial corner location adjacent to Highland Local Schools and across from Highland Community Park.; Existing restaurant building with utilities in place, including an active sanitary sewer tap.; Established business (Highland Pizza & Ice Cream) with a strong local following.
