Established Restaurant on High-Traffic
For Sale
Contact for pricing
1565 Marion-Waldo Rd, Marion, OH 43302
Turn-key restaurant opportunity on a high-traffic road with ample parking.
Property Size3,840 SF
Lot Size1.00 Acre
Price / SF$117.16
Days on Market1972
Property Features for 1565 Marion-Waldo Rd
General Information
Standard status
Active
Size
3,840 SF
Total Parking Spaces
50
Lot size
1.00 Acre
Property subtype
Retail
Building Details
Year Built
1973
Year Renovated
2016
Stories
1
Listing Agency:
RE/MAX Connection, Realtors
(614) 882-6725
Listed By:
DeLena Ciamacco · License #367326
Source:
Crexi
Added: Apr 8, 2021
Changed: Aug 16
Last Checked: Aug 31 at 8:04AM
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 RE/MAX Connection, Realtors
Investment Insights
Based on property information with market context.
This established restaurant and diner is situated on a high-traffic road, conveniently located near businesses, shopping centers, and industry. The property includes a 1+ acre lot with approximately 50 parking spaces. Owned and operated by the same family for 20 years, the turn-key restaurant has been impeccably maintained. The interior was remodeled in 2016 for approximately $100,000. Seating is available for approximately 180 patrons, including a banquet area, two main dining areas, and bar seating. The building has over 3,800 square feet and includes a walk-up basement suitable for storage and deliveries. A drive-through window is located at the rear of the building. The property's location and features make it suitable for various uses, including offices, a church, medical facility, bank, car lot or automotive business, or fast food establishment, subject to zoning regulations. The property is located near local schools.
Key Highlights
- Established turn‑key restaurant/diner with 20 years of family ownership.
- Located on a very busy, high‑traffic road near businesses and shopping.
- Large 1+ acre lot with ~50 parking spaces and drive‑through window.
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
$15,995
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
3.56%
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%
$319,900
$319.9K
Cap Rate 7%
$228,500
$228.5K
Cap Rate 9%
$177,722
$177.7K
Market Conditions
NOI Build-Up for 3,840 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
$22.1K $5.76/SF
− Vacancy
−$792 −$0.21/SF
EGI
$21.3K $5.55/SF
− OpEx
−$5.3K −$1.39/SF
NOI
$16.0K $4.17/SF
Area
Marion County, OH
Vacancy
3.58%
Lease Rate
$5.76 /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%
$319,900
Cap Rate 7%
$228,500
Cap Rate 9%
$177,722
Alternative Uses
Best Use
Office B
$674.1K
$589.8K – $786.5K
NOI $47,187 @ 7.0% cap · market cap 10.49%
Second Best
Specialty Retail
$228.5K
$199.9K – $266.6K
NOI $15,995 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$775.1K
$678.3K – $904.3K
NOI $54,260 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
Median Home Value
Market
Vacancy Rate% for Office 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 - Turn-key restaurant opportunity on a high-traffic road with ample parking.
Where is this conventional restaurant located?
The property is located at 1565 Marion-Waldo Rd Marion, OH.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Established turn‑key restaurant/diner with 20 years of family ownership.; Located on a very busy, high‑traffic road near businesses and shopping.; Large 1+ acre lot with ~50 parking spaces and drive‑through window.
