Renovated Restaurant
For Sale
Contact for pricing
924 N REYNOLDS RD, Toledo, OH 43615
Single-unit restaurant property with renovation and existing equipment in place.
Property Size1,512 SF
Price / SF$195.11
Days on Market10
Property Features for 924 N REYNOLDS RD
General Information
Standard status
Active
Size
1,512 SF
Property subtype
Retail
Building Details
Year Renovated
2026
Buildings
1
Units
1
Listing Agency:
Wiens & Roth Real Estate
Listed By:
Michael McCarthy · License #Ohio
(419) 265-4765
Source:
Crexi
Added: Aug 24
Changed: Sep 2
Last Checked: Sep 1 at 9:07PM
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 Wiens & Roth Real Estate
Investment Insights
Based on property information with market context.
This 1,512-square-foot restaurant building is configured as a single unit and has been renovated with restaurant equipment in place. The property is identified as a former Dunkin Donuts location and is situated at 924 N Reynolds Rd in Toledo, Ohio 43615.
Key Highlights
- 1,512 SF restaurant building
- Single‑unit configuration
- Renovated restaurant property
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
$11,512
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
3.90%
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%
$230,240
$230.2K
Cap Rate 7%
$164,457
$164.5K
Cap Rate 9%
$127,911
$127.9K
Market Conditions
NOI Build-Up for 1,512 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
$16.3K $10.80/SF
− Vacancy
−$980 −$0.65/SF
EGI
$15.3K $10.15/SF
− OpEx
−$3.8K −$2.54/SF
NOI
$11.5K $7.61/SF
Area
Toledo, OH
Vacancy
6.00%
Lease Rate
$10.80 /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%
$230,240
Cap Rate 7%
$164,457
Cap Rate 9%
$127,911
Alternative Uses
Best Use
Specialty Retail
$164.5K
$143.9K – $191.9K
NOI $11,512 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$251.6K
$220.2K – $293.6K
NOI $17,614 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
450
Businesses Nearby
44k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 37%
Electronics 1%
Speedway
Shops & Services
15,656 visits/mo
0.3 miles
Taco Bell
Dining
9,063 visits/mo
0.2 miles
Tim Hortons
Dining
6,285 visits/mo
0.2 miles
AutoZone
Shops & Services
5,141 visits/mo
0.2 miles
Fifth Third Bank & ATM
Shops & Services
4,138 visits/mo
0.2 miles
Demographics for 43615, OH
39,449
Population
19,620
Households
2
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
16.5 sq mi
ZIP Area
2,391
Density / Sq Mi
$58,466
Median Household Income
$38,196
Median Earnings
$1,014
Median Rent
$137,300
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 - Single-unit restaurant property with renovation and existing equipment in place.
Where is this conventional restaurant located?
The property is located at 924 N REYNOLDS RD Toledo, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,512 SF restaurant building; Single‑unit configuration; Renovated restaurant property
