Building Details

Year Built 1997

Listing Agency: Howard Hanna Real Estate Svcs

Listed By: Jennifer Simpson · License #2012002027

Source: Crexi

Added: Nov 10, 2024 Changed: Oct 25 Last Checked: Oct 26 at 4:33PM

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Investment Insights

Based on property information with market context.

This 2,550 sq ft commercial property, formerly a restaurant with a drive-through, is located in a high-traffic area in Indian Lake. The property includes two restrooms, a walk-in freezer, and a walk-in cooler. It is situated on four parcels and features a large parking lot with easy access due to a nearby traffic light. The location offers visibility and potential for various uses, including a restaurant, coffee shop, or retail space. The property is within walking distance of a new hotel and conference center and is located steps from Indian Lake. It is suitable for a thriving business in a vibrant area.

Key Highlights

• High‑traffic location in Indian Lake with excellent visibility.
• Includes a drive‑through, walk‑in freezer, and walk‑in cooler.
• Large parking lot with easy access via a traffic light.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,843

Cap Rate

4.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$216,860 $216.9K

Cap Rate 7%

$154,900 $154.9K

Cap Rate 9%

$120,478 $120.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,550 SF

Gross rent

$15.0K $5.88/SF

− Vacancy

−$537 −$0.21/SF

EGI

$14.5K $5.67/SF

− OpEx

−$3.6K −$1.42/SF

NOI

$10.8K $4.25/SF

Area

Logan County, OH

Vacancy

3.58%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$216,860

Cap Rate 7%

$154,900

Cap Rate 9%

$120,478

Alternative Uses

Best Use

Specialty Retail

$154.9K

$135.5K – $180.7K (±1% cap)

NOI $10,843 @ 7.0% cap · market cap 4.03%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$514.7K

$450.4K – $600.5K (±1% cap)

NOI $36,032 @ 7.0% cap · market cap 13.39%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Drive through restaurants

Location Intelligence

Trade Area within ½ mile

159

Businesses Nearby

42k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 57% Shops & Services 43%

McDonald's Dining

18,222 visits/mo 0.4 miles

Marathon Shops & Services

13,214 visits/mo 0.4 miles

Huntington Bank Shops & Services

3,592 visits/mo 0.4 miles

SUBWAY Dining

3,350 visits/mo 0.3 miles

Cassano's Dining

2,167 visits/mo 0.4 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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Frequently Asked Questions

What type of property is this?

Drive through restaurant - 2,550 sq ft commercial property in high-traffic area.

Where is this drive through restaurant located?

The property is located at 421 Madison Street Washington Township, OH.

What is the asking price?

The asking price for this property is $269,000.

What are key features of this property?

This property features: High‑traffic location in Indian Lake with excellent visibility.; Includes a drive‑through, walk‑in freezer, and walk‑in cooler.; Large parking lot with easy access via a traffic light.