Freestanding Restaurant Building For
For Sale
Contact for pricing
Pending
204 Benton St, Oak Harbor, OH 43449
944 SF restaurant on 0.31 AC corner lot.
Property Size944 SF
Lot Size0.31 Acres
Days on Market1162
Property Features for 204 Benton St
General Information
Standard status
Pending
Size
944 SF
Lot size
0.31 Acres
Property subtype
Retail
Listing Agency:
Goodman Real Estate Services Group LLC
Listed By:
Zack Sogoloff · License #OH SAL.0000436288
Source:
Crexi
Added: Jun 27, 2023
Changed: Aug 28
Last Checked: Aug 28 at 11:15PM
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 Goodman Real Estate Services Group LLC
Investment Insights
Based on property information with market context.
A 944 square foot freestanding restaurant building is available for sale. The property is situated on a 0.31-acre corner lot and features ample parking. A large pole sign is present on the property. The restaurant has been newly remodeled and is located on a busy main street.
Key Highlights
- Newly remodeled restaurant
- Freestanding building (944 SF) on 0.31 AC
- Located on a busy main street
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
$12,914
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
3.32%
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%
$258,280
$258.3K
Cap Rate 7%
$184,486
$184.5K
Cap Rate 9%
$143,489
$143.5K
Market Conditions
NOI Build-Up for 944 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
$17.9K $18.96/SF
− Vacancy
−$680 −$0.72/SF
EGI
$17.2K $18.24/SF
− OpEx
−$4.3K −$4.56/SF
NOI
$12.9K $13.68/SF
Area
Ottawa County, OH
Vacancy
3.80%
Lease Rate
$18.96 /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%
$258,280
Cap Rate 7%
$184,486
Cap Rate 9%
$143,489
Alternative Uses
Best Use
Specialty Retail
$184.5K
$161.4K – $215.2K
NOI $12,914 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$336.4K
$294.4K – $392.5K
NOI $23,549 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
4k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 64%
Shops & Services 36%
SUBWAY
Dining
2,690 visits/mo
0.3 miles
U.S. Bank
Shops & Services
1,511 visits/mo
0.4 miles
Demographics for 43449, OH
8,057
Population
4,311
Households
1.9
Avg Household Size
47
Median Age
23%
College-Educated
95%
High-School Grad
83.8 sq mi
ZIP Area
96
Density / Sq Mi
$71,496
Median Household Income
$38,333
Median Earnings
$821
Median Rent
$174,600
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 - 944 SF restaurant on 0.31 AC corner lot.
Where is this conventional restaurant located?
The property is located at 204 Benton St Oak Harbor, OH.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Newly remodeled restaurant; Freestanding building (944 SF) on 0.31 AC; Located on a busy main street
