Gatsby's Bar and Grill
For Sale
Contact for pricing
151 N Hamilton Road, Gahanna, OH 43230
Freestanding bar/restaurant with volleyball courts and liquor license.
Property Size5,884 SF
Lot Size1.62 Acres
Price / SF$356.90
Days on Market732
Property Features for 151 N Hamilton Road
General Information
Standard status
Active
Size
5,884 SF
Total Parking Spaces
72
Lot size
1.62 Acres
Property subtype
Retail, Office, Multifamily, Hospitality, Special Purpose
Occupancy
100%
Building Details
Year Built
1900
Year Renovated
1981
Listing Agency:
Hanna Commercial Real Estate
(614) 906-2227
Listed By:
Gregory Hrabcak · License #0700310191
Source:
Crexi
Added: Aug 20, 2024
Changed: Aug 8
Last Checked: Aug 19 at 11:24PM
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 Hanna Commercial Real Estate
Investment Insights
Based on property information with market context.
The property at 151 N. Hamilton Road in Gahanna, OH 43230, features the iconic Gatsby's Bar and Grill. This free-standing bar and restaurant encompasses 5,884 square feet on a 1.62-acre lot, accessible via a traffic light entrance on Hamilton Road. Established for 47 years, the property includes patios and two outdoor volleyball courts used for league play, as well as live entertainment. The sale includes the real estate and business, complete with furniture, fixtures, equipment, leasehold improvements, name, and intellectual property. It has a full Gahanna liquor license, lottery, keno, and pull tabs. The sales volume is $1,537,000 plus annually. The property is suitable for a new owner-operator, chain, regional, or themed operation, and also presents a redevelopment opportunity. There is potential to add bocce ball or pickleball courts. Financial details are available with a signed NDA. The property is currently used as a bar and restaurant.
Key Highlights
- Established Gatsby's Bar and Grill with real estate and business included
- High annual sales volume: $1,537,000+
- Full Gahanna liquor license, lottery, keno, and pull tabs included
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
$73,249
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
3.49%
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%
$1,464,980
$1.5M
Cap Rate 7%
$1,046,414
$1.0M
Cap Rate 9%
$813,878
$813.9K
Market Conditions
NOI Build-Up for 5,884 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
$128.5K $21.84/SF
− Vacancy
−$30.8K −$5.24/SF
EGI
$97.7K $16.60/SF
− OpEx
−$24.4K −$4.15/SF
NOI
$73.2K $12.45/SF
Area
ZIP 43230
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%
$1,464,980
Cap Rate 7%
$1,046,414
Cap Rate 9%
$813,878
Alternative Uses
Best Use
Specialty Retail
$1.05M
$915.6K – $1.22M
NOI $73,249 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$976.7K – $1.30M
NOI $78,132 @ 7.0% cap · market cap 3.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
808
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43230, OH
58,372
Population
26,170
Households
2.2
Avg Household Size
37
Median Age
50%
College-Educated
96%
High-School Grad
20.4 sq mi
ZIP Area
2,861
Density / Sq Mi
$92,271
Median Household Income
$53,832
Median Earnings
$1,407
Median Rent
$282,800
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.
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Freestanding bar/restaurant with volleyball courts and liquor license.
Where is this bar & pub located?
The property is located at 151 N Hamilton Road Gahanna, OH.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Established Gatsby's Bar and Grill with real estate and business included; High annual sales volume: $1,537,000+; Full Gahanna liquor license, lottery, keno, and pull tabs included
