Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1034 State Route 37 Delaware, OH 43015
    Back to Search
    Property profile & analytics

    1034 State Route 37 Delaware, OH 43015

    View on Map
    • Retail properties & Spaces
    • 2,993 SF
    • 1.14 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Burger King / Restaurant

    Property Details for 1034 State Route 37

    Year built
    2019
    Lot size
    1.14 lot acres
    Property size
    2,993 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional investment opportunity presents a fee-simple, 2,993 square foot Burger King restaurant located at 1034 State Route 37 West in Delaware, Ohio. The property boasts a 20-year triple-net (NNN) lease with 15.1 years remaining, providing significant long-term stability. The current annual net operating income (NOI) is $136,424, yielding a 6.15% cap rate. The lease includes 1% annual rent increases commencing in 2029. The tenant, Carrols Restaurant Group, a subsidiary of Restaurant Brands International (the parent company of Burger King), ensures a strong and reliable tenant profile. Situated on a 1.14-acre lot, this strategically located property benefits from high visibility and traffic counts, with US Route 23 (36,650 vehicles per day) and US Route 36 (20,370 vehicles per day) intersecting nearby. The property's prime location is further enhanced by a strong demographic profile, with over 106,780 people residing within a ten-mile radius. Built in 2019, this well-maintained property offers a compelling investment opportunity with substantial long-term growth potential. The asking price is $2,218,276, representing a price per square foot of $741.15. This is a single-tenant, fee-simple ownership with no landlord responsibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Delaware
    County
    Delaware
    State
    Ohio
    Longitude
    -83.0969
    Latitude
    40.3075

    Comparable in this City

    • Value Estimation by Request
      8,722 SF

      64 Coughlin Ln

      Restaurants • 8,722 SF
      64 Coughlin Ln, Delaware, OH 43015
      View Details
    • Value Estimation by Request
      14,460 SF

      66 Hyatts Rd

      Restaurants • 14,460 SF
      66 Hyatts Rd, Delaware, OH 43015
      View Details
    • Value Estimation by Request
      152,253 SF

      Columbus Pike

      Shopping centers • 152,253 SF
      0 Columbus Pike, Delaware, OH 43015
      View Details
    • Value Estimation by Request
      17,295 SF

      1 Winter St

      Office properties & Spaces • 17,295 SF
      1 Winter St, Delaware, OH 43015
      View Details
    • Value Estimation by Request
      1,400 SF

      29 Sandusky St

      Individual retail properties • 1,400 SF
      29 Sandusky St, Delaware, OH 43015
      View Details
    • Value Estimation by Request
      114,805 SF

      803-837 Houk Rd

      Community centers • 114,805 SF
      803-837 Houk Rd, Delaware, OH 43015
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land For Redevelopment Opportunity

      5.072 acres available for mixed-use development.
      1853 W William St, Delaware, OH 43015
      View Details
    • $1,700,000

      Established Restaurant Space For Sale

      Thriving restaurant property with high foot traffic in downtown Delaware.
      66 N Sandusky St, Delaware, OH 43015
      View Details
    • $2,488,800
      4,128 SF

      Prime Development Opportunity on U.S. 23

      10-acre site on U.S. 23 suitable for mixed-use development.
      4277 Columbus Pike, Delaware, OH 43015
      View Details
    • $395,000
      1,334 SF

      Retail Property in Downtown Delaware

      Retail property with long-term tenant in high-traffic downtown location.
      31 N Sandusky St, Delaware, OH 43015
      View Details
    • $680,000

      Freestanding Retail Building with Event Spaces

      Retail building with bar, event spaces, and kitchen for sale.
      1400 Stratford Rd, Delaware, OH 43015
      View Details
    • $670,000
      4,400 SF

      Retail Building with Event Spaces

      Freestanding retail building with bar, event spaces, and kitchen.
      1400 Stratford Rd, Delaware, OH 43015
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for tenant-specific build-out.
      66 Hyatts Rd, Delaware, OH 43015
      View Details
    • Contact for pricing

      Historic Building Redevelopment in Delaware

      Redeveloped building with updated systems and classical architecture.
      60 Lake St, Delaware, OH 43015
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space Near Kroger

      Second-generation food space near high-traffic intersection and growing residential area.
      803-837 N Houk Rd, Delaware, OH 43015
      View Details
    • Contact for pricing

      Retail Space Inside Meijer Store

      Prime retail opportunity within high-traffic Meijer stores in the Midwest.
      1380 Sunbury Rd, Delaware, OH 43015
      View Details
    • Contact for pricing

      Retail Space in Multi-Use Development

      Retail or restaurant space with high visibility in Delaware, Ohio.
      64 Coughlin Ln, Delaware, OH 43015
      View Details
    • $29 SF/Yr
      1,222 SF

      Renovated Retail and Office Space

      Retail, office, and restaurant spaces available in Delaware City.
      60 Lake St, Delaware, OH 43015
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1034 State Route 37
    Delaware, OH 43015
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1034 State Route 37, Delaware, OH, 43015
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!