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Property profile & analytics
OFF-MARKET
Turn key restaurants
1870 Michigan St Sidney, OH 45365
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US66-4587253
Property summary
AI-generated overview
This exceptional investment opportunity presents a fee-simple ownership of a Bob Evans restaurant located at 1870 W Michigan St, Sidney, OH 45365. The property boasts 6,069 square feet on a 1.77-acre lot, built in 1995 and renovated in 2011. Currently operating under a 20-year triple-net (NNN) lease with a corporate guarantee, the lease commenced April 28, 2017, and expires April 30, 2037, leaving approximately 12.4 years remaining. The annual net operating income (NOI) is $175,175, representing a 7.00% cap rate and a price per square foot of $412.34. The lease includes attractive 2.00% annual rent increases, ensuring consistent income growth. The property enjoys 100% occupancy and is situated in a thriving community with an average household income exceeding $75,000 within a five-mile radius. This is a truly passive investment opportunity with zero landlord responsibilities, offering significant long-term financial returns. The asking price is $2,502,500.
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Total area
5,883 SF
Lot
1.43 ac (62,291 SF)
APN
01-1826352.011
UPID
US66-4587253
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Bob Evans Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
1870 West Michigan Street Owner LLC · 8 yrs held
1870 West Michigan Street Owner LLC
since 2017
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Sidney submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Sidney submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$11,974
Tax year 2023
Assessed value
$268,570
Assessed 2023
Previous assessed
$189,960
+41.4% YoY
Effective rate
4.46%
On assessed value
Assessed land
$62,560
Assessed improvement
$206,010
Land market value
$178,750
Improvement market value
$588,590
Total market value
$767,340
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Heating
CENTRAL
Stories
1
Bathrooms
1
Total area
5,883 SF
Lot
1.43 ac (62,291 SF)
APN
01-1826352.011
UPID
US66-4587253
Jurisdiction
SHELBY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Heating
CENTRAL
Stories
1
Bathrooms
1
Lot
1.43 ac
Current owner
From public records · entity-resolved
1870 West Michigan Street Owner LLC
Entity
Mailing address
8111 SMITHS ML RD, NEW ALBANY, OH 43054-1183
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 2, 2017
$2,440,000
1870 West Michigan Street Owner LLC
Ber Real Estate Investments I LLC
Limited Warranty Deed
$1,586,000 · First Internet Bank Of Indiana
May 5, 2017
$1,632,900
Ber Real Estate Investments I LLC
Bob Evans Farms LLC
Limited Warranty Deed
$20,000,000 · Wells Fargo Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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