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    Property profile & analytics

    2296 Memorial Dr Lancaster, OH 43130-1610

    • Turn key restaurants
    • 11,031 SF
    • 3.67 lot acres
    OFF-MARKET
    Last Sale
    Aug 02, 2023
    $2,050,000
    Value Estimations
    $1,545,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1649747
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 2296 Memorial Dr

    Year built
    2010
    Construction
    STEEL FRAME
    Lot size
    3.67 lot acres
    Property size
    11,031 SF
    Property type
    Turn key restaurants
    APN
    053-22394.00
    APU
    532239400

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,565,000
      ML approach
      $1,715,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,099,000
      Market price range: $535k - $1.27M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Fairfield
    State
    Ohio
    Longitude
    -82.6312
    Latitude
    39.7383
    CBSA code
    18140
    CBSA name
    COLUMBUS, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $49,785
    $223,300
    $326,200
    $549,500
    -
    $638,000
    $932,000
    $1,570,000

    Comparable in this City

    • Value Estimation
      $255,000
      6,382 SF

      1009 Memorial Dr

      RESTAURANT • 6,382 SF
      1009 Memorial Dr, Lancaster, OH 43130-1747
      View Details
    • Value Estimation
      $225,000
      2,112 SF

      1804 Memorial Dr

      RESTAURANT • 2,112 SF
      1804 Memorial Dr, Lancaster, OH 43130-1635
      View Details
    • Value Estimation
      $225,000
      625 SF

      1028 Memorial Dr

      RESTAURANT • 625 SF
      1028 Memorial Dr, Lancaster, OH 43130-1746
      View Details
    • Value Estimation
      $220,000
      1,972 SF

      732 Memorial Dr

      RESTAURANT • 1,972 SF
      732 Memorial Dr, Lancaster, OH 43130-2562
      View Details
    • Value Estimation
      $280,000
      3,000 SF

      823 Memorial Dr

      RESTAURANT • 3,000 SF
      823 Memorial Dr, Lancaster, OH 43130-2577
      View Details
    • Value Estimation
      $1,415,000
      5,185 SF

      1585 Riv Vly N Cir

      RESTAURANT • 5,185 SF
      1585 Riv Vly N Cir, Lancaster, OH 43130-8400
      View Details

    Similar Nearby for Sale

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      Dollar General NNN Investment Opportunity

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      Lancaster Retail Property For Sale

      Retail property available for purchase in Lancaster, Ohio.
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      Lancaster Office Warehouse For Sale

      Office warehouse with showroom, suitable for retail or office.
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      High Profile Corner Retail Property

      Eastside Lancaster corner property near medical offices and Fairfield Medical Center.
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    Similar Nearby for Lease

    • $1.00 SF/Yr
      1,240 SF

      Turnkey Retail/Restaurant Space Available

      1,240 SF retail/restaurant space, high-traffic location.
      189 E 6Th Ave, Lancaster, OH 43130
      View Details
    • Contact for pricing
      36,860 SF

      Lancaster Plaza Retail Space

      High-traffic retail space, excellent visibility.
      1203 Memorial Dr, Lancaster, OH 43130
      View Details
    • Contact for pricing
      4,515 SF

      River Valley Plaza Retail Space

      High-traffic retail space available for sublease.
      1400 River Valley Blvd, Lancaster, OH 43130
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Lancaster Corridor

      1,200 SF retail space in a prominent retail corridor.
      1185-1259 Memorial Dr, Lancaster, OH 43130
      View Details
    • $132 SF/Yr
      51,000 SF

      East Main Street Office Space

      Lancaster, OH Office Building - High Visibility
      1145 Main St, Lancaster, OH 43130
      View Details
    • $12 SF/Yr
      2,000 SF

      Lancaster Retail Space For Rent

      Retail spaces available in Lancaster Shopping Center, from 800-43,950 SF.
      1710-1732 E Main St, Lancaster, OH 43130
      View Details
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    2296 Memorial Dr
    Lancaster, OH 43130-1610
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    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
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