Remodeled Restaurant
For Sale
$395,000
1315 Cleveland Avenue, Ashland, OH 44805
COMMERCIAL - Ashland, OH
Property Size1,478 SF
Lot Size0.41 Acres
Price / SF$267.25
Days on Market107
Property Features for 1315 Cleveland Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Cleveland Ave across from the Lyn-Way
Subdivision
Ashland
Standard status
Active
APN
P43-025-0-0086-01
Lot size
0.41 Acres
Taxes and HOA fees
Tax Description
1315 CLEVELAND AVER= 25 P
Tax Annual Amount
1608
Legal Description
1315 CLEVELAND AVER= 25 P
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1976
Roof type
Metal
Listing Agency:
Howard Hanna Real Estate Services- Mohican Office
(419) 920-4100
Listed By:
Tracy Kauffman · License #2002002519
(330) 231-4044
Added: Apr 25
Changed: Aug 5
Last Checked: Aug 9 at 11:06AM
MLS# 10231004
Copyright © 2026 Mansfield Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully remodeled former restaurant property offers a turnkey foundation for foodservice concepts, with restaurant-grade equipment and existing dining area and seating remaining in place. The commercial kitchen layout, prep areas, and related infrastructure are included, along with updates such as newer HVAC, flooring, paint, and interior improvements.
The property is located at 1315 Cleveland Avenue in Ashland, OH (44805). The seller is offering both real estate and business assets together, with the option that the seller may separate the real estate and business assets.
The building is sized at 1,478 square feet and was previously operated as Holy Pepperoni A'Pizza Joint. While it is not currently operational, the improvements and built-in kitchen configuration are intended to support a range of food-focused commercial uses.
The property is located at 1315 Cleveland Avenue in Ashland, OH (44805). The seller is offering both real estate and business assets together, with the option that the seller may separate the real estate and business assets.
The building is sized at 1,478 square feet and was previously operated as Holy Pepperoni A'Pizza Joint. While it is not currently operational, the improvements and built-in kitchen configuration are intended to support a range of food-focused commercial uses.
Key Highlights
- 1,478 sq ft former restaurant building (Holy Pepperoni A'Pizza Joint) with restaurant‑grade equipment and business assets included
- Fully remodeled interior with newer HVAC plus updated flooring and paint
- Metal roof and natural gas forced‑air heating
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
$15,929
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
4.03%
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%
$318,580
$318.6K
Cap Rate 7%
$227,557
$227.6K
Cap Rate 9%
$176,989
$177.0K
Market Conditions
NOI Build-Up for 1,478 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
$22.2K $15.00/SF
− Vacancy
−$931 −$0.63/SF
EGI
$21.2K $14.37/SF
− OpEx
−$5.3K −$3.59/SF
NOI
$15.9K $10.78/SF
Area
Ashland County, OH
Vacancy
4.20%
Lease Rate
$15.00 /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%
$318,580
Cap Rate 7%
$227,557
Cap Rate 9%
$176,989
Alternative Uses
Best Use
Specialty Retail
$227.6K
$199.1K – $265.5K
NOI $15,929 @ 7.0% cap · market cap 4.03%
Second Best
Industrial
$86.8K
$75.9K – $101.2K
NOI $6,073 @ 7.0% cap · market cap 1.54%
Theoretical Best
Office A
$278.9K
$244.1K – $325.4K
NOI $19,524 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
39k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 98%
Home Improvements & Furnishings 2%
Dollar General
Shops & Services
7,497 visits/mo
0.5 miles
Huntington Bank
Shops & Services
7,404 visits/mo
0.4 miles
Circle K
Shops & Services
7,307 visits/mo
0.3 miles
MotoMart
Shops & Services
6,357 visits/mo
0.3 miles
Mobil
Shops & Services
4,663 visits/mo
0.3 miles
Demographics for 44805, OH
31,238
Population
13,248
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
92%
High-School Grad
151.1 sq mi
ZIP Area
207
Density / Sq Mi
$62,058
Median Household Income
$35,122
Median Earnings
$835
Median Rent
$165,000
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.
Similar Off Market Nearby
- Fiesta Charra — 1202 E Main St, Ashland, OH 44805
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Former restaurant building includes a commercial kitchen layout, seating, and restaurant-grade equipment, plus newer building updates.
Where is this conventional restaurant located?
The property is located at 1315 Cleveland Avenue Ashland, OH.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 1,478 sq ft former restaurant building (Holy Pepperoni A'Pizza Joint) with restaurant‑grade equipment and business assets included; Fully remodeled interior with newer HVAC plus updated flooring and paint; Metal roof and natural gas forced‑air heating
