Turnkey Entertainment Venue with
For Sale
$499,000
3560 E 93rd Street, Cleveland, OH 44105
SINGLE_FAMILY - Cleveland, OH
Property Size10,000 SF
Lot Size0.40 Acres
Price / SF$49.90
Days on Market329
Property Features for 3560 E 93rd Street
General Information
Property type
Residential
Property subtype
Retail
Elementary school district
East Cleveland CSD - 1812
Middle school district
East Cleveland CSD - 1812
High school district
East Cleveland CSD - 1812
Directions
Turn onto E 105th st, the left onto Quincy ave, at the traffic circle, take the first exit onto Woodhill rd and Cheers will be on the right.
Standard status
Active
APN
133-22-008
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5430
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1968
Listing Agency:
Keller Williams Greater Cleveland Northeast · Keller Williams Realty
(440) 255-5500
Listed By:
Chandler Jekutis · License #2018003908
(440) 413-2534
Added: Sep 15, 2025
Changed: Jun 9
Last Checked: Aug 9 at 8:06PM
MLS# 5156915
Copyright © 2026 MLS Now. 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 turnkey entertainment venue totals 10,000+ square feet and is currently operating as a bar/restaurant and gentlemen's club. The building is laid out with multiple bars, open seating areas, private lounges, and stage/dance floor setups, along with VIP sections and private rooms for more defined guest experiences.
The property also includes full-service restaurant infrastructure, featuring commercial-grade kitchen systems, walk-in coolers, and serving stations designed to support food and beverage service. In addition, the entertainment infrastructure includes elevated stage areas with lighting and sound system potential.
As presented, the liquor license is included, and the space is positioned for use flexibility, including concepts such as a bar, nightclub, restaurant, live performance venue, or multi-use entertainment complex.
The property also includes full-service restaurant infrastructure, featuring commercial-grade kitchen systems, walk-in coolers, and serving stations designed to support food and beverage service. In addition, the entertainment infrastructure includes elevated stage areas with lighting and sound system potential.
As presented, the liquor license is included, and the space is positioned for use flexibility, including concepts such as a bar, nightclub, restaurant, live performance venue, or multi-use entertainment complex.
Key Highlights
- Over 10,000 sq. ft. of flexible space suitable for various entertainment concepts.
- Includes a liquor license.
- Full‑service restaurant buildout with commercial‑grade kitchen and walk‑in coolers.
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
$41,084
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
8.23%
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%
$821,680
$821.7K
Cap Rate 7%
$586,914
$586.9K
Cap Rate 9%
$456,489
$456.5K
Market Conditions
NOI Build-Up for 10,000 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
$61.2K $6.12/SF
− Vacancy
−$2.5K −$0.25/SF
EGI
$58.7K $5.87/SF
− OpEx
−$17.6K −$1.76/SF
NOI
$41.1K $4.11/SF
Area
Cleveland, OH
Vacancy
4.10%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
30.00%
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%
$821,680
Cap Rate 7%
$586,914
Cap Rate 9%
$456,489
Alternative Uses
Best Use
Specialty Retail
$1.79M
$1.57M – $2.09M
NOI $125,550 @ 7.0% cap · market cap 25.16%
Second Best
Industrial
$586.9K
$513.6K – $684.7K
NOI $41,084 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$2.44M
$2.14M – $2.85M
NOI $170,822 @ 7.0% cap · market cap 34.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44105, OH
34,100
Population
17,528
Households
1.9
Avg Household Size
38
Median Age
11%
College-Educated
83%
High-School Grad
8.9 sq mi
ZIP Area
3,831
Density / Sq Mi
$38,294
Median Household Income
$32,389
Median Earnings
$888
Median Rent
$56,400
Median Home Value
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
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Similar Off Market Nearby
- C.H.E.E.R.S. RESTUARANT & LOUNGE — 3560 E 93rd St, Cleveland, OH 44105
- VSP Lounge Inc. — 3551 E 93rd St, Cleveland, OH 44105
- ElConga Club — 8001 Aetna Rd, Cleveland, OH 44105
- Skeets Bar — 3555 E 93rd St, Cleveland, OH 44105
- Bum's Saloon — 7771 broadway ave, cleveland, oh 44105
Frequently Asked Questions
What type of property is this?
Night club - Turnkey entertainment venue with commercial kitchen infrastructure and flexible entertainment and dining layouts in Cleveland.
Where is this night club located?
The property is located at 3560 E 93rd Street Cleveland, OH.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Over 10,000 sq. ft. of flexible space suitable for various entertainment concepts.; Includes a liquor license.; Full‑service restaurant buildout with commercial‑grade kitchen and walk‑in coolers.
