Listing Agency: Hoff & Leigh Show Phone

Listed By: Tom Franjesh · License #BRKP.2009002386 Show Phone

Source: Moodyscre

Added: Oct 1, 2024 Changed: Oct 26 Last Checked: Oct 30 at 2:59PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

The property available for lease is a bar and restaurant space situated in downtown Akron. The space is located on the Main Street level of the building at 205 S Main Street. Its location is directly across the street from Lock 3 Park, a venue that hosts year-round activities including seasonal concerts, ice skating, and fireworks. The property contains mostly updated restaurant and bar equipment and has a size of 3140 square feet.

Key Highlights

• Amazing downtown Akron location directly across from Lock 3 Park
• High foot traffic due to year‑round activities at Lock 3 Park
• Existing bar/restaurant setup on the Main Street level

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,985

Cap Rate

4.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$759,700 $759.7K

Cap Rate 7%

$542,643 $542.6K

Cap Rate 9%

$422,056 $422.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,140 SF

Gross rent

$52.4K $16.68/SF

− Vacancy

−$1.7K −$0.55/SF

EGI

$50.6K $16.13/SF

− OpEx

−$12.7K −$4.03/SF

NOI

$38.0K $12.10/SF

Area

Akron, OH

Vacancy

3.30%

Lease Rate

$16.68 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$759,700

Cap Rate 7%

$542,643

Cap Rate 9%

$422,056

Alternative Uses

Best Use

Specialty Retail

$542.6K

$474.8K – $633.1K (±1% cap)

NOI $37,985 @ 7.0% cap · market cap 4.60%

Second Best

Retail

$506.5K

$443.2K – $590.9K (±1% cap)

NOI $35,453 @ 7.0% cap · market cap 4.30%

Theoretical Best

Office A

$770.6K

$674.3K – $899.0K (±1% cap)

NOI $53,941 @ 7.0% cap · market cap 6.54%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Bars & Pubs

Suggested Use

Top Pick Locksmith Veterinary Clinic Acupuncture Pet Grooming Service Butcher Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4,044

Businesses Nearby

15k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 54% Shops & Services 28% Home Improvements & Furnishings 18%

Buffalo Wild Wings Dining

3,663 visits/mo 0.3 miles

The Great Escape Home Improvements & Furnishings

2,618 visits/mo 0.3 miles

PNC Bank Shops & Services

2,112 visits/mo 0.3 miles

Insomnia Cookies Dining

2,075 visits/mo 0.4 miles

Jimmy John's Dining

1,632 visits/mo 0.4 miles

Market

Vacancy Rate% for Retail in Akron, OH

5.3% 2020

5.3% 2021

4.5% 2022

4.2% 2023

5.4% 2024

6.4% 2025

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Similar Off Market Nearby

• Manny's Pub — 394 Brown St, Akron, OH 44304
• DeMarini's Roo-Thru — 440 E Exchange St, Akron, OH 44304
• Buffalo Wild Wings Akron — 456 E Exchange St, Akron, OH 44304
• Score Draft Room — 426 E Exchange St, Akron, OH 44304
• Clouds Hookah Lounge — 356 S Main St, Akron, OH 44311

Frequently Asked Questions

What type of property is this?

Bar & Pub - Bar/restaurant space for lease in downtown Akron.

Where is this bar & pub located?

The property is located at 203-205 S Main St Akron, OH.

What is the asking price?

The asking price for this property is $825,000.

What are key features of this property?

This property features: Amazing downtown Akron location directly across from Lock 3 Park; High foot traffic due to year‑round activities at Lock 3 Park; Existing bar/restaurant setup on the Main Street level