Former Brewery, Bar, Event
For Sale
Contact for pricing
3135 Sackett Ave, Cleveland, OH
10,662 SF former brewery, bar, and event center for sale.
Property Size10,662 SF
Lot Size0.59 Acres
Price / SF$64.25
Days on Market664
Property Features for 3135 Sackett Ave
General Information
Standard status
Active
Size
10,662 SF
Lot size
0.59 Acres
Property subtype
INDUSTRIAL
Listing Agency:
CBRE | Cleveland
(216) 658-6120
Listed By:
Joseph Khouri · License #SAL.2015001299
(216) 658-6120
Source:
Moodyscre
Added: Oct 15, 2024
Changed: Aug 8
Last Checked: Aug 8 at 12:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE | Cleveland
Investment Insights
Based on property information with market context.
The property is a 10,662 square foot former brewery, bar, and event center available for sale. The sale includes all of the brewing FF&E. Situated on a 0.60-acre parcel (269’ x 97’), the property is partially built-out as a high-end design bar/tasting room with warehouse/production space and a large outdoor area suitable for a patio. The site includes an approximate 16-space parking lot. Located minutes from Ohio City, Tremont, and downtown Cleveland, it is also within walking distance of Metro Hospital's billion-dollar redevelopment. The property is located in an Opportunity Zone. The surrounding area has a dense population of 138,044 people within a 3-mile radius, offering endless possibilities for the existing building/site or redevelopment.
Key Highlights
- Includes all brewing FF&E at $93 per foot.
- 10,662 SF former brewery, bar, and event center with partially built‑out high‑end design bar/tasting room and warehouse/production space.
- Large outdoor area for patio.
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
$43,803
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
6.39%
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%
$876,060
$876.1K
Cap Rate 7%
$625,757
$625.8K
Cap Rate 9%
$486,700
$486.7K
Market Conditions
NOI Build-Up for 10,662 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
$65.3K $6.12/SF
− Vacancy
−$2.7K −$0.25/SF
EGI
$62.6K $5.87/SF
− OpEx
−$18.8K −$1.76/SF
NOI
$43.8K $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%
$876,060
Cap Rate 7%
$625,757
Cap Rate 9%
$486,700
Alternative Uses
Best Use
Specialty Retail
$1.91M
$1.67M – $2.23M
NOI $133,861 @ 7.0% cap · market cap 19.54%
Second Best
Retail
$1.46M
$1.28M – $1.71M
NOI $102,435 @ 7.0% cap · market cap 14.95%
Theoretical Best
Office A
$2.60M
$2.28M – $3.04M
NOI $182,131 @ 7.0% cap · market cap 26.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Brewery - 10,662 SF former brewery, bar, and event center for sale.
Where is this brewery located?
The property is located at 3135 Sackett Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Includes all brewing FF&E at $93 per foot.; 10,662 SF former brewery, bar, and event center with partially built‑out high‑end design bar/tasting room and warehouse/production space.; Large outdoor area for patio.
