Remodeled Restaurant with Liquor
For Sale
Contact for pricing
5205 Lake Rd W, Ashtabula, OH 44004
Turnkey restaurant with updates, equipment, and liquor licenses.
Property Size6,894 SF
Price / SF$144.33
Days on Market527
Property Features for 5205 Lake Rd W
General Information
Standard status
Active
Size
6,894 SF
Class
C
Total Parking Spaces
50
Property subtype
Retail
Investment Type
Owner/User
Building Details
Year Built
1947
Year Renovated
1985
Buildings
1
Stories
1
Units
2
Listing Agency:
McDowell Real Estate
Listed By:
Clorice Vines · License #OH 2003003061
Source:
Crexi
Added: Mar 10, 2025
Changed: Aug 14
Last Checked: Aug 17 at 7:12PM
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 McDowell Real Estate
Investment Insights
Based on property information with market context.
This established restaurant location was recently remodeled in 2021 with updates including new LED lights inside and out, new ceiling tiles, new carpet, installed CAT 5 wiring, new speakers, an updated bar, new windows on the patio room, a new parking lot, and an updated electrical system. The following chattel will remain: new kitchen equipment installed in 2024, a pasta maker and new gelato maker, bar equipment including coolers, a draft system and ice machines, all dining room furniture including tables and chairs, a walk-in cooler, and a walk-in freezer. The property includes D5 and D6 liquor licenses. The 6,894 square foot property is in a high-traffic location in a densely populated area with convenient access to Rt 45, situated between Ashtabula Harbor and Geneva on the Lake. This is a turnkey location suitable for relocation or starting a new business, restaurant, or winery. There is an operational Tiki Bar that could also function as a separate business.
Key Highlights
- Turn‑key restaurant opportunity with existing D5 and D6 liquor license.
- Recently remodeled in 2021 with significant updates including new LED lighting, flooring, and windows.
- Includes valuable chattel: new kitchen equipment (2024), pasta & gelato makers, bar equipment, and dining room furniture.
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
$69,545
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
6.99%
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%
$1,390,900
$1.4M
Cap Rate 7%
$993,500
$993.5K
Cap Rate 9%
$772,722
$772.7K
Market Conditions
NOI Build-Up for 6,894 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
$96.8K $14.04/SF
− Vacancy
−$4.1K −$0.59/SF
EGI
$92.7K $13.45/SF
− OpEx
−$23.2K −$3.36/SF
NOI
$69.5K $10.09/SF
Area
Ashtabula County, OH
Vacancy
4.20%
Lease Rate
$14.04 /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%
$1,390,900
Cap Rate 7%
$993,500
Cap Rate 9%
$772,722
Alternative Uses
Best Use
Specialty Retail
$993.5K
$869.3K – $1.16M
NOI $69,545 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,929 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
12k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Corner Store
Shops & Services
5,898 visits/mo
0.1 miles
Dollar General
Shops & Services
5,804 visits/mo
0.2 miles
Demographics for 44004, OH
31,661
Population
15,262
Households
2.1
Avg Household Size
44
Median Age
15%
College-Educated
87%
High-School Grad
74.1 sq mi
ZIP Area
427
Density / Sq Mi
$49,507
Median Household Income
$31,471
Median Earnings
$813
Median Rent
$120,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey restaurant with updates, equipment, and liquor licenses.
Where is this conventional restaurant located?
The property is located at 5205 Lake Rd W Ashtabula, OH.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Turn‑key restaurant opportunity with existing D5 and D6 liquor license.; Recently remodeled in 2021 with significant updates including new LED lighting, flooring, and windows.; Includes valuable chattel: **new kitchen equipment (2024), pasta & gelato makers, bar equipment, and dining room furniture.**
