Renovated Conventional
For Sale
$449,900
12716 Buckeye Rd, Cleveland, OH 44120
Updated food-service property with commercial kitchen equipment, refreshed building systems, and furnished dining space.
Property Size1,728 SF
Lot Size0.27 Acres
Price / SF$260.36
Days on Market28
Property Features for 12716 Buckeye Rd
General Information
Standard status
Active
Size
1,728 SF
Lot size
0.27 Acres
Restaurant
Commercial Hood
Yes
Equipment Included
Yes
Additional Details
Furnished
Yes
Highway Access
Yes
Building Details
Year Built
1972
Buildings
1
Listing Agency:
Real of Ohio
(440) 266-8322
Listed By:
Michael Kaim · License #430767
Source:
Theacclaimedrealty
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 28 at 6:55AM
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 Real of Ohio
Investment Insights
Based on property information with market context.
This conventional restaurant property includes a 1,728-square-foot building on 0.27 acres, originally built in 1972. Recent work includes commercial kitchen equipment with fryers, a grill top, and a code-compliant hood system. The interior has new countertops, flooring, sinks, faucets, restroom fixtures, drop ceilings, and paint, while the dining area includes tables and chairs.
Building improvements extend to a new boiler, updated plumbing, some electrical work, refurbished refrigeration units with new compressors, and a rooftop AC system serviced with a new control board. The roof has been resealed, and the property includes an alarm system and upgraded exterior lighting.
The restaurant is located near Shaker Square, Buckeye, and the Van Aken District, with access to the Opportunity Corridor, I-490, and I-77.
Building improvements extend to a new boiler, updated plumbing, some electrical work, refurbished refrigeration units with new compressors, and a rooftop AC system serviced with a new control board. The roof has been resealed, and the property includes an alarm system and upgraded exterior lighting.
The restaurant is located near Shaker Square, Buckeye, and the Van Aken District, with access to the Opportunity Corridor, I-490, and I-77.
Key Highlights
- 1,728‑square‑foot restaurant building on 0.27 acres
- Commercial kitchen includes fryers, grill top, and code‑compliant hood system
- New boiler, updated plumbing, and some electrical improvements
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
$21,695
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
4.82%
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%
$433,900
$433.9K
Cap Rate 7%
$309,929
$309.9K
Cap Rate 9%
$241,056
$241.1K
Market Conditions
NOI Build-Up for 1,728 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
$31.1K $18.00/SF
− Vacancy
−$2.2K −$1.26/SF
EGI
$28.9K $16.74/SF
− OpEx
−$7.2K −$4.19/SF
NOI
$21.7K $12.56/SF
Area
Cleveland, OH
Vacancy
7.00%
Lease Rate
$18.00 /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%
$433,900
Cap Rate 7%
$309,929
Cap Rate 9%
$241,056
Alternative Uses
Best Use
Specialty Retail
$309.9K
$271.2K – $361.6K
NOI $21,695 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$421.7K
$369.0K – $492.0K
NOI $29,518 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44120, OH
34,611
Population
20,583
Households
1.7
Avg Household Size
40
Median Age
37%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
6,656
Density / Sq Mi
$46,326
Median Household Income
$36,549
Median Earnings
$890
Median Rent
$115,700
Median Home Value
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Updated food-service property with commercial kitchen equipment, refreshed building systems, and furnished dining space.
Where is this conventional restaurant located?
The property is located at 12716 Buckeye Rd Cleveland, OH.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 1,728‑square‑foot restaurant building on 0.27 acres; Commercial kitchen includes fryers, grill top, and code‑compliant hood system; New boiler, updated plumbing, and some electrical improvements
