Second-Generation Restaurant
For Sale
$700,000
1616 Claremont Ave, Ashland, OH 44805
Restaurant space with an equipped kitchen and included FF&E on a redevelopment-sized site.
Property Size5,467 SF
Lot Size2.10 Acres
Days on Market49
Property Features for 1616 Claremont Ave
General Information
Standard status
Active
Size
5,467 SF
Lot size
2.10 Acres
Property subtype
Retail
Zoning
B-3
Additional Details
Business Included
Yes
Building Details
Building Size
5,467 SF
Year Built
1986
Listing Agency:
Passov Real Estate Group
(440) 591-4805
Listed By:
Ronnie Romanini III
Source:
Passovgroup
Added: Jun 25
Changed: Aug 11
Last Checked: Aug 12 at 4:51AM
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 Passov Real Estate Group
Investment Insights
Based on property information with market context.
This second-generation restaurant property is positioned along a primary retail corridor and includes a fully equipped kitchen with FF&E in place. The existing infrastructure supports immediate restaurant occupancy, or a more seamless transition for a new concept.
The site is approximately 2.1 acres and is located directly across the street from Discount Drug Mart. The property is zoned B-3 (Highway service business), which allows for a wide range of retail, restaurant, medical, and service uses.
For buyers evaluating redevelopment or a restaurant re-tenanting plan, the combination of turn-key kitchen improvements and flexible zoning provides a straightforward platform for future use.
The site is approximately 2.1 acres and is located directly across the street from Discount Drug Mart. The property is zoned B-3 (Highway service business), which allows for a wide range of retail, restaurant, medical, and service uses.
For buyers evaluating redevelopment or a restaurant re-tenanting plan, the combination of turn-key kitchen improvements and flexible zoning provides a straightforward platform for future use.
Key Highlights
- 2nd generation restaurant property with fully equipped kitchen and FF&E included
- Approximately 2.1‑acre site suitable for restaurant occupancy or redevelopment
- Year built: 1986
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
$58,921
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
8.42%
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%
$1,178,420
$1.2M
Cap Rate 7%
$841,729
$841.7K
Cap Rate 9%
$654,678
$654.7K
Market Conditions
NOI Build-Up for 5,467 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
$82.0K $15.00/SF
− Vacancy
−$3.4K −$0.63/SF
EGI
$78.6K $14.37/SF
− OpEx
−$19.6K −$3.59/SF
NOI
$58.9K $10.78/SF
Area
Ashland County, OH
Vacancy
4.20%
Lease Rate
$15.00 /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%
$1,178,420
Cap Rate 7%
$841,729
Cap Rate 9%
$654,678
Alternative Uses
Best Use
Specialty Retail
$841.7K
$736.5K – $982.0K
NOI $58,921 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$902.7K – $1.20M
NOI $72,217 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
316
Businesses Nearby
50k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 30%
Apparel 7%
Electronics 3%
McDonald's
Dining
22,266 visits/mo
0.1 miles
Dollar General
Shops & Services
6,797 visits/mo
0.4 miles
Chase Bank
Shops & Services
4,746 visits/mo
0.3 miles
Pizza Hut
Dining
4,089 visits/mo
0.4 miles
Goodwill
Apparel
3,446 visits/mo
0.2 miles
Demographics for 44805, OH
31,238
Population
13,248
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
92%
High-School Grad
151.1 sq mi
ZIP Area
207
Density / Sq Mi
$62,058
Median Household Income
$35,122
Median Earnings
$835
Median Rent
$165,000
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 - Restaurant space with an equipped kitchen and included FF&E on a redevelopment-sized site.
Where is this conventional restaurant located?
The property is located at 1616 Claremont Ave Ashland, OH.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 2nd generation restaurant property with fully equipped kitchen and FF&E included; Approximately 2.1‑acre site suitable for restaurant occupancy or redevelopment; Year built: 1986
