Remodeled Restaurant with Commercial
For Sale
$395,000
1315 Cleveland Ave, Ashland, OH 44805
Updated dining and prep areas are equipped for ongoing restaurant operations.
Property Size1,478 SF
Price / SF$267.25
Days on Market41
Property Features for 1315 Cleveland Ave
General Information
Standard status
Active
Size
1,478 SF
Financials
Asking Price
$395,000
Business Included
Yes
Additional Details
Equipment Included
Yes
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Howard Hanna Real Estate Services
(419) 920-4100
Listed By:
Tracy Lynn Kauffman · License #2002002519
Source:
Thelorilynngroup
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 5:41AM
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 Howard Hanna Real Estate Services
Investment Insights
Based on property information with market context.
The property at 1315 Cleveland Avenue combines a restaurant business with its real estate. Built in 1976, the 1,478-square-foot building has received extensive interior updates, including new HVAC, flooring, paint, and other improvements. Its configuration includes a dining area, commercial kitchen, preparation areas, restaurant equipment, and customer seating.
The operating concept, Holy Pepperoni A'Pizza Joint, is included with the property. The existing setup supports continued restaurant use and may also accommodate a café, deli, catering operation, or other retail or service application, subject to applicable requirements. The property is located in Ashland, Ohio.
The operating concept, Holy Pepperoni A'Pizza Joint, is included with the property. The existing setup supports continued restaurant use and may also accommodate a café, deli, catering operation, or other retail or service application, subject to applicable requirements. The property is located in Ashland, Ohio.
Key Highlights
- Business and real estate offered together
- 1,478‑square‑foot restaurant building
- New HVAC, flooring, paint, and interior 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
$15,929
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
4.03%
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%
$318,580
$318.6K
Cap Rate 7%
$227,557
$227.6K
Cap Rate 9%
$176,989
$177.0K
Market Conditions
NOI Build-Up for 1,478 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
$22.2K $15.00/SF
− Vacancy
−$931 −$0.63/SF
EGI
$21.2K $14.37/SF
− OpEx
−$5.3K −$3.59/SF
NOI
$15.9K $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%
$318,580
Cap Rate 7%
$227,557
Cap Rate 9%
$176,989
Alternative Uses
Best Use
Specialty Retail
$227.6K
$199.1K – $265.5K
NOI $15,929 @ 7.0% cap · market cap 4.03%
Second Best
Industrial
$86.8K
$75.9K – $101.2K
NOI $6,073 @ 7.0% cap · market cap 1.54%
Theoretical Best
Office A
$278.9K
$244.1K – $325.4K
NOI $19,524 @ 7.0% cap · market cap 4.94%
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
67
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Updated dining and prep areas are equipped for ongoing restaurant operations.
Where is this conventional restaurant located?
The property is located at 1315 Cleveland Ave Ashland, OH.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Business and real estate offered together; 1,478‑square‑foot restaurant building; New HVAC, flooring, paint, and interior improvements
