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 Market87
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
Listed By:
Tracy Lynn Kauffman · License #2002002519
(419) 920-4100
Source:
Thelorilynngroup
Added: Jul 21
Changed: Oct 14
Last Checked: Oct 7 at 3:11PM
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 / Yr
$15,929
Cap Rate
4.03%
Suggested Prices Based on Cap Rates
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
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 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.
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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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
