Remodeled Conventional Restaurant
For Sale
$395,000
1315 Cleveland Avenue, Ashland, OH 44805
Commercial Bldg Sale, Ashland, OH
Property Size1,478 SF
Lot Size0.41 Acres
Price / SF$267.25
Days on Market136
Property Features for 1315 Cleveland Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Cleveland Ave across from the Lyn-Way
Subdivision
Ashland
Standard status
Active
APN
P43-025-0-0086-01
Lot size
0.41 Acres
Taxes and HOA fees
Tax Description
1315 CLEVELAND AVER= 25 P
Tax Annual Amount
1608
Legal Description
1315 CLEVELAND AVER= 25 P
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1976
Roof type
Metal
Listing Agency:
Howard Hanna Real Estate Services- Mohican Office
(419) 920-4100
Listed By:
Tracy Kauffman · License #2002002519
(330) 231-4044
Added: Apr 25
Changed: Aug 24
Last Checked: Sep 7 at 3:06PM
MLS# 10231004
Copyright © 2026 Mansfield Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,478-square-foot former restaurant property occupies 0.41 acres and includes restaurant equipment, prep areas, seating, and a commercial kitchen layout. Recent improvements include HVAC, flooring, paint, and other interior work. The building was constructed in 1976, has a metal roof, and is heated by forced air with natural gas.
Located at 1315 Cleveland Avenue in Ashland, Ohio, the property is being offered with its real estate and business assets. The restaurant is not currently operating, while the existing configuration provides a ready framework for a restaurant, café, deli, catering operation, or carryout business. The property may also suit another commercial use supported by the existing improvements.
Located at 1315 Cleveland Avenue in Ashland, Ohio, the property is being offered with its real estate and business assets. The restaurant is not currently operating, while the existing configuration provides a ready framework for a restaurant, café, deli, catering operation, or carryout business. The property may also suit another commercial use supported by the existing improvements.
Key Highlights
- 1,478‑square‑foot former restaurant building on 0.41 acres
- Restaurant‑grade equipment, prep areas, seating, and commercial kitchen layout remain
- Recent 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
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
4k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
4,085 visits/mo
0.0 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fiesta Charra — 1202 E Main St, Ashland, OH 44805
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Commercial kitchen, dining area, equipment, and seating remain in place for a new food-service concept.
Where is this conventional restaurant located?
The property is located at 1315 Cleveland Avenue 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: 1,478‑square‑foot former restaurant building on 0.41 acres; Restaurant‑grade equipment, prep areas, seating, and commercial kitchen layout remain; Recent HVAC, flooring, paint, and interior improvements
