Mixed-Use Corner
For Sale
Contact for pricing
1500 Race Street, Cincinnati, OH 45202
First-floor restaurant space is currently leased, providing income within a mixed-use property at a prominent corner.
Property Size5,873 SF
Price / SF$178.78
Days on Market66
Property Features for 1500 Race Street
General Information
Standard status
Active
Size
5,873 SF
Class
A
Property subtype
Mixed Use
Lease Type
Modified Gross
Investment Type
Value Add
Building Details
Year Built
1895
Buildings
1
Stories
4
Units
4
Listing Agency:
Coldwell Banker Commercial
Listed By:
Nick Pesola · License #2024001604
Source:
Crexi
Added: Jul 2
Changed: Sep 2
Last Checked: Sep 2 at 3:43AM
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 Coldwell Banker Commercial
Investment Insights
Based on property information with market context.
This income-producing mixed-use property is anchored by a second-generation restaurant space on the first floor, which is currently leasing for $5,000 per month. The asset is presented as a cash-flowing mixed-use option with room to evolve over time.
Located on the prominent corner of Race and W 15th in Cincinnati’s Over-the-Rhine, the building benefits from a corner position at 1500 Race Street. The surrounding area is characterized in the offering materials by strong residential demand and continued private investment, supporting the property’s hospitality-focused context.
The property is offered for sale as a conventional commercial real estate asset with an existing restaurant tenant at street level, combining an established income base with continued market relevance tied to the neighborhood’s ongoing growth.
Located on the prominent corner of Race and W 15th in Cincinnati’s Over-the-Rhine, the building benefits from a corner position at 1500 Race Street. The surrounding area is characterized in the offering materials by strong residential demand and continued private investment, supporting the property’s hospitality-focused context.
The property is offered for sale as a conventional commercial real estate asset with an existing restaurant tenant at street level, combining an established income base with continued market relevance tied to the neighborhood’s ongoing growth.
Key Highlights
- 1895‑built mixed‑use property in Over‑the‑Rhine
- First‑floor restaurant space is currently leased for $5,000/month
- Anchored by a 2nd generation restaurant location within the building
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
$78,651
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
7.49%
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%
$1,573,020
$1.6M
Cap Rate 7%
$1,123,586
$1.1M
Cap Rate 9%
$873,900
$873.9K
Market Conditions
NOI Build-Up for 5,873 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
$112.8K $19.20/SF
− Vacancy
−$7.9K −$1.34/SF
EGI
$104.9K $17.86/SF
− OpEx
−$26.2K −$4.46/SF
NOI
$78.7K $13.39/SF
Area
Cincinnati, OH
Vacancy
7.00%
Lease Rate
$19.20 /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%
$1,573,020
Cap Rate 7%
$1,123,586
Cap Rate 9%
$873,900
Alternative Uses
Best Use
Specialty Retail
$1.12M
$983.1K – $1.31M
NOI $78,651 @ 7.0% cap · market cap 7.49%
Second Best
Mixed Use
$1.02M
$892.0K – $1.19M
NOI $71,357 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,723 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,284
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45202, OH
16,883
Population
11,432
Households
1.5
Avg Household Size
34
Median Age
63%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
6,253
Density / Sq Mi
$87,930
Median Household Income
$63,901
Median Earnings
$1,524
Median Rent
$444,000
Median Home Value
Market
Vacancy Rate% for Retail in Cincinnati, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - First-floor restaurant space is currently leased, providing income within a mixed-use property at a prominent corner.
Where is this conventional restaurant located?
The property is located at 1500 Race Street Cincinnati, OH.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 1895‑built mixed‑use property in Over‑the‑Rhine; First‑floor restaurant space is currently leased for $5,000/month; Anchored by a 2nd generation restaurant location within the building
