Turn-Key Restaurant with
1572 W 117th St Lakewood, OH 44107
1572 W 117th St, Lakewood, OH, 44107
$650,000
For Sale
$650,000
Turn-key multi-level restaurant building with main dining/bar and a lower-level event space.
Property Size5,198 SF
Price / SF$125.05
Days on Market112
Property Features for 1572 W 117th St
General Information
- Standard status
- Active
- Size
- 5,198 SF
- Property subtype
- Restaurant
Listing agency
Hoff & Leigh Fairlawn
(216) 302-4338
Listed by
Cole Kroneker · License #SAL.2024000334
(216) 302-4338
Source
Hoffleigh
Added: Apr 2 Updated: Jul 20 at 6:54PM Checked: Jul 21 at 3:02AM
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 Hoff & Leigh Fairlawn
Investment Insights
Based on property information with market context.
This turn-key restaurant property includes a high-capacity dining room, a bar area, and a lower-level space suited for private events or expanded operations. The building is described as having a fully built-out kitchen, bar, and dining areas already in place, with full restaurant infrastructure and equipment available for an operator.
The property is positioned near the Interstate 90 and W. 117th interchange, capturing access from both commuter traffic and the surrounding built-up area. The site is located along W. 117th St and includes parking on site, with 24 spaces available.
The layout is described as a 5,000+ square foot, multi-level configuration with a main dining/bar level and a separate lower-level event area. The dining area is listed as 115+ seats, supporting high-volume restaurant operations from the first floor.
The property is positioned near the Interstate 90 and W. 117th interchange, capturing access from both commuter traffic and the surrounding built-up area. The site is located along W. 117th St and includes parking on site, with 24 spaces available.
The layout is described as a 5,000+ square foot, multi-level configuration with a main dining/bar level and a separate lower-level event area. The dining area is listed as 115+ seats, supporting high-volume restaurant operations from the first floor.
Key Highlights
- Multi‑level restaurant building with 5,000+ SF total: 2,897 SF main dining/bar level plus 2,599 SF lower‑level event space.
- Includes 115+ seat dining area and a full bar, supporting high‑volume restaurant operations.
- Turn‑key restaurant infrastructure already in place, including fully built‑out kitchen and bar/dining areas.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $81.1k | $15.60 |
| − Vacancy | −$5.3k | −$1.01 |
| EGI | $75.8k | $14.59 |
| − OpEx | −$19.0k | −$3.65 |
| NOI | $56.9k | $10.94 |
5,198 SF · lease $15.60/SF/yr · vacancy 6.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$812.3K
$710.8K – $947.7K
NOI $56,864 @ 7.0% cap · market cap 8.75%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.16M
$3.64M – $4.86M
NOI $291,540 @ 7.0% cap · market cap 44.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Conventional restaurants
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Turn-key multi-level restaurant building with main dining/bar and a lower-level event space.
Where is this conventional restaurant located?
The property is located at 1572 W 117th St Lakewood, OH.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Multi‑level restaurant building with 5,000+ SF total: 2,897 SF main dining/bar level plus 2,599 SF lower‑level event space.; Includes 115+ seat dining area and a full bar, supporting high‑volume restaurant operations.; Turn‑key restaurant infrastructure already in place, including fully built‑out kitchen and bar/dining areas.
