Turn-Key Restaurant with
For Sale
$650,000
1572 W 117th St, Lakewood, OH 44107
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 Market157
Property Features for 1572 W 117th St
General Information
Standard status
Active
Size
5,198 SF
Total Parking Spaces
24
Property subtype
Restaurant
Zoning
C3 - Commercial General
Site & Location
Traffic Count
17,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Building Details
Building Size
5,198 SF
Stories
2
Listing Agency:
Hoff & Leigh
(330) 940-9360
Listed By:
Cole Kroneker · License #SAL.2024000334
(216) 302-4338
Source:
Hoffleigh
Added: Apr 2
Changed: Aug 27
Last Checked: Sep 5 at 3:36AM
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
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.
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
$56,864
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
8.75%
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%
$1,137,280
$1.1M
Cap Rate 7%
$812,343
$812.3K
Cap Rate 9%
$631,822
$631.8K
Market Conditions
NOI Build-Up for 5,198 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
$81.1K $15.60/SF
− Vacancy
−$5.3K −$1.01/SF
EGI
$75.8K $14.59/SF
− OpEx
−$19.0K −$3.65/SF
NOI
$56.9K $10.94/SF
Area
Cuyahoga County, OH
Vacancy
6.50%
Lease Rate
$15.60 /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%
$1,137,280
Cap Rate 7%
$812,343
Cap Rate 9%
$631,822
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,777
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44107, OH
51,109
Population
29,101
Households
1.8
Avg Household Size
36
Median Age
54%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
9,465
Density / Sq Mi
$65,778
Median Household Income
$49,285
Median Earnings
$1,011
Median Rent
$241,400
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 - 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.
