Drive-Through Restaurant with
For Sale
$198,000
15753 Puritas Avenue, Cleveland, OH 44135
Seasonal ice cream operation with outdoor seating, on-site parking, and a current food license.
Property Size770 SF
Price / SF$257.14
Days on Market361
Property Features for 15753 Puritas Avenue
General Information
Standard status
Active
Size
770 SF
Total Parking Spaces
20
Property subtype
Commercial
Restaurant
Commercial Hood
No
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Drive-Thru
Yes
Taxes and HOA fees
Annual Taxes
$3,348
Building Details
Year Built
1951
Year Renovated
2013
Buildings
2
Listing Agency:
Ohio Property Group, LLC
(419) 790-3106
Listed By:
Glen G Whitten · License #2002023149
(419) 790-3106
Source:
Carolgoffrealestate
Added: Sep 4, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:42AM
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 Ohio Property Group, LLC
Investment Insights
Based on property information with market context.
This approximately 770-square-foot drive-through restaurant operates as a seasonal ice cream business at 15753 Puritas Avenue in Cleveland. The property includes outdoor seating, 12 parking spots, and a commercial kitchen package with ice cream machines, freezers, refrigerators, a soda dispenser, blast freezer, cooling station, fryer, conveyor pizza oven, bakery display cooler, microwave, stainless-steel tables, and stands. The current food license can be transferred.
A full renovation was completed in 2013, including food-grade ceiling materials, tiled walls and floors, an employee restroom, and new HVAC equipment. The water heater was replaced in 2015, and the roof received a two-layer white rubber membrane recoating in 10/2021. The business has operated from May through mid-September, primarily during evening hours, and the building is equipped for additional food-service offerings.
A full renovation was completed in 2013, including food-grade ceiling materials, tiled walls and floors, an employee restroom, and new HVAC equipment. The water heater was replaced in 2015, and the roof received a two-layer white rubber membrane recoating in 10/2021. The business has operated from May through mid-September, primarily during evening hours, and the building is equipped for additional food-service offerings.
Key Highlights
- Approximately 770 SF building at 15753 Puritas Avenue, Cleveland, OH 44135
- Convenient drive‑through configuration with outdoor seating and 12 parking spots
- Current food license can be transferred
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
$9,667
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
4.88%
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%
$193,340
$193.3K
Cap Rate 7%
$138,100
$138.1K
Cap Rate 9%
$107,411
$107.4K
Market Conditions
NOI Build-Up for 770 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
$13.9K $18.00/SF
− Vacancy
−$970 −$1.26/SF
EGI
$12.9K $16.74/SF
− OpEx
−$3.2K −$4.19/SF
NOI
$9.7K $12.56/SF
Area
Cleveland, OH
Vacancy
7.00%
Lease Rate
$18.00 /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%
$193,340
Cap Rate 7%
$138,100
Cap Rate 9%
$107,411
Alternative Uses
Best Use
Specialty Retail
$138.1K
$120.8K – $161.1K
NOI $9,667 @ 7.0% cap · market cap 4.88%
Second Best
Industrial
$45.2K
$39.5K – $52.7K
NOI $3,163 @ 7.0% cap · market cap 1.60%
Theoretical Best
Office A
$187.9K
$164.4K – $219.2K
NOI $13,153 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
493
Businesses Nearby
Explore this area
Business Placement
Demographics for 44135, OH
26,684
Population
12,035
Households
2.2
Avg Household Size
39
Median Age
18%
College-Educated
84%
High-School Grad
10.2 sq mi
ZIP Area
2,616
Density / Sq Mi
$48,930
Median Household Income
$36,444
Median Earnings
$935
Median Rent
$119,100
Median Home Value
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Seasonal ice cream operation with outdoor seating, on-site parking, and a current food license.
Where is this drive through restaurant located?
The property is located at 15753 Puritas Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: Approximately 770 SF building at 15753 Puritas Avenue, Cleveland, OH 44135; Convenient drive‑through configuration with outdoor seating and 12 parking spots; Current food license can be transferred
